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
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| (State or other jurisdiction of | (I.R.S. Employer | |
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10650 NW 29th Terrace
Doral, FL 33172, USA
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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 5.02(e) Compensatory Arrangements of Certain Officers
On September 29, 2023, Earth Science Tech, Inc., a Florida corporation (the “Company”) adopted a new officer compensatory plan arrangement superseding its prior arrangement. For the officers Giorgio R. Saumat, the Company’s CEO and Chairman of the Board shall be compensated twenty one percent of the Company’s monthly revenue. For the officer Mario G. Tabraue, the Company’s President and Director of the Board shall receive ten and a half percent of the monthly revenue. Commencing on October 1, 2023, within a twelve-month term, both Officers shall be paid on the first of the month, based on the preceding month’s revenue as long as the Company increases its cash position quarter over quarter. In the event that the Company does not increase its cash position, the arrangement must be renegotiated and there will be no payment at the beginning of the new quarter. Moreover, both officers have agreed to waive all rights to back pay and compensation for the work done in the Company prior to September 30, 2023.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Giorgio R. Saumat Employment Agreement | |
| 10.2 | Mario G. Tabraue Employment Agreement | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
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.
| EARTH SCIENCE TECH, INC. | ||
| Dated: September 29, 2023 | By: | /s/ Giorgio R. Saumat |
| Giorgio R. Saumat | ||
| Its: | CEO and Chairman of the Board | |