Item 1.01 Entry into a Material Definitive Agreement
On December 23, 2021, the Company entered into an employment agreement with Paul L. Kessler. The agreement has a term of two years with renewal terms of one year. Mr. Kessler’s base salary is $250,000 annually, subject to adjustments and bonuses. A copy of the employment agreement is attached as Exhibit 10.1. Also, on December 23, 2021, the board of directors of the Company approved a one-time non-accountable expense reimbursement in the amount of $250,000 for Bristol Capital, LLC, a company controlled by Mr. Kessler, in exchange for services provided to the Company by Mr. Kessler.
On December 23, 2021, the Company entered into an amended employment agreement with Scott D. Kaufman. The agreement has a term of two years with renewal terms of one year. Mr. Kaufman’s base salary is $250,000 annually, subject to adjustments and bonuses. A copy of the amended employment agreement is attached as Exhibit 10.2. Also, on December 23, 2021, the board of directors of the Company approved a one-time non-accountable expense reimbursement in the amount of $250,000 for Mr. Kaufman for services provided to the Company.
On December 23, 2021, the Company entered into an employment agreement with Scott A. Sheikh. The agreement has a term of two years with renewal terms of one year. Beginning January 1, 2022, Mr. Sheikh’s base salary is $200,000 annually, subject to adjustments and bonuses. A copy of the agreement is attached as Exhibit 10.3.
On December 23, 2021, the Company entered into an employment agreement with Alan Urban. The agreement has a term of two years with renewal terms of one year. Beginning January 1, 2022, Mr. Urban’s base salary is $200,000 annually, subject to adjustments and bonuses. A copy of the agreement is attached as Exhibit 10.4.
The summaries of the agreements set forth above are qualified by reference to the complete agreements attached as exhibits.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective December 23, 2021, Greg Suess resigned his position as a member of the Board and on the […]
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