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, our Board of Directors appointed Joseph R. Schmitz as
our Chief Financial Officer effective January 20, 2022.
Joseph R. Schmitz, age 59, has many years experience as a finance leader,
including various management positions at Trane Technologies. Mr. Schmitz has an
MBA from Indiana University and a B.S.B. in Accounting from the University of
Minnesota. He is a Certified Public Accountant (inactive) and a Certified
Management Accountant.
Mr. Schmitz's annual salary is $195,000. He is eligible for performance-based
compensation of $10,000 in May 2022, and target performance-based compensation
of 20% to 25% of salary. He has signed an agreement including non-competition,
confidentiality, and assignment of invention provisions benefiting the Company.
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