Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Commencing December 29, 2020, Richard Tang has joined the Company as Chief
Financial Officer.
Mr. Tang, age 56, has more than 25 years of experience in senior leadership
roles, working in consumer, e-commerce, and food-based sectors. Most recently,
from Sept 2019 to November 2020 he served as CFO for Van Leeuwen Ice Cream LLC,
a nationwide manufacturer of ultra-premium dairy and vegan ice cream distributed
and sold through 2,000 supermarket and independent chain doors nationwide and
multi-state brick and mortar locations. Prior thereto, from Sept 2017 to Sept
2019, Mr. Tang was CFO at Nutraceutical Wellness, Inc., a global
subscription-based CPG e-commerce and business-to-business wellness vitamin and
supplements consumer business. Mr. Tang has also held senior financial roles at
The Condé Nast Publications, Time Warner, and Walt Disney Corporation.
Mr. Tang holds a Master of Business Administration from Boston University
Graduate School of Management and a Bachelor of Science from Boston College.
Mr. Tang will be compensated in 2021 at an annual rate of $200,000 and in 2022
at an annual rate of $240,000 - $250,000 with a targeted 15%-20% bonus structure
based upon milestones to be determined by the Company's Board of Directors. Mr.
Tang, an employee at-will, will also be eligible to receive a $40,000 stock
bonus and $25,000 cash bonus for meeting certain specified performance criteria
and up to an additional 10% bonus upon meeting criteria determined by the Board
of Directors. Mr. Tang is also receiving 100,000 options one-half of which are
exercisable at $0.60 per share and the balance are exercisable at $1.00 per
share and all of which options vest in two years with customary vesting
conditions.
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