GRANDPARENTS.COM, INC. (OTCMKTS:GPCM) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
GRANDPARENTS.COM, INC. (OTCMKTS:GPCM) Files An 8-K Termination of a Material Definitive Agreement
The information set forth below in Item 5.02 of this Current Report on Form 8-K is incorporated by reference into this item.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 14, 2017, the Board of Directors (the “Board”) of Grandparents.com, Inc. (the “Company”) terminated Steve Leber as the Company’s Chief Executive Officer and terminated his employment agreement dated June 24, 2014, as amended on September 15, 2016. As a result, Mr. Leber no longer serves as the Company’s principal executive officer, principal financial officer, or principal accounting officer. Also, Mr. Leber resigned as a member of the Board on April 14, 2017.
On April 14, 2017, Lee Lazarus resigned as a director of the Company. Mr. Lazarus continues to serve as the Company’s Chief Operating Officer.
Previously, on March 9, 2017, the Board appointed Joshua Rizack as Chief Restructuring Officer of the Company.
Mr. Rizack, 50, has served as Chief Restructuring Officer of the Company since March 9, 2017, and will continue to serve until the effective date of a plan of reorganization in the Company’s Chapter 11 case. Mr. Rizack is a seasoned financial and turnaround consultant with more than 25 years of experience. Mr. Rizack has served as Managing Director of The Rising Group Consulting, Inc., a financial consulting company, since 1991. From 2009 to 2010, Mr. Rizack served as a senior director in Zolfo Cooper, LLC, a management consulting firm that provides corporate restructuring services to corporations, law firms, and financial institutions. In addition, he has acted as Chief Restructuring Officer, President/CEO, Plan Administrator, and served on Equity Committees of distressed companies. He has served in the capacity of CEO/President/CRO for Oberon Media, Spy Magazine, Windsor Door, VICWEST Corporation, Sonix Medical Resources, and Alliance Precision Plastics, among others. Mr. Rizack brings extensive experience negotiating with creditors, disposing of nonessential assets to raise cash, advising on fraudulent conveyance matters, preference actions, commencement of litigation, and preparing disclosure statements. Mr. Rizack graduated from New York University, with a degree in Economics.
Also, on March 7, 2017, the Company entered into an agreement with The Rising Group Consulting, Inc. (“The Rising Group”). to the agreement, Mr. Rizack now serves as Chief Restructuring Officer of the Company. The term of the agreement began on March 9, 2017 and ends on the effective date of a plan of reorganization in the Company’s Chapter 11 case. The agreement may be cancelled by either party at any time. The Rising Group’s compensation to the agreement will include an initial retainer in the amount of $50,000, and a fee of $25,000 per month. The foregoing description of the material terms of the agreement with The Rising Group is qualified by reference to the terms of the agreement filed with this report as Exhibit 10.1 and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
10.1
Agreement by and between Grandparents.com, Inc., American Grandparents Association LLC, Grandparents Insurance Solutions LLC, Grand Card LLC, Grandcorps LLC and The Rising Group Consulting, Inc., dated March 7, 2017.
About GRANDPARENTS.COM, INC. (OTCMKTS:GPCM)
Grandparents.com, Inc. owns and operates the Grandparents.com Website. As a membership organization and social media community, the Company connects grandparents, seniors and boomers to differentiated, discounted products and services. The Company’s Website offers content on health and wellbeing, relationships and finances, as well as other topics, such as recipes and travel tips. The Company’s Website is primarily a social media platform targeting active, involved grandparents. Along with its Website, the Company’s membership association, the American Grandparents Association (AGA) was formed to unite grandparents, boomers and seniors. Members of the AGA have access to a range of benefits, including discounts on products and services. AGA members can access community features of the Company’s offerings, including discussions, blogs, games and content, as well as other products and services, which are offered exclusively to AGA members. GRANDPARENTS.COM, INC. (OTCMKTS:GPCM) Recent Trading Information
GRANDPARENTS.COM, INC. (OTCMKTS:GPCM) closed its last trading session 00.00000 at 0.00400 with shares trading hands.
Grandparents.com, Inc. owns and operates the Grandparents.com Website. As a membership organization and social media community, the Company connects grandparents, seniors and boomers to differentiated, discounted products and services. The Company’s Website offers content on health and wellbeing, relationships and finances, as well as other topics, such as recipes and travel tips. The Company’s Website is primarily a social media platform targeting active, involved grandparents. Along with its Website, the Company’s membership association, the American Grandparents Association (AGA) was formed to unite grandparents, boomers and seniors. Members of the AGA have access to a range of benefits, including discounts on products and services. AGA members can access community features of the Company’s offerings, including discussions, blogs, games and content, as well as other products and services, which are offered exclusively to AGA members. GRANDPARENTS.COM, INC. (OTCMKTS:GPCM) Recent Trading Information
GRANDPARENTS.COM, INC. (OTCMKTS:GPCM) closed its last trading session 00.00000 at 0.00400 with shares trading hands.
