Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 1, 2023, Tsukasa Ojima, a Class II director, notified Boxed, Inc.
(the "Company") of his resignation from the Company's Board of Directors (the
"Board"), effective immediately. Mr. Ojima informed the Company that his
decision is based on his need to focus on his full-time role as Executive
Officer, Business Development and Branding at AEON Co. Ltd, ("Aeon"), an
investor and partner of the Company, and in consideration of any potential
conflicts of interest which could arise between the Company and Aeon. Mr.
Ojima's resignation was not the result of any disagreement with the Company on
any matter relating to the Company's operations, policies or practices. The
Company and the Board extend their appreciation to Mr. Ojima for his
contributions and service on the Board.
In connection with Mr. Ojima's resignation, the Board decreased the total number
of authorized directors from eight to seven. The Board regularly evaluates the
size and composition of the Board in light of the best interests of the Company
and its stockholders.
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