PINGTAN MARINE ENTERPRISE LTD. (NASDAQ:PME) 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
On December 5, 2019, Pingtan Marine Enterprise Ltd. (the “Company”) announced the resignation of Roy Yu as the Chief Financial Officer of the Company effective as of December 5, 2019. Mr. Yu’s resignation did not result from any disagreement with the Company regarding any of the Company’s practices, policies or otherwise.
The Company also announced that LiMing Yung (Michael), the Senior Vice President of the Company, has been appointed as Chief Financial Officer of the Company effective as of December 5, 2019.
Mr. Yung, 55, has served as Pingtan’s Senior Vice President since 2015. Before joining Pingtan, Mr. Yung served as Managing Director of Terra Nova Natural Resources from 2008 to 2013. He also previously served as Senior Vice President of UBS Paine Webber and as Vice President of Citicorp Investment. Mr. Yung holds a bachelor’s degree in finance from the New York Institute of Technology.
Mr. Yung entered into an employment contract with the Company effective December 5, 2019 (the “Agreement”). to the Agreement, Mr. Yung will receive annual compensation equal to $180,000 plus an annual bonus of $20,000. During the course of Mr. Yung’s employment, the Company will reimburse him for any reasonable and necessary fees (travel expenses, accommodation expenses, hospitality expenses and other actual expenses) incurred by him during the fulfillment of his duties under the Agreement upon the production of relevant receipts and/or valid documentation of expenditure.
During the probation period, a period of one month from the effective date, the Agreement may be terminated by either party without prior notice. Thereafter, Mr. Yung’s employment can be terminated with two month’s advance written notice by either party. During the term of his employment, Mr. Yung may not engage in any other employment or business without the prior written consent of the Company or engage in any business which is in competition with the business of the Company.
The foregoing description of the Agreement is only a summary and is qualified in its entirety by reference to the full text of the Agreement, which is filled as Exhibit 10.1 to this report and is incorporated herein by reference.
There are no family relationships between Mr. Yung and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer. Mr. Yung was not selected as the Company’s Chief Financial Officer to any arrangements or understandings with the Company or with any other person, and there are no related party transactions between Mr. Yung and the Company that would require disclosure under Item 404(a) of Regulation S-K.
A copy of the Company’s press release regarding the transition of the Chief Financial Officer is filed as Exhibit 99.1 to this report and is incorporated herein by reference.
(d) EXHIBITS
| 10.1 | Employment Contract between Pingtan Marine Enterprise Ltd. and LiMing Yung, dated December 5, 2019. |
| 99.1 | Press Release of Pingtan Marine Enterprise Ltd., dated December 5, 2019. |
Pingtan Marine Enterprise Ltd. Exhibit
EX-10.1 2 f8k120519ex10-1_pingtan.htm EMPLOYMENT CONTRACT BETWEEN PINGTAN MARINE ENTERPRISE LTD. AND LIMING YUNG,…
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About PINGTAN MARINE ENTERPRISE LTD. (NASDAQ:PME)
Pingtan Marine Enterprise Ltd. is a marine enterprises company. The Company, through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd. (Pingtan Fishing), is primarily engaged in ocean fishing. The Company harvests a range of fish species with its owned and licensed vessels operating within the Indian Exclusive Economic Zone and the Arafura Sea of Indonesia. The Company provides seafood to its customers, including distributors, restaurant owners and exporters in the People’s Republic of China (PRC). The Company owns approximately 110 trawlers, four longline fishing vessels, two squid jigging vessels and two drifters, and has exclusive operating license rights to 20 drifters. The Company catches approximately 30 different species of fish, including ribbon fish, Indian white shrimp, croaker fish, pomfret, Spanish mackerel, conger eel, squid and red snapper. The Company’s catch is shipped back to China.
