Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 27, 2021, the Board of Directors of Trident Brands Incorporated, a
Nevada corporation (the "Company"), appointed Michael Friedman, as a Board of
Director Member, as well as President and Chief Executive Officer of the
Company, effective October 1, 2021. Concurrent with Mr. Friedman's appointment,
Scott Chapman and Anthony Pallante resigned as President and CEO of the Company,
respectively.
In his new role as President and CEO, Mr. Friedman will report to our Board of
Directors and will be responsible for the strategic direction of the Company, as
well as oversight of the day to day operations of the Company.
In connection with his appointment as President and CEO, the Company entered
into a one-year employment agreement with Mr. Friedman which is renewable by the
Company for two 2 year renewal periods. The Agreement provides for an annual
base salary of $180,000 and an equity compensation grant of 1,100,000 shares of
company common stock which shall vest in 4 equal quarterly installments
commencing January 1, 2022. Mr. Friedman is also eligible for annual as well as
performance based equity compensation awards. In addition, he is eligible for
transaction based cash/equity bonuses equal to three percent of the value of the
transaction, including an acquisition. The foregoing description is qualified in
its entirety by refence to the Agreement filed as Exhibit 10.1 hereto.
Since 2005, Mr. Friedman, has been President, CEO and a Director of Innovative
MedTech, Inc. (IMTH; formerly Fresh Harvest Products, Inc.). Mr. Friedman was
the Founder of IMTH and served as its Chairman until March 25, 2021, when a
majority of the company was sold to several investors, one of which became
Chairman. Since 2012, Mr. Friedman has been and continues to be a consultant,
advisor, Board of Director Member, chief executive and chief financial officer
for multiple companies in several industries, primarily focusing in media,
technology and consumer products. In 2016, Mr. Friedman co-Founded and has since
served as CEO of Treat Holdings, LLC, developer of the TreatER mobile
application which is available on the Apple App Store and directs users to the
nearest urgent care or emergency room. Mr. Friedman received a Master of Laws in
Taxation (L.L.M.) and a Juris Doctor (JD) from New York Law School.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
10.1 Employment Agreement
2
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