As previously announced, Creative Learning Corp. entered into an agreement with Christopher Rego and Rod Whiton on February 5, 2020, which provided in part that Mr. Rego would become the chief executive officer at the earlier of March 31, 2020 or when the Company files its Form 10-K for the year ended September 30, 2019 and its Form 10-Q for the period ended December 31, 2019. Upon Mr. Rego's appointment as chief executive officer, Mr. Mitchell will become the president of the Company.

By mutual agreement between the Company and Mr. Rego, Mr. Rego has agreed that he will not become the chief executive officer until the earlier to occur May 1, 2020 or when the Company files its Form 10-K for the year ended September 30, 2019 and its Form 10-Q for the period ended December 31, 2019. On April 30, 2020, the Company filed its Form 10-Q for the period ended December 31, 2019. As a result, on that date, Mr. Rego automatically became chief executive officer and Mr. Mitchell automatically became president.

On April 30, 2020, Mr. Rego became the Company's chief executive officer. See Item 5.02(b), for a more complete description. The Company and Mr. Rego have not entered into any plan, contract or arrangement relating to his compensation for serving as chief executive officer.

Mr. Rego is already a director of the Company. The information required by Items 401(b), (d) and (e), and Item 404(a) is included in the Company's Annual Report on Form 10-K for the year ended September 30, 2019, and is incorporated herein by reference. Prior to becoming a director of the Company, Mr. Rego was the franchisee of two territories in California, and held the master franchise for the United Arab Emirates, and still holds those franchises.

On March 10, 2020, the Company entered into a Software Development Agreement with Teknowland Inc., an entity owned by Mr. Rego, under which such entity is responsible for enhancing, developing and maintain certain franchise management software and website of the Company. The terms of the Software Development Agreement were approved by the disinterested directors of the Company.