SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective January 16, 2020, Alvaro Daniel Alberttis was appointed to serve as a member of our board of directors.
Alvaro Daniel Alberttis, age 43, is an entrepreneurial executive, advisor and investor with over twenty years of experience across diverse small-middle market businesses and nonprofit organizations. Since 2013, he has served as the Managing Director of Strategic Philanthropy for The Kannico Agency, LLC. At the Kannico Agency, Mr. Alberttis directs strategy and execution of the firm’s global philanthropic consulting operations. In addition, Mr. Alberttis is an experienced commercial banking executive, and has served in a multitude of financial advisory positions for consumers and corporations for over thirteen years. He began his commercial banking career as a Senior Branch Manager with a staff of thirty and transitioned into a Senior Commercial Banker advising clients in all industries with a specialization in Government, Large Nonprofit and Educational clients across the South East U.S. As a commercial banker, Mr. Alberttis has served with JP Morgan Chase, NA (2011-2017); PNC Bank NA (2007-2011); and TD Bank, NA (2004-2007). Since 2013, he has also served as a Trustee of the Quantum Foundation, a private philanthropic foundation focused solely on supporting healthcare initiatives. Mr. Alberttis holds a B.S. in Business Management from Lynn University (2010), and a Masters Degree in Nonprofit Management from Florida Atlantic University (2013).
Mr. Alberttis has not had any material direct or indirect interest in any of our transactions or proposed transactions over the last two years.
In connection with his appointment to the Board Directors, Mr. Alberttis was granted $100,000 worth of common stock, valued at the closing market price of our common stock on the date of the appointment (238,096 shares). These shares vest at a rate of 1/24th per month, contingent upon continued service to the company.
