UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 7, 2021 (
(Exact name of registrant as specified in its charter)
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Item 1.01 Entry into Material Agreement.
On October 1, 2021, Eco Innovation Group, Inc. (the “Company”, “we” and “us”) entered into a First Amendment to Lock-Up Agreement between the Company and Marijuana Company of America, Inc., dated and effective October 1, 2021 (the “Amended Lock-Up Agreement”), which amends that certain Lock-Up Agreement entered into between the Company and Marijuana Company of America, Inc. on February 26, 2021 (the “Original Lock-Up Agreement”).
The Original Lock-Up Agreement was ancillary to the share exchange agreement dated February 26, 2021 between the Company and Marijuana Company of America, Inc., filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on March 3, 2021, whereby the parties exchanged common stock equal in value to $650,000, subject to the restrictions of the Original Lock-Up Agreement. The Original Lock-Up Agreement provided for an initial lock-up period of 12 months following its effective date, and a subsequent sell volume limitation of the quantity of shares equaling an aggregate maximum sale value of $20,000 per week, or $80,000 per month until all shares are sold.
The Amended Lock-Up Agreement amends the Original Lock-Up Agreement in one respect, by amending the initial lock-up period from 12 months following its effective date to 6 months following its effective date. All other terms and conditions of the Original Lock-Up Agreement remain unaffected.
The description of the Original Lock-Up Agreement and Amended Lock-Up Agreement above is not complete and is qualified in its entirety by the full text of the Original Lock-Up Agreement and Amended Lock-Up Agreement, filed herewith as Exhibits 10.1 and 0.2, respectively, and incorporated by reference in this Item 8.01.
Item 9.01 Financial Statements and Exhibits.
| Exhibit Number | Description |
| 10.1 | Lock-Up Agreement dated February 26, 2021, between Eco Innovation Group, Inc. and Marijuana Company of America, Inc. (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on March 3, 2021, and incorporated herein by reference)(File No. 333-248871) |
| 10.2* | First Amendment to Lock-Up Agreement dated October 1, 2021, between Eco Innovation Group, Inc. and Marijuana Company of America, Inc. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* Filed herewith.
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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.
| ECO INNOVATION GROUP, INC. | |||
| By: | /s/ Julia Otey-Raudes | ||
| Date: October 7, 2021 |
Julia Otey-Raudes | ||
| Principal Executive Officer | |||
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EXHIBIT INDEX
| Exhibit Number | Description |
| 10.1 | Lock-Up Agreement dated February 26, 2021, between Eco Innovation Group, Inc. and Marijuana Company of America, Inc. (filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on March 3, 2021, and incorporated herein by reference)(File No. 333-248871) |
| 10.2* | First Amendment to Lock-Up Agreement dated October 1, 2021, between Eco Innovation Group, Inc. and Marijuana Company of America, Inc. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* Filed herewith.