KANDI TECHNOLOGIES GROUP, INC. (NASDAQ:KNDI) 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.
Effective May 15, 2020, the board of directors of Kandi Technologies Group, Inc. (the “Company”) appointed Mr. Jehn Ming Lim as Chief Financial Officer of the Company. Ms. Zhu Xiaoying had completed her responsibilities as the Company’s interim CFO.
Mr. Jehn Ming Lim, aged 38, has extensive experience in providing financial accounting and advisory services to public and private companies and has been engaging in this profession for more than 15 years. He was the Chief Financial Officer of Takung Art Co., Ltd. (NYSE American: TKAT) from February 2019 to May 2020. Prior to that, he had been the managing director of Albeck Financial Services, a financial consulting firm from January 2013 to February 2019, mainly responsible for overseeing SEC reporting, GAAP technical consultation, financial statement audit preparation, due diligence and internal controls compliance services. He also has extensive experience in auditing private and public companies in his stints as audit manager and senior auditor of two regional accounting firms in the United States, i.e., Kabani & Company, Inc. from October 2008 through December 2012 and Stonefield Josephson, Inc. from September 2006 through October 2008, respectively and as an auditor at Ernst & Young in the United States from September 2004 through to July 2006. Mr. Lim graduated with High Honors from the University of California, Santa Barbara, with a Bachelor of Arts degree in Business Economics.
Mr. Lim shall receive an annual salary in the amount of $120,000. He will also receive 6,000 shares of the common stock under the Company’s 2008 Omnibus Long-Term Incentive Plan, which shall be issuable evenly on each six-month anniversary hereof or as otherwise determined by the Board of Directors. A copy of the employment agreement by and between the Company the Mr. Lim is filed as Exhibit 10.1 to this report, which is incorporated by reference herein.
There are no family relationships between Mr. Lim and any director or other executive officer of the Company. Except for those disclosed in this report, there are no transactions between Mr. Lim or any member of his immediate families and the Company or any of its subsidiaries that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission. Further, there is no arrangement or understanding between Mr. Lim and any other persons or entities to which Mr. Lim was appointed as Chief Financial Officer of the Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description |
| 10.1 | Employment Agreement by and between the Company and Jehn Ming Lim dated as of May 15, 2020 |
Kandi Technologies Group, Inc. Exhibit
EX-10.1 2 ea122229ex10-1_kanditech.htm EMPLOYMENT AGREEMENT BY AND BETWEEN THE COMPANY AND JEHN MING LIM DATED AS OF MAY 15,…
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About KANDI TECHNOLOGIES GROUP, INC. (NASDAQ:KNDI)
Kandi Technologies Group, Inc. (Kandi) is focused on the development of pure electric vehicle (EV) products and manufacturing electric vehicle’s parts. The Company’s business operations are the design, development, manufacturing and commercialization of electric vehicles, electric vehicle parts and off-road vehicles, which are distributed in China and global markets. Its products include EV parts, EV products and off-road vehicles, including all-terrain vehicles, utility vehicles, go-karts and others. The Company conducts its business operations through its subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (Kandi Vehicles), and the partial subsidiaries of Kandi Vehicles. The Company focuses on fuel efficient, pure EV parts manufacturing. Its subsidiary, Jinhua Kandi New Energy Vehicles Co., Ltd., holds battery packing production rights, and supplies the battery pack to the joint venture company.