Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
Resignation of Peter L. Coker, Jr.
On April 1, 2021, at the Effective Time of the
Merger, Peter L. Coker, Jr., the Company’s Chief Executive Officer, Chief Financial Officer, President, Secretary and Treasurer,
resigned from all officer positions he held with the Company. He also resigned as the Chairman of the Company’s board of directors
and sole director. Mr. Coker’s resignation was effected in connection with the Merger and not as a result of any disagreement with
the Company on any matter relating to the Company’s operations, policies or practices. In connection with Mr. Coker’s resignation,
he relinquished his roles as the Company’s “Principal Executive Officer” and “Principal Financial and Accounting
Officer” for SEC reporting purposes.
Appointment of Alex Mond
Effective immediately upon Mr. Coker’s resignation,
Alex Mond was appointed as the Company’s Chief Executive Officer, President and Chairman of the Company’s board of directors.
In connection with his appointments, Mr. Mond was designated as the “Principal Executive Officer” of the Company for SEC reporting
purposes. There is currently no employment agreement between the Company and Mr. Mond, however Mr. Mond does have an employment contract
with Makamer, pursuant to which he is entitled to receive an annual base salary of $120,000. The Company intends to enter into an employment
agreement with Mr. Mond as soon as practicable.
In connection with the Merger, Mr. Mond is due
to receive 24,016,011 of the Merger Shares, which will represent approximately 66.1% of the Company’s outstanding common equity
after giving effect to the issuance of the Merger Shares and the Share Cancelation.
Alex Mond, 66, has served as Chairman, President
and Chief Executive Officer for Makamer since September 2021. Prior to this, from May 2020 to March 2022, Mr. Mond served as Vice President
for Biopharma, Inc., a company in the business of restoring immune health through the leveraging of complex, pleiotropic effects. Before
that, from May 2018 to Jan 2021, Mr. Mond was the President of Regenerative Health and Wellness Institute, a company in the regenerative
medicine industry. Prior to this, Mr. Mond was the President for OurSt, a company in the business of raising capital for startup companies.
Mr. Mond has been a member of the board of directors of American Trust since 2016, where he also serves on the Dubai bankers committee.
Mr. Mond received a Bachelor’s Degree in Mechanical Engineering from North Eastern University in 1982, and a Master’s Degree
in Business Administration from Boston University in 1986.
The Board believes Mr. Mond’s extensive
knowledge and background with regard to plant-based materials, along with his ability to build a strong team and execute his vison, will
aid the Company to succeed going forward.
Mr. Mond was appointed as an officer and director
of the Company in connection with the Merger. He is the spouse of Karen Mond, the Company’s newly appointed Chief Financial Officer,
Secretary and Treasurer. Other than as otherwise disclosed herein, there are no transactions since the beginning of the Company’s
last fiscal year, or any currently proposed transaction, in which the Company is a participant, the amount involved exceeds $120,000,
and in which Mr. Mond had, or will have, a direct or indirect material interest.
Appointment of Karen Mond
Effective immediately upon Mr. Coker’s resignation,
Karen Mond was appointed as the Company’s Chief Financial Officer, Secretary and Treasurer. In connection with her appointments,
Ms. Mond was designated as the “Principal Financial and Accounting Officer” of the Company for SEC reporting purposes. There
is currently no employment agreement between the Company and Ms. Mond, however Ms. Mond does have an employment contract with Makamer,
pursuant to which she is entitled to receive an annual base salary of $60,000. The Company intends to enter into an employment agreement
with Ms. Mond as soon as practicable.
In connection with the Merger, Ms. Mond is due
to receive 1,350,901 of the Merger Shares, which will represent approximately 3.7% of the Company’s outstanding common equity after
giving effect to the issuance of the Merger Shares and the Share Cancelation.
Karen Mond, 53, has served as Chief Financial
Officer for Makamer since September 2021. Prior to this, from November 2018 to August 2021, Ms. Mond served as Chief Financial Officer
for The Great Disruptors, Inc., a company in the financial and consulting business. Before that, from May 2015 to November 2018, Ms. Mond
was the Chief Executive Officer of Alka First, a company in the hospitality industry. Prior to this, from 2012 to 2014, Ms. Mond was the
Director of Commercial for ManpowerGroup, Inc., a multinational company in innovative workforce solutions, consulting and outsourcing.
