Global Tech Industries appoints Afshin Luke Rahbari as COO, future CEO effective August 1, 2024

GLOBAL TECH INDUSTRIES GROUP, INC.

Rahbari appointed COO effective May 1, 2024; will become CEO on August 1, 2024 subject to board approval.
Employment agreement provides up to 24M shares of common stock in tranches through 2026 plus discretionary performance bonus of 10M shares.
Performance bonus requires stock price ≥$2.00 for three consecutive months and completion of national exchange listing.
Stock leak-out agreement restricts Rahbari from selling more than 20% of owned shares per year during tenure.
Company also exploring purchase of 10% equity in Rahbari's firm Equity Armor Investments for shares.

item 1.01 item 5.02 item 3.02 item 9.01

Executive movements

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Appointed

Afshin Luke Rahbari

Chief Executive Officer

GLOBAL TECH INDUSTRIES GROUP, INC.

Effective: 2024-08-01
Filed: July 9, 2024, 7:59 PM ET

On July 2, 2024, the Company executed an at-will employment agreement (the “Agreement”) with Mr. Rahbari, which further memorialized his future appointment by the board of directors to Chief Executive Officer anticipated to occur on August 1, 2024, subject to the terms and conditions of the Agreement.

Appointed

Afshin Luke Rahbari

Chief Operating Officer

GLOBAL TECH INDUSTRIES GROUP, INC.

Effective: 2024-05-01
Filed: July 9, 2024, 7:59 PM ET

On April 7, 2024, Global Tech Industries Group, Inc. (the “Company”) created the new executive position of Chief Operating Officer, and appointed Afshin Luke Rahbari to serve in that position effective as of May 1, 2024 (the “Effective Date”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.9

Afshin Luke Rahbari was appointed as Chief Executive Officer at GLOBAL TECH INDUSTRIES GROUP, INC..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On July 2, 2024, the Company executed an at-will employment agreement (the “Agreement”) with Mr. Rahbari, which further memorialized his future appointment by the board of directors to Chief Executive Officer anticipated to occur on August 1, 2024, subject to the terms and conditions of the Agreement.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Afshin Luke Rahbari was appointed as Chief Operating Officer at GLOBAL TECH INDUSTRIES GROUP, INC..

Action: appointed
Role: Chief Operating Officer

Exact text from the filing

On April 7, 2024, Global Tech Industries Group, Inc. (the “Company”) created the new executive position of Chief Operating Officer, and appointed Afshin Luke Rahbari to serve in that position effective as of May 1, 2024 (the “Effective Date”).

View on SEC.gov

Source: SEC EDGAR

accession 0001493152-24-026664

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