iFresh, Inc. (NASDAQ:IFMK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On May 15, 2017, iFresh Inc. (the Company) received a letter of
resignation from Peiling He to which Ms.He resigned as the Chief
Financial Officer of the Company. Ms. HeFang indicated that he
resignation was not the result of any disagreement with the
Company on any matter relating to the Companys operations,
polices or practices.
On May 17, 2017, the Companys Board of Directors appointed Alfred
Chung-Chieh Ying to be the Companys Chief Financial Officer.
Mr. Ying has served as investor relations director and senior
adviser to the board of Safe-Run Machinery (Suzhou)Co. from
December 2015 to January 2017, Overseas Investment Director for
Union Life Insurance Company from October 2014 to September 2015,
Vice President of equity research and investment banking at Piper
Jaffrey Asia Securities Ltd./China Minsheng Banking Corp. from
September 2011 to September 2014, Vice President of investor
relations and MA at Daphne International Holdings Limited from
August 2007 to March 2011, Executive Vice President of equity
research at Grand Cathay Securities from January 2005 to July
2007 and director, head of Asian technology research and head of
Taiwan at BNP Paribas Peregrine Securities Ltd. from October 1998
to December 2004. Mr. Ying received his Master of Business
Administration Degree from the University of New South Wales,
Master of Science Degree in Mechanical Engineering from the
National Chiao Tung University, and Bachelor of Science Degree in
Mechanical Engineering from the National Cheng Kung University.
On May 17, 2017, the Company entered into a three-year employment
agreement with Mr. Ying, to which Mr. Ying will receive an annual
salary of $150,000 per year and will be entitled to receive a
cash bonus and 10,000 shares of the Companys common stock upon
achieving certain milestones to be determined by the Companys
Board of Directors. In the event that Mr. Ying is terminated
without cause or he resigns for good reason prior to the end of
the term, Mr. Ying shall be entitled to the continuation of his
salary for three months and the accelerated vesting of any
outstanding equity awards. In the event of a change of control of
the Company to which Mr. Ying is terminated without cause or he
resigns for good reasonprior to the end of the term, Mr. Ying
shall be entitled to a severance payment equal to three months of
his base salary and the accelerated vesting of any outstanding
equity awards.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 10.1 |
Employment Agreement with Alfred Chung-Chieh Ying dated May 17, 2017 |
|
| 99.1 | Press Release dated May 18, 2017 |
About iFresh, Inc. (NASDAQ:IFMK)
iFresh, Inc., formerly E-Compass Acquisition Corp., operates through its subsidiary, NYM Holding, Inc. (NYM). NYM is an Asian/Chinese grocery supermarket chain in the north-eastern United States providing food and other merchandise hard to find in mainstream grocery stores. As of December 31, 2016, NYM had eight retail supermarkets across New York, Massachusetts and Florida. As of December 31, 2016, NYM had two wholesale facilities. Its in-house wholesale businesses covers wholesale products and services both NYM retail supermarkets and external clients that range from wholesalers to retailing groceries and restaurants. iFresh, Inc. (NASDAQ:IFMK) Recent Trading Information
iFresh, Inc. (NASDAQ:IFMK) closed its last trading session down -0.10 at 13.10 with 13,366 shares trading hands.
