Kahn CEO
Effective as of May 17, 2016, Jonathan Kahn was appointed as the Chief Executive Officer of the Company replacing Edward B. Smith, III, who remained as a member of the Board. Mr. Kahn was also appointed interim Chief Financial Officer replacing Donald G. Wittmer. Mr. Kahn was also appointed to serve as a member of the Board, effective May 17, 2016.
Pursuant to the Kahn Employment Agreement, Mr. Kahn’s annual base salary will be $200,000 per year from the Effective Date through December 31, 2016 and $225,000 beginning January 1, 2017.
Pursuant to the Kahn Employment Agreement, Mr. Kahn was granted 6,067,931 fully-vested shares of the Company’s common stock, par value $0.00005 per share (the “Common Stock”), such amount representing 3.5% of the Company’s shares of Common Stock on a fully diluted basis as of the Effective Date. In addition, on each of May 1, 2017 and May 1, 2018.
...somethings up !
