Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Resignation of Chief Executive Officer and President
Effective as of August 4, 2022, Mr. Ralph M. Hofmeier has resigned as Chief
Executive Officer and President of Energy and Water Development Corp. (the
"Company"). Mr. Hofmeier's resignation is not a result of any disagreement with
the Company or its independent auditors on any matter relating to the Company's
accounting, strategy, management, operations, policies, regulatory matters, or
practices (financial or otherwise).
(b) Resignation of Chief Operating Officer
Effective as of August 4, 2022, Ms. Irma Velazquez has resigned as Chief
Operating Officer of the Company. Ms. Velazquez's resignation is not a result of
any disagreement with the Company or its independent auditors on any matter
relating to the Company's accounting, strategy, management, operations,
policies, regulatory matters, or practices (financial or otherwise).
(c) Appointment of Chief Technology Officer
Effective as of August 4, 2022, Mr. Ralph Hofmeier was appointed as Chief
Technology Officer of the Company.
Mr. Hofmeier, age 61, most recently served as the Company's Chief Executive
Officer, President, and Chairman of the Board of Directors beginning in 2008.
Mr. Hofmeier has a mechanical engineering background and, over the last 20
years, he has established and developed several multinational companies in green
tech distribution and commercialization, such as Powermax LLC, Powermax Inc and
Powermax GmbH. Mr. Hofmeier remains the Chairman of the Board of Directors.
On August 4, 2022, the Company entered into an employment agreement with Mr.
Hofmeier. The employment agreement sets forth the material terms and conditions
of his employment, including base salary, target annual cash bonus opportunity,
target annual equity award opportunity, standard employee benefit plan
participation, severance and change in control benefits. Additionally, Mr.
Hofmeier's employment agreement also includes certain restrictive covenants that
generally prohibit him from (i) competing against the Company, (ii) disclosing
information that is confidential to the Company and its subsidiaries and (iii)
from soliciting or hiring the Company's employees and those of its subsidiaries
or soliciting the Company's customers. Mr. Hofmeier's employment agreement may
be assigned to an affiliate of the Company.
Mr. Hofmeier is married to Irma Velazquez, the Company's Chief Executive
Officer.
There are no transactions or proposed transactions, to which the Company is a
party, or intended to be a party, in which Mr. Hofmeier has, or will have, a
material interest subject to disclosure under Item 404(a) of Regulation S-K. Mr.
Hofmeier was not appointed as the Company's Chief Technology Officer pursuant to
any arrangement or understanding with any other person.
The foregoing description of the employment agreement for Mr. Hofmeier contained
herein does not purport to be complete and is qualified in its entirety by
reference thereto, which is attached hereto as Exhibit 10.1 and incorporated
herein by reference.
(c) Appointment of Chief Executive Officer
Effective as of August 4, 2022, Ms. Irma Velazquez was appointed as Chief
Executive Officer of the Company.
Ms. Velazquez, age 56, most recently served as the Company's Chief Operating
Officer and Vice Chairman of the Board of Directors beginning in 2012. She
brings to the Company her certified expertise of sustainable development and
emerging technologies, along with her extensive experience and managerial skills
on large-scale project management. Ms. Velazquez worked from 1997 to 2010 in
United Nations agencies such as the World Health Organization, Farmaciens Sans
Frontieres, Red Cross and Crescent Societies (IFRC) where she served in the
positions of Information Technology Manager, Sustainable Development Manager and
Programme Manager, leading the strategic development and execution of corporate
vision for operations, communications, and marketing, as well as a Disaster &
Crisis Management Coordinator, where she demonstrated the ability to govern
complex programs and organizations, which drove development and implementation
of business plans, operational structures, processes, and procedures. Ms.
Velazquez has a Master in Sciences from the Erasmus University of Rotterdam and
has experience in diplomatic negotiations and proven experience building
positive relationships with government entities, agencies, and private sector
partners. Ms. Velazquez speaks French, English and Spanish. Ms. Velazquez
remains the Vice Chairman of the Board of Directors.
On August 4, 2022, the Company entered into an employment agreement with Ms.
Velazquez. The employment agreement sets forth the material terms and conditions
of his employment, including base salary, target annual cash bonus opportunity,
target annual equity award opportunity, standard employee benefit plan
participation, severance and change in control benefits. Additionally, Ms.
Velazquez's employment agreement also includes certain restrictive covenants
that generally prohibit him from (i) competing against the Company, (ii)
disclosing information that is confidential to the Company and its subsidiaries
and (iii) from soliciting or hiring the Company's employees and those of its
subsidiaries or soliciting the Company's customers. Ms. Velazquez's employment
agreement may be assigned to an affiliate of the Company.
Ms. Velazquez is married to Ralph Hofmeier, the Company's Chief Technology
Officer.
There are no transactions or proposed transactions, to which the Company is a
party, or intended to be a party, in which Ms. Velazquez has, or will have, a
material interest subject to disclosure under Item 404(a) of Regulation S-K. Ms.
Velazquez was not appointed as the Company's Chief Executive Officer pursuant to
any arrangement or understanding with any other person.
The foregoing description of the employment agreement for Ms. Velazquez
contained herein does not purport to be complete and is qualified in its
entirety by reference thereto, which is attached hereto as Exhibit 10.2 and
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Employment Agreement dated effective as of August 4, 2022 by and
between Energy and Water Development Corp. and Ralph Hofmeier.
10.2 Employment Agreement dated effective as of August 4, 2022 by and
between Energy and Water Development Corp. and Irma Velazquez.
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