CHINA GREEN AGRICULTURE, INC. (NYSE:CGA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On November 16, 2017, The Company’s board of directors appointed Zhuoyu (“Richard”) Li as its Chief Financial Officer (“CFO”), effective November 17, 2017. As CFO, Mr. Li will oversee the Company’s finance, accounting, corporate development, corporate security, financial planning and analysis, investor relations and financial reporting, internal audit, tax and treasury areas of the business. Mr. Li takes over the CFO role from Ken Ren. Mr. Ren resigned from the Company for personal reasons. His resignation did not result from any disagreement with the Company
Mr. Li has served as the President of our company since May 11, 2016. Mr. Li has four years of experience in the agricultural industry. Prior to joining the Company, Mr. Li has served as Chief Operating Officer at the Company’s affiliate, 900LH.com Food Co., Ltd. (“900LH.com”) since January 2016. From January 2015 to January 2016, Mr. Li served as a senior manager at the international department of 900LH.com, where he helped to develop the international market. Richard served as a senior manager at the customer center of 900LH.com from March 2013 through January 2015. He studied business at the University of Auckland in 2012.
The Board has determined that Mr. Li is a good fit for the position given his business education, agriculture background, and his executive experience in the industry.
There are no arrangements or understandings between Mr. Li and any other persons to which he was selected as chief financial officer. Except for Mr. Tao Li and Mr. Zhuoyu “Richard” Li, who are father and son, there is no other family relationship between Mr. Li and any director or executive officer of the Company. Mr. Li has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
The Company entered into an employment agreement (the “Employment Agreement”) with Mr. Li dated and effective as of November 17, 2017. to the terms of the Employment Agreement, Mr. Li will serve as our chief financial officer for a term of one year at an annual salary of $100,000.Mr. Li is eligible for a yearly bonus at the discretion of our board of directors.The Employment Agreement will be automatically extended for additional one-year terms unless either party provides written notice of termination sixty (60) days prior to the end of the prior term.Either party may terminate the Employment Agreement upon thirty (30) days written notice, or, at our discretion, we may terminate the Employment Agreement immediately and substitute thirty (30) days salary in lieu of written notice.In the event of a breach of the Employment Agreement by Mr. Li, or in the event Mr. Li is terminated for “cause” (as defined therein), the Employment Agreement may be terminated immediately without notice and without further payments.
The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement which is attached as Exhibit 10.1 to this Current Report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
The following is filed as exhibits to this report:
China Green Agriculture, Inc. ExhibitEX-10.1 2 f8k111717ex10-1_chinagreen.htm EMPLOYMENT AGREEMENT,…To view the full exhibit click here
About CHINA GREEN AGRICULTURE, INC. (NYSE:CGA)
China Green Agriculture, Inc. is engaged in the research, development, production and sale of various types of fertilizers and agricultural products in the People’s Republic of China (PRC) through its Chinese subsidiaries, Shaanxi TechTeam Jinong Humic Acid Product Co., Ltd. (Jinong) and Beijing Gufeng Chemical Products Co., Ltd. (Gufeng), and its variable interest entity (VIE), Xi’an Hu County Yuxing Agriculture Technology Development Co., Ltd. (Yuxing). The Company’s segments include Jinong (fertilizer production), Gufeng (fertilizer production) and Yuxing (agricultural products production). The Company’s primary business is of fertilizer products, specifically humic acid-based compound fertilizer produced through Jinong, and compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, water-soluble fertilizers and mixed organic-inorganic compound fertilizer produced through Gufeng.