Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 4, 2023, Leslie Bernhard tendered her resignation to Milestone
Scientific Inc. (the "Company") as a director, Chairman of the Audit Committee
and Chairman of the Board of the Company. Ms. Bernhard's resignation comes after
nearly 20 years of service as a director of the Company. Ms. Bernhard indicated
that her decision to resign was not the result of a disagreement with the
Company. The Company thanks Ms. Bernhard for her long, dedicated service on the
Board and wishes her well in her future pursuits.
In connection with Ms. Bernhard's resignation, on January 4, 2023, the Company's
Board of Directors (the "Board") unanimously appointed Neal Goldman, who has
been a member of the Board since 2019, as Chairman of the Board. Mr. Goldman is
the President and Founder of Goldman Capital Management, Inc., a family office
since 2018, which was previously an investment advisory firm founded in 1985.
Mr. Goldman was First Vice President of Research at Shearson Lehman Hutton. He
has also held senior positions as a money manager and research analyst with a
variety of firms including Neuberger Berman, Moseley Hallgarten Estabrook and
Weeden, Bruns Nordeman, and Russ and Company. Mr. Goldman has served as Chairman
of Charles & Colvard, Ltd. since 2016 and served on the board of directors of
Imageware Systems, Inc. until November 2020. He also serves on the board of
directors of Koil Energy Solutions Inc. Prior to their respective acquisitions,
he served on the boards of Blyth Industries and IPASS Corporation. Mr. Goldman
received his B.A. degree in Economics from The City University of New York (City
College).
Also on January 4, 2023, the Board unanimously appointed Arjan Haverhals as a
director of the Company. Mr. Haverhals has been the Company's Chief Executive
Officer since May 2021 and President since September 2020. Mr. Haverhals has
also been the President and Chief Executive Officer of the Company's Dental
Division (Wand Dental, Inc.) since June 2020. Mr. Haverhals brings more than 30
years of sales, marketing, product development, and international expansion
experience within the medical device, pharmaceutical, and other industries.
Prior to joining Wand Dental and the Company, Mr. Haverhals was senior vice
president of sales at Xcentric Mold & Engineering from 2019 until 2020 where he
was instrumental in increasing sales productivity and efficiency for the
company's prototype injection molding services, which included leading
healthcare company clients. From 2012 until 2018, Mr. Haverhals worked at
Straumann, LLC, a global leader in manufacturing medical and dental devices,
where he held a series of commercial roles including vice president of customer
marketing & education, where he oversaw all product franchises and led the
launch of more than 30 products in the North American market. He also served as
senior vice president for the Nordic Region at Straumann AB, senior vice
president of global sales digital solutions, which included oversight of the
strategic acquisition of Etkon; and served as vice president of the Prosthetics
Business Unit, where he introduced a new implant prosthetics product line within
a new market segment. Mr. Haverhals also served as vice president of global
marketing & sales at Elkem AS, one of Norway's largest industrial companies.
Previously, Mr. Haverhals served as executive vice president of marketing &
sales at Cresco Ti Systems Sàrl, a global dental implant company, where he was
responsible for turning around and managing global sales, marketing,
international business. Mr. Haverhals holds an MS in Pharmacy from the
University of Leyden in the Netherlands.
Furthermore, on January 4, 2023, the Board:
appointed Benedetta Casamento, Neal Goldman and Michael McGeehan to serve on the
Audit Committee of the Board, with Ms. Casamento serving as Chairman of the
Audit Committee. The Board also designated Ms. Casamento as an "audit committee
financial expert";
appointed Michael McGeehan, Neal Goldman and Benedetta Casamento to serve on the
Compensation Committee of the Board, with Mr. McGeehan serving as Chairman of
the Compensation Committee; and
appointed Benedetta Casamento, Leonard Osser and Michael McGeehan to serve on
the Nomination and Corporate Governance Committee of the Board, with Ms.
Casamento serving as Chairman of the Nomination and Corporate Governance
Committee.
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