Item 8.01. Other Information.
On December 31, 2019, the Board of Directors of HF Foods Group Inc. (the
"Company") appointed Kong Hian Lee (also known as Victor Lee), to serve as its
Vice President for Corporate Finance, Investor Relationships, and Corporate
Strategy. Since February 2012, Mr. Lee, age 51, has served as president and
chief executive officer of Ascent Solar Technologies, Inc. Mr. Lee also is the
managing director of Tertius Financial Group Pte Ltd, a boutique corporate
advisory and private investment firm he founded in February 2009. He brings more
than 24 years of experience in corporate banking, real estate finance and
investment management, and corporate advisory services at leading worldwide
financial institutions. Mr. Lee began his career at Citibank N.A., in 1993,
handling small- and medium-sized corporate finance and progressed to a vice
president position in the International Personal Banking Division. In 1999 he
moved to Deutsche Bank AG as Vice President and in 2004 was promoted to managing
director and Singapore Market Head in the Private Wealth Management Division,
where he was responsible for management of approximately $1 Billion in assets
under management. From 2007 until 2009 he was with Morgan Stanley Private Wealth
Management, most recently as executive director and head of Singapore/Malaysia
markets. Mr. Lee holds a Bachelor's degree in Accounting from the University of
Wisconsin and a Master's in Wealth Management from the Singapore Management
University.
There are no arrangements or understandings between Mr. Lee and other persons
pursuant to which he was appointed as vice president of the Company. There are
no family relationships between Mr. Lee and any director or executive officer,
or any person nominated or chosen by the Company to become a director or
executive officer that would be reportable under Item 404(a) of Regulation S-K.
The Company hired Mr. Lee pursuant to the terms of a letter agreement and a
standard and customary confidentiality, non-competition, and non-solicitation
agreement which prohibits Mr. Lee from engaging in business activities
detrimental to the Company's business relationships or soliciting any of the
Company's employees for a period of one year following termination of
employment. The letter agreement provides for at-will employment with an annual
base salary of $180,000, and an annual discretionary bonus of up to 60% of base
salary but not less than $70,000.
© Edgar Online, source Glimpses
