Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Officer and Director, and Departure of Officer and Director
On November 7, 2022, the Company's Chief Executive Officer, Alessandro Annoscia,
stepped down as Chief Executive Officer, President, and a director of the
Company, and from any and all other positions he held with the Company, and the
Company's Board of Directors (the "Board") appointed Thomas E. Vickers, Chairman
of the Board, as Interim Chief Executive Officer (principal executive officer)
and President of the Company until a permanent successor Chief Executive Officer
is appointed. The Company and Mr. Annoscia will determine the terms of his
departure at a future date.
Mr. Vickers, age 58, has served as a director of the Company since October 2020
and as Chairman of the Board since May 2021, and he will continue in those
roles. Mr. Vickers is a highly accomplished corporate finance and operations
executive with 35 years of business experience. Since December 2019 Mr. Vickers
has served as the President and Founder of Stack Financial, Inc., which provides
family office, CFO on demand, finance, and accounting services to various
long-term and short-term contracts. Mr. Vickers has previously held senior
executive financial and operational positions such as Chief Financial Officer
and SVP of Human Resources at OmniComm Systems, Inc; Vice President of Finance
of OmniComm Systems, Inc; Vice President of Operations at S & J; Vice President,
Financial Operations at Precision Response Corporation; and Director of
Servicing Operations and Controller of Ocwen Financial Corporation. Mr. Vickers
received both a B.B.A. in Finance and a B.B.A. in Accounting from Florida
Atlantic University and earned his M.B.A. in Finance from the University of
Miami. Additionally, Mr. Vickers received his Master of Taxation (M.T.X.) degree
from Florida Atlantic University and is a Chartered Financial Analyst
Charterholder.
While serving as Interim Chief Executive Officer and President, Mr. Vickers will
receive no additional compensation. Mr. Vickers will be considered an
employee-at-will and is not subject to a separate employment agreement. There
are no family relationships between Mr. Vickers and any other director or
executive officer of the Company. There are no understandings or arrangements
between Mr. Vickers and any other person pursuant to which Mr. Vickers was
appointed as Interim Chief Executive Officer and President of the Company. Mr.
Vickers has no direct or indirect material interest in any transaction required
to be disclosed pursuant to Item 404(a) of Regulation S-K promulgated under the
Securities Act of 1933, as amended ("Securities Act").
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