Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 15, 2020, the Board of Directors of Cool Technologies, Inc. (the
"Company") appointed Steven P. Wilburn to serve as a director of the Company.
Mr. Wilburn is an engineering executive who has 40 plus years of professional
experience in the fields of alternative energy and water treatment. In 2004, Mr.
Wilburn founded FirmGreen, Inc., an integrated energy company participating in
virtually all aspects of the global green energy business. Since then, Mr.
Wilburn has served as the chairman and Chief Executive Officer of FirmGreen,
Inc. In 2014, Mr. Wilburn founded VerdeWatts, LLC, an energy storage and
management solutions company, and has served the managing member of VerdeWatts
since its founding. From 2016 until 2018 Mr. Wilburn served on the inaugural
Trade and Finance Advisory Committee.
Mr. Wilburn served in the United States Marine Corps during the Vietnam War from
1967 to 1970 with honor and distinction. Mr. Wilburn does not have a family
relationship with any of the executive officers or directors of the Company.
There are no arrangements or understandings between Mr. Wilburn and any other
persons pursuant to which he was selected as a director.
On December 9, 2019, Steve Wilburn joined the Company's Strategic Advisory Board
whose members consult and advise on Cool Technologies' strategic
commercialization plan.
There are no transactions pursuant to which Mr. Wilburn has an interest
requiring disclosure under Item 404(a) except as follows: on December 16, 2019,
the Company signed a cross-marketing and non-exclusive licensing agreement with
FirmGreen Inc. of which Mr. Wilburn is the chairman and Chief Executive Officer
and VerdeWatts, LLC., of which Mr. Wilburn is the managing member. Pursuant to
the agreement, the Company and both FirmGreen and VerdeWatts each granted the
other a royalty-free, non-exclusive license to certain patents. Each license is
subject to certain future negotiation.
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