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 OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
5.02(d) Election of Shaun B. Higgins
On October 6, 2017, the board of directors of Loop Industries, Inc., a Nevada corporation (the “Company”), elected Shaun B. Higgins as a member of the board of directors of the Company (the “Board”). Upon election, Mr. Higgins was appointed to serve as a member of the new compensation committee together with Jay Stubina and Leslie Murphy, who will serve as chair.
Consistent with the compensatory arrangements of the Company’s other non-executive directors, Mr. Higgins will be granted 6,208 restricted stock units, having a value of $97,397 at the time of grant, under the Company’s 2017 Equity Incentive Plan, representing a pro-rated portion of the non-executive director annual equity grant. This award will fully vest on May 31, 2018, subject to continued service through the vesting date.
Mr. Higgins also executed the Company’s standard form of indemnification agreement, a copy of which has been previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 30, 2017 and is incorporated herein by reference.
There is no arrangement or understanding between Mr. Higgins and any other person to which Mr. Higgins was selected as a director of the Company. Mr. Higgins is also not a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K.
5.02(b) Resignation of Brian Young
On October 11, 2017, Brian Young, a director of the Board, tendered his resignation from the Board, effective immediately.
Item 7.01 Regulation FD Disclosure
On October 12, 2017, the Company issued a press release announcing the election of Mr. Higgins and the decision of Brian Young to retire from the Board. A copy of this press release is furnished hereto as Exhibit 99.1.
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.
*Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 30, 2017.
Loop Industries, Inc. ExhibitEX-99.1 2 llpp_ex991.htm PRESS RELEASE llpp_ex991.htmEXHIBIT 99.1 NEWS RELEASE Loop Industries Announces Appointment of Shaun Higgins to its Board of Directors MONTREAL,…To view the full exhibit click
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.