UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549 
 
 
FORM 8-K
 
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): September 9, 2020
 
 
WRAP TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its Charter)
 
 
 
 
Delaware
000-55838
98-0551945
(State or other jurisdiction
of incorporation)
(Commission File No.)
(IRS Employer
Identification No.)
 
 
1817 W 4th Street, Tempe, Arizona 85281
 
(Address of principal executive offices)
 
 
 
(800) 583-2652
 
(Registrant’s Telephone Number)
 
 
 
Not Applicable
 
(Former name or address, if changed since last report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2) 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act 
 
 
 

 
 
 
Item 1.01 Entry into a Material Definitive Agreement
 
Effective September 9, 2020, Wrap Technologies, Inc. (the “Company”) entered into an At-Will Employment, Confidential Information, Non-Compete/Non-Solicitation, Invention Assignment, and Arbitration Agreement with Thomas Smith, the Company’s President (the “Agreement”). In exchange for continued at-will employment and agreeing to certain covenants, including, but not limited to, covenants not to compete, solicit, and maintain the confidentiality of the Company’s records, as well as an agreement to assign inventions, the Company agreed to pay Mr. Thomas a one-time payment of $150,000.
 
The foregoing description of the Agreement does not purport to be complete, and is qualified in its entirety by reference to the same, a copy of which is attached to this Current Report in Form 8-K as Exhibit 10.1, and is incorporated by reference herein.
 
Item 9.01 Financial Statements and Exhibits
 
See Exhibit Index.
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
WRAP TECHNOLOGIES, INC.
 
 
 
 
Date: September 14, 2020
 
By:
 /s/ James A. Barnes
 
 
 
James A. Barnes
 
 
 
Chief Financial Officer, Treasurer and Secretary
 
 
 
 
 
 
 
 
Exhibit Index
 
Exhibit No.
 
Description
 
At-Will Employment, Confidential Information, Non-Compete/Non-Solicitation, Invention Assignment, and Arbitration Agreement, dated September 9, 2020 between the Company and Thomas Smith