Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 2, 2022, Muscle Maker, Inc. (the "Company") appointed Jennifer Black
as Chief Financial Officer of the Company and entered into an Offer Letter with
Ms. Black. Pursuant to the Offer Letter, Ms. Black will be employed as Chief
Financial Officer of the Company on an at-will basis. Ms. Black will be entitled
to a base salary at the annualized rate of $190,000. The Company's previous CFO,
Ferdinand Groenewald, will remain and was appointed as the Chief Accounting
Officer of the Company. The Company agreed to issue Ms. Black 20,000 restricted
stock units upon completion of 90 days of employment. Ms. Black will be entitled
to receive stock options to acquire 20,000 shares of common stock subject to the
approval of the Board of Directors and Compensation Committee and the terms and
conditions will be subject to entering into a stock option agreement.
Pursuant to the Offer Letter, in the event Ms. Black is terminated without
cause, the Company will be required to pay Ms. Black salary and benefits for a
term of six months. Under the Offer Letter, Ms. Black is subject to
confidentiality, non-compete and non-solicitation restrictions. There is no
understanding or arrangement between Ms. Black and any other person pursuant to
which she was appointed as executive officer. Ms. Black does not have any family
relationship with any director, executive officer or person nominated or chosen
by us to become an executive officer. Ms. Black has not had direct or indirect
material interest in any transaction or proposed transaction, in which the
Company was or is a proposed participant, exceeding $120,000.
Ms. Black is an experienced Chief Financial Officer with a demonstrated history
of working with public and private equity backed organizations. Prior to joining
the Company, from September 2018 through December 2021, Ms. Black served as the
Chief Financial Officer for Eagle Pressure Control LLC ("Eagle") and Talon
Pressure Control, oilfield service companies. From October 2015 through
September 2018, Ms. Black served as the Controller for AG Resource Management, a
private equity backed agriculture lending company, and as the Controller for
Basic Energy Services, an oil and gas services company, from January 2013
through October 2015. Ms. Black has also held various other roles including Vice
President of SEC reporting with OMNI American Bank and Audit Manager with RSM
McGladrey. In November 2020, Eagle, as a result of various events including an
oil and gas work related incident, decline of oil and gas prices and the impact
from COVID-19, filed for bankruptcy protection under Subchapter V under Chapter
11 in the US Bankruptcy Court, Southern District of Texas (Houston)(Bankruptcy
Petition #: 20-35474). Ms. Black is a Certified Public Accountant and a
Chartered Global Management Accountant. Ms. Black received a Master of Business
Administration from Jack Welch Management Institute in 2018 and Bachelor of
Science in Accounting and Finance from Texas Tech University in 2003.
The preceding description of the Offer Letter is a summary of its material
terms, does not purport to be complete, and is qualified in its entirety by
reference to the Offer Letter, a copy of which is being filed as Exhibit 10.1 to
this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Offer Letter, effective January 2, 2022, by and between Muscle
Maker, Inc. and Jennifer Black
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
© Edgar Online, source Glimpses