Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
RESOLUTION OF OFFICER AND DIRECTOR MATTERS
The Company previously disclosed a dispute with A. David Youssefyeh regarding
his service as a director and officer that involved litigation. These actions
were dismissed or withdrawn as part of a settlement with Mr. Youssefyeh,
effective August 17, 2022, by which the parties confirmed his removal and
provided mutual releases. Separately, Mr. Youssefyeh entered into private
transactions that transferred all of his share ownership in the Company and in
Texas Endo Hemp Farmers, Inc., which owns the majority voting shares of the
Company, to third-parties unaffiliated with the Company. The Company
acknowledged these private transactions but paid no monetary consideration to
Mr. Youssefyeh or any other person in connection with the transactions. The
Company and Mr. Youssefyeh both wish each other success in their future
endeavors.
Mr. Youssefyeh and the Company have reached a settlement and dismissed their
mutual lawsuits and they both wish each other success in their future endeavors.
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