Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(c) As disclosed in the Company's Current Report on Form 8-K filed on June 4,
2021, the board of directors (the "Board") appointed Mr. Christopher Ho,
currently the Chairman of the Board, to serve as the Company's Chief Executive
Officer and President, effective as of July 1, 2021.
In connection with his appointment as Chief Executive Officer and President, the
Company has entered into an executive employment agreement with Mr. Ho, pursuant
to which Mr. Ho will be paid a base salary of $240,000 per year. In accordance
with Company policy, as an employee of the Company, Mr. Ho will no longer be
eligible to receive compensation for his service as director. The foregoing
description of the employment agreement is intended to be a summary and is
qualified in its entirety by reference to such agreement, which is attached as
Exhibit 10.1 and incorporated by reference as if fully set forth herein.
Mr. Ho, age 70, has served as Chairman of the Board since June 2016. Mr. Ho had
also previously served as the Company's Chairman of the Board from July 2006
through November 2013. He currently serves as a director and Chief Executive
Officer of Lafe Corporation Limited, a company listed on the Singapore Stock
Exchange before its privatization in August 2020. Since May 2018, Mr. Ho has
served as a director of S&T International Distribution Ltd. and Grande N.A.K.S.
Ltd., which are wholly owned subsidiaries of Nimble Holdings Company Limited.
Mr. Ho previously was a director of The Grande Holdings Limited (now known as
Nimble Holdings Company Limited), a Hong Kong-based group of companies engaged
principally in the property development in the People's Republic of China and
the distribution of consumer electronics products, from October 1991 to February
2016. Mr. Ho graduated from the University of Toronto in 1974. He is a Chartered
Professional Accountant, Chartered Accountant and Chartered Management
Accountant of Canada. He is also a Certified Public Accountant in Hong Kong and
a member of the Hong Kong Institute of Certified Public Accountants. He was a
partner in an international accounting firm before joining The Grande Holdings
Limited and has extensive experience in distribution, licensing, manufacturing,
international trade and corporate finance.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description.
10.1 Employment Agreement, dated as of July 19, 2021.
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