RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) 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.
Independent Contractor Agreement with Mark McKnight
Technologies (the Company) effective as of December 31, 2016. As
previously reported, Mr. McKnight served as the President of
Contract Manufacturing of the Company, the Senior Vice President
of Sales and Manufacturing of the Company, and the President of
the Companys subsidiary Healthy Natural, Inc. (HN), to that
certain employment agreement dated as of September 20, 2013, as
amended. On December 22, 2016, Mr. McKnight (i) terminated his
employment with the Company, effective as of December 31, 2016,
and (ii) entered into an Independent Contractor Agreement with
the Company, effective as of January 1, 2017 (Independent
Contractor Agreement). The term of the Independent Contractor
Agreement commences on January 1, 2017 and ends on December 31,
2019, but if Mr. McKnight is terminated by the Company without
cause before the end of the term, he will be entitled to a buyout
fee of $450,000, subject to a reduction by $12,500 per month
during the term of the Independent Contractor Agreement.
provide consulting, product development, and sales and marketing
services to the Company and HN in exchange for (i) a consulting
fee of $10,000 per month, (ii) commission on net revenue received
from certain existing customers as specified therein, and (iii)
3.0% of net revenue received from new customers procured by Mr.
McKnights activities as described therein. In addition, Mr.
McKnight entered into a voting agreement with the Company and
Robert Smith, under which Mr. McKnight and his wife Nicole
McKnight agreed to vote all of the Companys common stock owned by
them at the direction of the board of directors. The voting
agreement terminates on December 31, 2017.
herein does not purport to be complete and is qualified in its
entirety by reference to the complete text of the Independent
Contractor Agreement. A copy of the Independent Contractor
Agreement is filed as Exhibit 10.1 to this report and is
incorporated into this report by reference.
Corporation), a Maryland corporation, (Lender), and certain of
the Companys subsidiaries are parties to that certain Loan,
Guarantee and Security Agreement dated as of May 12, 2015, as
amended (Loan Agreement). On December 29, 2016, Lender agreed to
extend the maturity date under the Loan Agreement from December
30, 2016 to January 31, 2017 in exchange for an extension fee of
$100,000.
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10.1
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Independent Contractor Agreement
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About RICEBRAN TECHNOLOGIES (NASDAQ:RIBT)
RiceBran Technologies is a human food ingredient, functional food ingredient, packaged functional food and animal nutrition company. The Company is focused on processing and marketing of nutrient dense products derived from raw rice, an underutilized by-product of the rice milling industry. The Company has two operating segments. The USA segment manufactures and distributes stabilized rice bran (SRB) (for human food ingredient and animal nutrition customers) and derivative products. The Brazil segment extracts crude rice bran oil (RBO) and defatted rice bran (DRB) from rice bran, which are then further processed into fully refined rice bran oil for sale internationally and in Brazil, compounded animal nutrition products for horses, cows, swine, sheep and poultry and a range of human food and animal nutrition products. The Brazil segment consists of the operations of Nutra S.A. LLC subsidiary, whose only operating subsidiary is Industria Riograndens De Oleos Vegetais Ltda. (Irgovel). RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) Recent Trading Information
RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) closed its last trading session up +0.17 at 1.20 with shares trading hands.