LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) 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 March 30, 2017, Loop Industries, Inc. (the Company) announced
that D. Jennifer Rhee will join the Company as Chief Financial
Officer effective April 3, 2017, succeeding Cesar Contla as the
Companys principal financial officer and principal accounting
officer. Mr. Contla will be staying on in his new role as
corporate controller.
Ms. Rhee, age 51, has been a partner with Richter LLP, a
financial advisory services firm since January 2007, and has
previously worked at Richter LLP in other capacities since 2003.
Ms. Rhee has practiced in the areas of international taxation and
transfer pricing and was responsible for creating and building
the firms transfer pricing practice. She has also assumed
leadership roles within the firm, including the expansion of the
firms presence in the Toronto market, chair of the firms
marketing committee, a member of the firms nominating committee
as well as a member of the firms board of directors. Ms. Rhee
received her Bachelor of Commerce from McGill University and is a
CPA, CA with the Canadian Order of Chartered Professional
Accountants.
There are no family relationships between Ms. Rhee and any
director, executive officer or person nominated or chosen by the
Company to become a director or executive officer of the Company
within the meaning of Item 401(d) of Regulation S-K under the
U.S. Securities Act of 1933 (Regulation S-K). Since the beginning
of the Companys last fiscal year, the Company has not engaged in
any transaction in which Ms. Rhee had a direct or indirect
material interest within the meaning of Item 404(a) of Regulation
S-K.
to the terms of an employment agreement, dated March 17, 2017, by
and between the Company and Ms. Rhee (the Employment
Agreement), effective April 3, 2017, Ms. Rhee will
receive an annual base salary of $300,000 for the first two years
of employment. The Employment Agreement also provides for certain
payments to Ms. Rhee in the event of a termination for cause or
upon resignation for good reason (as both terms are defined in
the Employment Agreement).
to the Employment Agreement, Ms. Rhee will also receive, subject
to approval by the board of directors of the Company, a warrant
to purchase 400,000 shares of common stock that will vest
quarterly over two years starting April 3, 2017 and a warrant to
purchase up to 150,000 shares of common stock of the Company that
will vest when certain milestones are achieved (collectively, the
Warrants). The Warrants will have a strike price
equal to the fair market value of the stock at the date of grant.
In the event there is a change of control (as such term is
defined in the Employment Agreement), all unvested options,
shares or other equity, including the Warrants, shall immediately
vest.
In addition, the Employment Agreement contains certain
restrictive covenants, including non-competition,
non-solicitation and confidentiality provisions, for the benefit
of the Company. The foregoing description of the Employment
Agreement is a summary and is qualified in its entirety by the
text of the Agreement, a copy of which will be filed as an
exhibit to the Companys Quarterly Report on Form 10-Q for the
quarter ended May 31, 2017.
Item 7.01 Regulation FD Disclosure
On March 30, 2017, the Company issued a press release announcing
the appointment of Ms. Rhee as the Companys Chief Financial
Officer, principal financial officer and principal accounting
officer. A copy of this press release is furnished hereto as
Exhibit99.1.
The information in this Item 7.01 and Exhibit 99.1 attached
hereto is intended to be furnished and shall not be deemed filed
for purposes of Section 18 of the Securities Exchange Act of 1934
(the Exchange Act) or otherwise subject to the liabilities of
that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act,
except as expressly set forth by specific reference in such
filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
|
Exhibit No. |
Description |
|
99.1 |
Press Release dated March 30, 2017, furnished herewith. |
About LOOP INDUSTRIES, INC. (OTCMKTS:LLPP)
Loop Industries, Inc., formerly First American Group Inc., is a manufacturer of Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG), the chemical components used in manufacturing polyethylene terephthalate (PET). The Company is engaged in designing, prototyping and building a closed loop plastics recycling business using a de-polymerization technology. Its technology uses waste PET plastics, such as water bottles, soda bottles, consumer packaging, carpets and industrial waste as feedstock to process. These feedstocks are available through municipal triage centers, industrial recycling and landfill reclamation projects. The Company operates in the United States and Canada. The Company focuses on depolymerizing waste plastics and converts them into valuable chemicals, ready to be reintroduced into the manufacturing of virgin plastics. LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) Recent Trading Information
LOOP INDUSTRIES, INC. (OTCMKTS:LLPP) closed its last trading session down -0.49 at 6.00 with shares trading hands.