Before that, from 2011 to 2012, Ms. Mond was the VP Finance for United Overseas Bank, a multinational banking corporation in Singapore.
Ms. Mond received a Bachelor’s Degree in Banking and Finance (Economics) from University of London in 1999, and an Executive Master’s
in Business Administration from the University at Buffalo in 2012.
The Board believes Ms. Mond’s extensive
knowledge and background with regard to effective management in accounting and finance, together with her ability to execute complex business
goals, will aid the Company to succeed going forward.
Ms. Mond was appointed as an officer of the Company
in connection with the Merger. She is the spouse of Alex Mond, the Company’s newly appointed Chief Executive Officer, President,
and Chairman of the board of directors. Other than as otherwise disclosed herein, there are no transactions since the beginning of the
Company’s last fiscal year, or any currently proposed transaction, in which the Company is a participant, the amount involved exceeds
$120,000, and in which Ms. Mond had, or will have, a direct or indirect material interest.
Appointment of Chad S. Connor
At the Effective Time of the Merger, Chad Conner
was appointed as the Company’s Chief Operating Officer. There is currently no employment agreement between the Company and Mr. Conner,
however he does have a services agreement with Makamer, pursuant to which he is entitled to receive annual compensation of $60,000. The
Company intends to enter into an employment agreement with Mr. Conner as soon as practicable.
In connection with the Merger, Mr. Conner is due
to receive 90,061 of the Merger Shares, which will represent less than 1% of the Company’s outstanding common equity after giving
effect to the issuance of the Merger Shares and the Share Cancelation.
Chad S. Conner, 47, has served as Chief Operating
Officer for Makamer since October 2021. Prior to this, from July 2015 to March 2021, Mr. Conner served as Chief Executive Officer for
Pure Ratios Holdings, a company that sold Hemp-related consumer products. Mr. Conner has been a member of the board of directors of Mycrodose
Therapeutics since December 2020. Mr. Conner received A Bachelor’s Degree in Chinese Medicine from Pacific College of Health Sciences
in 1997, and a Master’s in Science in Chinese Medicine from Pacific College of Health Sciences in 1999.
The Board believes Mr. Conner’s extensive
knowledge and background with regard to Hemp and operations, along with his ability to run successful operations, will aid the Company
to succeed going forward.
Mr. Conner was appointed as an officer of the
Company in connection with the Merger. There are no family relationships between Mr. Conner and any of the Company’s other executive
officers or directors. Other than as otherwise disclosed herein, there are no transactions since the beginning of the Company’s
last fiscal year, or any currently proposed transaction, in which the Company is a participant, the amount involved exceeds $120,000,
and in which Mr. Conner had, or will have, a direct or indirect material interest.
Appointment of Manoucher Sarbaz
At the Effective Time of the Merger, Manoucher
Sarbaz was appointed as a member of the Company’s board of directors.
In connection with the Merger, Mr. Sarbaz is due
to receive 150,101 of the Merger Shares, which will represent less than 1% of the Company’s outstanding common equity after giving
effect to the issuance of the Merger Shares and the Share Cancelation.
Manoucher Sarbaz, 70, has served as a member of
the board of directors of Makamer since September 2021. Prior to this, from November 2008 to present, Mr. Sarbaz served as President for
Paseo De Laura LLC, a company in the real estate investment business. Before that, from December 1979 to October 2008, Mr. Sarbaz served
as the President of Pacific Golf & Country Club, a company in real estate development. Prior to this, from March 1976 to November
1979, Mr. Sarbaz served as a Chief Executive Officer of custom-made cars in Europe where he also served on the board of directors. Mr.
Sarbaz received a Bachelor’s Degree in Insurance and Economics from the University of Tehran in 1976.
The Board believes Mr. Sarbaz’s extensive
knowledge and background with regard to business advisory and the capital markets, along with his ability to connect with manufacturers
and vendors, will aid the Company to succeed going forward.
Mr. Sarbaz was appointed as a director of the
Company in connection with the Merger. There are no family relationships between Mr. Sarbaz and any of the Company’s other executive
officers or directors. Other than as otherwise disclosed herein, there are no transactions since the beginning of the Company’s
last fiscal year, or any currently proposed transaction, in which the Company is a participant, the amount involved exceeds $120,000,
and in which Mr. Sarbaz had, or will have, a direct or indirect material interest.