PARADISE, INC. (OTCMKTS:PARF) 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
Effective as of October 31, 2017, Paradise, Inc. (the “Company”) entered into a Retention Agreement with Jack M. Laskowitz, Chief Financial Officer of the Company (the “Retention Agreement”). to the Retention Agreement, Mr.Laskowitz would be entitled to a bonus in the amount of $75,000 upon the closing of a sale of the Company to an independent third party (including by way of merger, consolidation, sale of all or substantially all of the Company’s assets, or sale of a controlling interest in the Company) so long as Mr. Laskowitz remains employed by the Company through the closing date of such sale transaction and he complies with the other requirements set forth in the Retention Agreement, including execution and delivery of a general release of claims. The Retention Agreement does not alter the “at will” employment relationship between the Company and Mr.Laskowitz.
The Retention Agreement with Mr. Laskowitz is attached hereto as Exhibits 10.1 and incorporated by reference herein.
The statements in this Current Report on Form8-K that are not historical, including without limitation statements regarding the Company’s beliefs, expectations, prospects, strategic plans and statements regarding strategic alternatives or other future transactions, including without limitation any sale transaction as contemplated herein, constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact should be considered “forward-looking statements” for these purposes. In some cases, forward-looking statements can be identified by the use of such terminology as “may,” “will,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “potential,” or “continues,” or the negative thereof or other similar words. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we can give no assurance that such expectations or any of our forward-looking statements will prove to be correct. Forward-looking statements are subject to inherent risks and uncertainties, and actual results and developments may be materially different from those expressed or implied by our forward-looking statements. We undertake no obligation to update forward-looking statements other than as required by law. Prospective investors should also consult the risks described from time to time in the Company’s Reports on Forms10-K, 10-Q and 8-K and Annual Reports to Shareholders.
Item 9.01. Financial Statements and Exhibits.
PARADISE INC ExhibitEX-10.1 2 tv508636_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 RETENTION AGREEMENT This RETENTION AGREEMENT (this “Agreement”),…To view the full exhibit click
About PARADISE, INC. (OTCMKTS:PARF)
Paradise, Inc. is a producer of glace’ fruit, a main ingredient of fruit cakes, sold to manufacturing bakers, institutional users and supermarkets for sale during the holiday seasons of Thanksgiving and Christmas. The Company operates through two segments: Fruit and Molded Plastics. The Fruit segment is engaged in the production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users and retailers for use in home baking. Also, based on market conditions, the Company is engaged in the processing of frozen strawberry products, for sale to commercial and institutional users, such as preservers, dairies and drink manufacturers. The Molded Plastics segment is engaged in the production of plastics containers and other molded plastics. The Company sells its products to various food processors and others. The Company’s customers are located in the United States. Paradise Plastics, Inc. is a subsidiary of the Company.