Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 17, 2022, AgEagle Aerial Systems Inc. (the "Company") and Brandon
Torres Declet mutually agreed to Mr. Torres Declet's resignation as Chief
Executive Officer and as a director of the Company, effective immediately. Mr.
Torres Declet resigned to pursue new career opportunities.
Mr. Barrett Mooney, the Company's current Chairman of the Board of Directors
(the "Board"), has been appointed to serve as the new Chief Executive Officer of
the Company. Mr. Mooney will continue in his role as Chairman of the Board.
Mr. Mooney was appointed to the Board as its Chairman in May 2020. Most
recently, Mr. Mooney was the Director of Digital Technology at Wilbur Ellis
where he developed and implemented the technology strategy for the agribusiness
and assisted with the diligence of technology acquisitions and investments for
the global corporation. Mr. Mooney previously served as Chief Executive Officer
of the Company from July 2018 through May 2020. Mr. Mooney brings an extensive
track record of growing agriculture and sustainability businesses. From May 2017
to July 2018, he served as Group Product Lead for The Climate Corporation, a
subsidiary of Monsanto (recently acquired by Bayer), where he led the satellite
imagery team, managed a team focused on using artificial intelligence to enhance
crop yield production, and introduced a new organizational structure to improve
sales efficiency. Prior to The Climate Corporation, from July 1, 2012 to May 1,
2017, Mr. Mooney co-founded and was CEO and president of HydroBio, a software
company that used satellite-driven image analytics to conserve water and
maximize crop yields. In May 2017, he sold HydroBio to The Climate Corporation.
Mr. Mooney holds a Doctor of Philosophy in Agricultural and Biological
Engineering from the University of Florida. He is also a member of the American
Society of Agricultural and Biological Engineers.
There is no arrangement or understanding between Mr. Mooney and any other person
pursuant to which Mr. Mooney was appointed as Chief Executive Officer of the
Company, and Mr. Mooney has not had an interest in any transaction since the
beginning of the Company's last fiscal year, or any currently proposed
transaction, that requires disclosure pursuant to Item 404(a) of Regulation S-K.
There are no family relationships among any of our directors or executive
officers and Mr. Mooney
The Compensation Committee of the board of directors will make recommendations
with respect to Mr. Mooney's new employment agreement and compensation. The
Company will file a subsequent Current Report on Form 8-K to disclose such new
arrangements.
Item 7.01. Regulation FD
On January 18, 2022, the Company issued a press release announcing Mr. Torres
Declet's resignation and the appointment of Mr. Mooney as Chief Executive
Officer. The press release is attached to this Current Report on Form 8-K as
Exhibit 99.1.
The information in this Item 7.01 and Exhibit 99.1 shall not be deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as expressly set
forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated January 18, 2022
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