Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
Effective July 22, 2022, the Board of Directors (the "Board") of OmniLit
Acquisition Corp. (the "Company") accepted the resignation of Brian F. Hughes
and appointed Mark D. Norman to the audit committee as the chair. Mark Norman
has been an independent director of the Company since November 2021. Mr.
Hughes's resignation was for personal reasons and not due to a disagreement with
the Company on any matter relating to the Company's operations, policies, or
practices. Mr. Hughes appreciated the opportunity to serve on the board of the
Company. A copy of Mr. Hughes's resignation letter is attached as Exhibit 99.1
to this Current Report on Form 8-K.
The Company Board is committed to strong governance practices. Prior to Mr.
Hughes resignation, the Board had four independent directors in total, three of
the four independent directors were assigned to the audit committee. With Mr.
Hughes's departure and Mr. Norman's appointment, the board will continue to
maintain three independent directors on the audit committee.
Prior to joining the Board of Directors of the Company, Mark Norman was CEO of
Chrysler Canada (NYSE: STLA (merged with Stellantis)) where he started out his
career washing cars at a local dealership. From there, he was recruited to
become CEO of Flexcar, a nascent car-sharing company. He successfully negotiated
the sale of Flexcar to rival Zipcar (NASDAQ: ZIP), where as president, he led
the company's expansion into over 25 major cities and more than 300 college
campuses, creating the world's largest car-sharing network. Mark and the team
managed the company's IPO on the NASDAQ and subsequent sale to Avis Budget Group
(NASDAQ: CAR). He is currently Managing Partner at FM Capital.
Mark Norman has an MBA from Harvard Business School and a BA in Economics from
Rice University.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Brian F. Hughes' resignation letter dated July 20, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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