Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 27, 2015, the Board of Directors of the Company appointed John Gildea as the Company’s Chief Operating Officer. On that same date, Mr. Ruben Fiquerado was appointed Director of Mexican Operations. Both appointments were effective February 20, 2015. Mr. Gildea also is a Director of the Company.
The Company and Mr. Gildea have entered into an oral arrangement pursuant to which Mr. Gildea will receive a monthly compensation of $5,000 for acting in such capacity. In addition, he will receive such other compensation from the Company as subsequently agreed to by the parties.
As of the date of this Report, except as stated herein, the Company has no written or oral agreements with the above officer regarding compensation or any other form of remuneration. There are no family relationships between the above named officer. Except as stated herein, there have been no transactions since the beginning of our last fiscal year, or any currently proposed transaction, in which we were or are to be a participant, exceeding $120,000 and in which our new officer had or will have a direct or indirect material interest. There is no material plan, contract or arrangement (whether or not written) to which the above named officer is a party or in which each party participates that is entered into or a material amendment in connection with the triggering event or any grant or award to any such covered person or modification thereto, under any such plan, contract or arrangement in connection with any such event.
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