Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 8, 2016, General Clark respectfully resigned as a Director and Vice-Chairman of the Board. His resignation is not related to any known disagreement with the Company on any matter relating to its operations, policies or practices, and it is not a removal for cause.
On April 15, 2016, Deepak Deveraj respectfully resigned as a Director. His resignation is not related to any known disagreement with the Company on any matter relating to its operations, policies or practices, and it is not a removal for cause.
On May 1, 2016, Al Hodges respectfully resigned as a Director and CEO. His resignation is not related to any known disagreement with the Company on any matter relating to its operations, policies or practices, and it is not a removal for cause.
On April 12, 2016, Scott Cosper respectfully resigned as the Company’s CFO, agreeing to stay on an additional 30 days. His resignation is not related to any known disagreement with the Company on any matter relating to its operations, policies or practices, and it is not a removal for cause.
On April 27, 2016, Brian Pallas was appointed as a Director of the Company and to head the audit and treasury committee. There was no understanding or agreement between the Company and Mr. Pallas in regards to his appointment other than as disclosed in item 1.01 hereto, incorporated by reference. His bio is below.
Brian Pallas, 66, is a successful entrepreneur, business owner and facilitative business coach whose career spans over 30 years in wholesale and retail consumer experience. He is the founder and Managing Member of the American Food Truck Group, LLC a state of the art gourmet food truck leasing company, which he has been involved in since 2014. Formally a group chairman for Vistage International (2010-2012), Mr. Pallas directed a “think tank” of business owners and CEOs of private and public companies ranging in size from $5 million to $550 million in annual revenue across a wide array of industries. Mr. Pallas has also done business over the past 20 years via his d/b/a Brian L. Pallas & Associates.
On May 12, 2016, James Anderson was appointed as a Director of the Company. There was no understanding or agreement between the Company and Mr. Anderson in regards to his appointment. His bio is below.
Jim Anderson has an extensive background is Sales and Operational Leadership. In past roles he has managed large Divisions and Teams in Sales and Operations for both Public and Private companies. He was one of the key team members that helped take a start-up company public growing it to over 3,000 employees and over a $1bb market capitalization. This experience gave him an understanding of all aspects of the Public Markets and what it takes to perform as a public company. Jim has served as Sales Director for the last 7 years for a company that services the Mortgage Industry,
Street Links Lender Solutions.
Effective May 4, 2016, Robbie Lee, the Company’s Chairman, was appointed interim CEO. The agreement between Mr. Lee and the Company is detailed in Item 1.01 hereto, incorporated by reference.