Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 10, 2022, the board of directors of 1847 Holdings LLC (the "Company")
appointed Eric VanDam as Chief Operating Officer of the Company.
Eric VanDam, age 52, brings 30 years of experience leading operations from a
diverse range of positions. He worked for over 20 years at companies holding a
direct coaching relationship with Toyota implementing the Toyota Production
System within the furniture, automotive, and agriculture industries. In August
2018, he began his own consulting practice, VanDam Consulting, LLC. He also
served as Vice President of Operations at Crenlo, LLC, a leading manufacturer
within the commercial cab and enclosure industries, from December 2018 to
November 2019. Prior to that, he worked at Heritage Home Group, LLC, a leader in
designing, manufacturing, sourcing and retailing home furnishings, from May 2016
to July 2018, holding the positions of Vice President of Business Improvement
and Vice President of Contract Furniture Division. He also held multiple
positions, including, among others, General Manager of Holland Campus
Operations, Executive Account Manager and Director of Operations of Greenhouse
Seating Operations, at Herman Miller, Inc., a leading global company that
designs, manufactures and distributes interior furnishings, from 2000 to 2016.
Mr. VanDam has a B.S. degree in Business Management from the University of
Phoenix.
Mr. VanDam was elected until his successor is duly elected and qualified. There
are no arrangements or understandings between Mr. VanDam and any other persons
pursuant to which he was selected as Chief Operating Officer. There are no
family relationships that exist between Mr. VanDam and any directors or
executive officers of the Company. In addition, there has been no transaction,
nor is there any currently proposed transaction, between Mr. VanDam and the
Company that would require disclosure under Item 404(a) of Regulation S-K.
On January 10, 2022, the Company entered into an employment offer letter (the
"Employment Agreement") with Mr. VanDam setting forth the terms of the
compensation for his services as Chief Operating Officer of the Company.
Pursuant to the Employment Agreement, Mr. VanDam is entitled to an annual base
salary of $300,000. He will also be eligible for an annual incentive bonus of up
to 50% of base salary based on earnings targets to be determined by the board of
directors of the Company. Mr. VanDam is also eligible to participate in all
employee benefit plans, including health insurance, commensurate with his
position. Mr. VanDam's employment is at-will and may be terminated by the
Company at any time or by Mr. VanDam upon 30 days' notice. If the Company
terminates Mr. VanDam's employment without cause, he is entitled, subject to his
execution of a release of claims in favor of the Company, to six months of base
compensation, which will be paid in a lump sum upon termination. The Employment
Agreement contains customary confidentiality provisions and restrictive
covenants prohibiting Mr. VanDam from (i) owning or operating a business that
competes with the Company during the term of his employment or (ii) soliciting
the Company's employees for a period of two years following the termination of
his employment.
The foregoing description of the Employment Agreement does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Employment Agreement filed as Exhibit 10.1 to this report, which is incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description of Exhibit
10.1 Employment Offer Letter, dated January 10, 2022, between 1847
Holdings LLC and Eric VanDam
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