Company: BUDZ
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000350
Chunk: 246

Company: WEED, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 246
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 and Ryan Breen, our Vice President and Social Media Officer.

Under the terms of our agreement
with Mr. Martin dated October 1, 2016, he serves as our President and Chief Executive Officer. The agreement was for a two-year term and
Mr. Martin received Seven Million (7,000,000) shares of our common stock, restricted in accordance with Rule144, and was to receive Seven
Million (7,000,000) additional shares as his annual salary for agreeing to serve as our President and Chief Executive Officer. Additionally,
Mr. Martin was entitled to One Million (1,000,000) shares of a yet-to-be-created class of Series B Preferred Stock if we regained “fully-reporting”
status with the Securities and Exchange Commission. We are obligated to maintain and pay the premiums for “key man” life insurance
in the amount of $1,000,000. Our agreement with Mr. Martin also contained various provisions related to his termination without cause
and in the event we undergo a change of control transaction. To date, no “key man” insurance has been obtained.

On January 23, 2018, our
Board of Directors agreed to enter into an Amended and Restated Employment Agreement with Glenn E. Martin. Under the new agreement, Mr.
Martin will serve as our President and Chief Executive Officer for a five (5) year term in exchange for a base salary of $1,500 per week,
which will be increased to $120,000 annually in the event we raise an aggregate of $2,000,000 during the term of the agreement. The agreement
went effective beginning February 1, 2018. Additionally, we agreed to grant Mr. Martin One Million (1,000,000) shares of our restricted
common stock on February 1, 2018 pursuant to the terms of a Restricted Stock Agreement, with the shares subject to certain restrictions
on transfer which expire on 33% of the shares on February 1, 2019, 66% of the shares on February 1, 2020 and 100% of the shares on February
1, 2021. We also agreed to issue Mr. Martin a Non-Qualified Stock Option on February 1, 2018 to purchase up to Four Million (4,000,000)
shares of our common stock at $10.55 per share, with the options vesting 33 1/3% on August 1,