Item 1.01 Entry into a Material Definitive Agreement.
On January 31, 2020, GelTech Solutions, Inc. (the "Company") entered into a
settlement and assignment agreement between the Company and Mr. Michael Reger,
the Company's secured lender and former Chairman of the Board and Chief
Executive Officer, pursuant to which the Company agreed to assign and transfer
all of its assets, including its intellectual property, to Mr. Reger in
consideration for Mr. Reger releasing the Company from any liability related to
approximately $7.0 million of secured convertible debt owed by the Company to
Mr. Reger.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 31, 2020 through February 5, 2020, the following directors and
executive officers resigned from their respective positions:
·
Phillip O'Connell, director
·
Leonard Mass, director
·
Victor Trotter, director
·
Dave Gutmann, director
·
Michael Hull, Chief Financial Officer, treasurer and secretary
·
Gerry Kaiser, VP
·
Matthew Struzziero, VP
On January 31, 2020, Mr. Warren Mosler was appointed as Chairman of the Board,
Chief Executive Officer, Chief Financial Officer, President, treasurer and
secretary of the Company. Mr. Mosler is an American economist and theorist.
Presently, in addition to his new role with the Company, Mr. Mosler owns and
operates Valance Co., Inc. He is founder of Mosler Automotive and a co-founder
of the Center for Full Employment and Price Stability at the University of
Missouri-Kansas City. The founder of what has been popularized as Modern
Monetary Theory, in 2014 he was appointed Visiting Professor at the University
of Bergamo, Italy. He also co-founded AVM, L.P., a broker-dealer providing
financial services to institutional investors, and the Illinois Income Investors
family of investment funds, which he remained involved with until 1997.
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GELTECH SOLUTIONS, INC. 
