Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Appointment of Directors
The Board of Directors (the "Board") of Wetouch Technology Inc. (the "Company")
has appointed Fei Bai to serve as a member of the Board and Chairman of the
Board and has appointed Xiaojin Tang to serve as a member of the Board, the
Audit Committee, the Compensation Committee, and the Nominating and Corporate
Governance Committee of the Board, including as chairperson of the Compensation
Committee, effective August 31, 2022. Mr. Bai and Mr. Tang have no direct or
indirect material interest in any transaction required to be disclosed pursuant
to Item 404(a) of Regulation S-K, have no arrangement or understanding with any
other person required to be disclosed pursuant to Item 401(a) of Regulation S-K
and have no family relationships required to be disclosed pursuant to Item
401(d) of Regulation S-K.
Descriptions of Mr. Bai's and Mr. Tang's background and experience are as
follows:
Mr. Fei Bai, age 46, has served as the general manager of the Nanjing Branch of
Shenzhen Jushenghua Co. Ltd. since July 2019, and is mainly responsible for
private fundraising and sales funding of trust products. Mr. Bai served as
general manager of the business division of Heyi Asset from September 2015 to
June 2019. Mr. Bai received his bachelor's degree in law from Nanjing Normal
University in June 2006 and holds a securities/fund qualification issued by the
Securities Association of China since August 2015. The Board believes Mr. Bai's
extensive experience in corporate finance and investment will make him a
valuable addition to the Board.
Mr. Xiaojin Tang, age 48, has served as an attorney at Gaopeng & Partners since
2019. From April 2017 to December 2017, he served as the deputy director of
Nanjing Immigration Inspection. Mr. Tang received his bachelor's degree in
corporate law from Hohai University. He received his master's degree in
sociology from Jiangsu Provincial Party School. The Board believes Mr. Tang's
extensive knowledge and background in the legal field will make him a valuable
addition to the Board.
Departure of Directors
On August 31, 2022, Mr. Guangde Cai resigned as a member of the Board and as the
Chairman of the Board. Mr. Cai's decision to resign was not the result of any
disagreement with the Company, the Board, management, or any matter relating to
the Company's operations, policies or practices.
On August 31, 2022, Mr. Wei Wang resigned as a member of the Board and the Audit
Committee, the Compensation Committee, and the Nominating and Corporate
Governance Committee of the Board, including as chairperson of the Compensation
Committee. Mr. Wang's decision to resign was not the result of any disagreement
with the Company, the Board, management, or any matter relating to the Company's
operations, policies or practices.
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