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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board  >  Ab International Group Corp    

AB INTERNATIONAL GROUP CORP

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AB INTERNATIONAL GROUP CORP. : Unregistered Sale of Equity Securities, Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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02/11/2019 | 01:11pm EDT

Item 3.02 Unregistered Sales of Equity Securities

On February 8, 2019, we issued a total of 21,975,000 shares of common stock in connection with employment agreements for officers and consulting agreements for consultants.

These securities were issued pursuant to Section 4(2) of the Securities Act and/or Rule 506 promulgated thereunder. The investor represented his intention to acquire the securities for investment only and not with a view towards distribution. The investor was given adequate information about us to make an informed investment decision. We did not engage in any general solicitation or advertising. We directed our transfer agent to issue the stock certificates with the appropriate restrictive legend affixed to the restricted stock.

 Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
           Appointment of Principal Officers



On February 8, 2019, the board of directors appointed Lijun Yu as our Chief Marketing Officer and Linqing Ye, our current Chief Financial Officer, as our Chief Operating Officer.

Lijun Yu is our newly appointed Chief Marketing Officer. Miss Yu, since 2010 to present serves as assistant to supervisor office of Bureau of Panyu Science and Information Technology of Guangzhou where she acts as associated organizer for organized several of business events and conference yearly.

Miss Yu does not hold and has not held over the past five years any other directorships in any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment company under the Investment Company Act of 1940.

Linqing Ye is our newly appointed Chief Operating Officer. He is currently our Chief Financial Officer a director of our company. The employment history for Mr. Ye is disclosed in our Annual Report on Form 10-K for the year ended August 31, 2018 filed with the SEC on December 10, 2018.

There are no family relationships between Messrs. Yu and Ye and any of our directors or executive officers.

Aside from the following, Messrs. Yu and Ye has not had any material direct or indirect interest in any of the Company's transactions or proposed transactions over the last two years.

On February 8, 2019, we entered into a six year Employment Agreement with Miss Yu to serve as Chief Marketing Officer. We agreed to issue to Miss Yu 10,000,000 shares of common stock upon execution and he is eligible for an annual bonus, paid vacation and health insuarnce benefits. Upon his death or disability, Miss Yu is entited to $1,000,000 prior to all taxes and other withholdings. Miss Yu is entitled to severance benefits upon certain conditions.

On February 8, 2019, we entered into a six year Employment Agreement with Mr. Ye to serve as Chief Operating Officer. We agreed to issue to Mr. Ye 10,000,000 shares of common stock upon execution and he is eligible for an annual bonus, paid vacation and health insuarnce benefits. Upon his death or disability, Mr. Ye is entited to $1,000,000 prior to all taxes and other withholdings. Mr. Ye is entitled to severance benefits upon certain conditions.

The foregoing description of the Employment Agreements does not purport to be complete and is qualified in its entirety by reference to the complete text of Consultancy Agreements filed as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.



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Item 9.01 Financial Statements and Exhibits.

Exhibit No. Description 10.1 Employment Agreement with Miss Yu, dated February 8, 2019 10.2 Employment Agreement with Mr. Ye, dated February 8, 2019

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© Edgar Online, source Glimpses

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Managers
NameTitle
Chi Yuan Deng Chairman, Chief Executive Officer & President
Lin Qing Ye Director, Chief Financial & Accounting Officer
Dennis Chung Chief Technology Officer
Jian Li Deng Secretary & Treasurer
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