INTEGRATED BIOPHARMA, INC. (OTCMKTS:INBP) 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 22, 2019, the Board of Directors (the “Board”) of Integrated Biopharma, Inc. (the “Company”) approved the recommendation of the Compensation Committee of the Board to grant certain executive officers of the Company options to purchase shares of common stock of the Company, under the Integrated Health Technologies, Inc. 2001 Stock Option Plan. Ms. Christina Kay and Mrs. Riva Sheppard, Co-Chief Executive Officers, and Mr. E. Gerald Kay, President and Chairman of the Board, were each granted 250,000 options, and Ms. Dina Masi, Senior Vice President, Chief Financial Officer and Secretary of the Company, was granted 150,000 options. Under each grant, fifty percent of the options vest immediately and the remaining options will vest in three equal installments on the anniversary of the grant date.
On May 22, 2019, the Board also approved the recommendation of the Compensation Committee to increase the base salary of each of Ms. Kay and Mrs. Sheppard, by $32,000, for an annual salary base of $200,000 each. The salary increases were made in connection with the recent promotion of Ms. Kay and Mrs. Sheppard to Co-Chief Executive Officers of the Company.
About INTEGRATED BIOPHARMA, INC. (OTCMKTS:INBP)
Integrated Biopharma Inc. is engaged in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. The Company’s business segments include Contract Manufacturing operated by InB:Manhattan Drug Company, Inc.(MDC), which manufactures vitamins and nutritional supplements for sale to distributors, multilevel marketers and healthcare providers; Branded Proprietary Products operated by AgroLabs, Inc. (AgroLabs), which distributes nutritional products for sale through market, grocery, drug and vitamin retailers, under the brands of Naturally Noni, Coconut Water, Aloe Pure, Peaceful Sleep, Green Envy, ACAI Extra, ACAI Daily Cleanse and Wheatgrass, and offers other products, and Other Nutraceutical Businesses, which includes the operations of The Vitamin Factory, IHT Health Products, Inc. (IHT), MDC Warehousing and Distribution, Inc., and Chem International, Inc. Its customers are located in the United States, Luxembourg and Canada.