Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Resignation of Mr. Baolin LiOn May 20, 2021, Mr. Baolin Li notified Shineco, Inc. (the "Company") of his
resignation as a director of the Company, effective May 20, 2021. Mr. Li's
resignation was due to personal reasons and not due to any disagreement with the
Company on any matter related to the operations, policies, or practices of the
Company.
Election of Ms. Minye Wang
To fill in the vacancy on the board of directors of the Company (the "Board")
created by Mr. Li's resignation, on May 24, 2021, the Nominating Committee of
the Board recommended, and the Board elected, Ms. Minye Wang as a director of
the Company.
Ms. Minye Wang, age 30, has served as the senior partner and vice general
manager of Yunnan Lande Regional Development Research Co., Ltd., a company
focusing on organizing activities related to regional economic development, such
as academic research, seminars, and forums, and providing planning and
consulting services to regional economic development projects, since January
2018 and has been responsible for company's main business operation. From
December 2015 to January 2018, Ms. Wang served as assistant to general manager
of Rockwell Automation, Inc. and was in charge of or participated in the
investment projects with BYD, Siemens, Geely, and other well-known multinational
and domestic companies. From September 2015 to December 2015, Ms. Wang served as
personal business account manager of Citibank (China) Co., Ltd. and was mainly
responsible for asset allocation, collective trusts, sovereign wealth funds, and
other businesses for high-net-worth clients in Mainland China and Hong Kong and
participated in M&A funds with investment targets in the United Kingdom and
Northern Europe. Ms. Wang obtained her bachelor's degree in Business Management
from Newcastle University in 2013 and her master's degree in Fashion Management
from Northumbria University in 2014.
On May 24, 2021, the Company and Ms. Wang entered into a Director Offer Letter
(the "Wang Offer Letter"), pursuant to which Ms. Wang will be compensated at a
rate of $20,000 per annum, payable in cash annually at the end of her term in
office. The Wang Offer Letter contains customary confidentiality,
non-solicitation, and indemnification provisions. The foregoing summary of the
Wang Offer Letter does not purport to be complete and is qualified in its
entirety by reference to the Wang Offer Letter, a copy of which is filed as
Exhibit 10.1 to this Current Report on Form 8-K.
There are no family relationships between Ms. Wang and any director or executive
officer of the Company. To the best knowledge of the Company, there is no
understanding or arrangement between Ms. Wang and any other person pursuant to
which Ms. Wang was elected as a director of the Company. To the best knowledge
of the Company, neither Ms. Wang nor any of her immediate family members is a
party to any transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K.
Resignation of Mr. Ning Chen
On May 20, 2021, Mr. Ning Chen notified the Company of his resignation as an
independent director of the Company, effective May 20, 2021. Mr. Chen's
resignation was due to personal reasons and not due to any disagreement with the
Company on any matter related to the operations, policies, or practices of the
Company.
Election of Mr. Lei Gao
To fill in the vacancy on the Board created by Mr. Chen's resignation, on May
24, 2021, the Nominating Committee of the Board recommended, and the Board
elected, Mr. Lei Gao as an independent director and serve as the chairperson of
the Compensation Committee of the Board and a member of Nominating Committee of
the Board.
Mr. Lei Gao, age 52, has served as the chairman and legal representative of
Beijing United Xinyuan Investment Consulting Co., Ltd., a consulting company
focusing on investment consulting, enterprise management, and investment and
asset management, since 2020. From June 2018 to February 2020, Mr. Gao served as
general manager of Tianjin Shifeng Zhongcheng International Trade Co., Ltd., a
company engaging in international trade, import and expert of processed,
self-operated, and agency goods and technologies, and commodity exhibitions;
from December 2017 to December 2018, Mr. Gao served as the head of the No. 2
branch of the bond financing department of Capital Securities (Beijing) Co.,
Ltd. and raised billions of funds, solved bottlenecks and difficulties
encountered in financing for customers, and participated in several investment
cooperation projects with local governments and banks; from 2017 to 2018, Mr.
Gao served as the Secretary-General of Beijing Financing Guarantee Association;
from December 2014 to December 2017, Mr. Gao served as the vice president of
Beijing Shoujin Small and Medium Enterprise Financial Services Co., Ltd., mainly
responsible for financial information services, asset management, investment
consulting, investment management, and technology development in the field of
financing software; from 2013 to 2014, Mr. Gao served as head of the issuance
and underwriting department of Hualin Securities (Beijing) Co., Ltd. and Debon
Securities (Beijing) Co., Ltd. and led or participated in investment bank equity
projects such as initial public offering and refinancing of many A-share listed
companies. Mr. Gao graduated from Beijing Technology and Business University in
2017. Mr. Gao holds a Fund Practice Qualification and Securities Practice
Qualification in China.
On May 24, 2021, the Company and Mr. Gao entered into a Director Offer Letter
(the "Gao Offer Letter"), pursuant to which Mr. Gao will be compensated at a
rate of $10,000 per annum, payable in cash annually at the end of his term in
office. The Gao Offer Letter contains customary confidentiality,
non-solicitation, and indemnification provisions. The foregoing summary of the
Gao Offer Letter does not purport to be complete and is qualified in its
entirety by reference to the Gao Offer Letter, a copy of which is filed as
Exhibit 10.2 to this Current Report on Form 8-K.
There are no family relationships between Mr. Gao and any director or executive
officer of the Company. To the best knowledge of the Company, there is no
understanding or arrangement between Mr. Gao and any other person pursuant to
which Mr. Gao was elected as a director of the Company. To the best knowledge of
the Company, neither Mr. Gao nor any of her immediate family members is a party
to any transaction required to be disclosed pursuant to Item 404(a) of
Regulation S-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Exhibit
10.1 Director Offer Letter dated May 24, 2021 by and between
Shineco, Inc. and Minye Wang
10.2 Director Offer Letter dated May 24, 2021 by and between
Shineco, Inc. and Lei Gao
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