SG BLOCKS, INC. (OTCMKTS:SGBXQ) 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.
New Director Appointments
On January 30, 2017, the Board of Directors (the Board)
of SG Blocks, Inc. (the Company) fixed the number of
directors to serve on the Board at seven, and, to such increase,
appointed two new Board members, Brig. Gen. Balan R. Ayyar and A.
Richard Moore, Jr., effective upon acceptance by General Ayyar
and Mr. Moore, which acceptance occurred on January 30 and
February 2, respectively. There is no arrangement or
understanding between General Ayyar, Mr. Moore or any other
person to which they were appointed as directors, and neither
General Ayyar nor Mr. Moore has any direct or indirect material
interest in any transaction required to be disclosed to Item
404(a) of Regulation S-K. In connection with their appointments,
General Ayyar and Mr. Moore will receive (i) 13,334 options of
the Companys common stock and (ii) an additional 3,334 options of
the Companys common stock for their service on the Audit
Committee of the Board, which options were approved by the
Compensation Committee of the Board on March 13, 2017. These
options vest in equal quarterly installments on the last day of
each fiscal quarter following the grant date until such options
are 100% vested, so long as General Ayyar and Mr. Moore remain
directors of the Company.
About SG BLOCKS, INC. (OTCMKTS:SGBXQ)
SG Blocks, Inc., through SG Building Blocks, Inc. (SG Building), provides code engineered cargo shipping containers. SG Building modifies and delivers containers. SG Building enables developers, architects, builders and owners to achieve greener construction. In addition to providing code engineered cargo shipping containers for construction use, SG Building is engaged in structural steel framing systems. SG Building first selects shipping containers appropriate for the project, which are then designed and engineered. These steel containers are then modified or manufactured under contract into a structure, which is referred as SG Blocks. A combination of engineering and architecture is used to make the containers adaptable for a variety of commercial and residential uses. SG Blocks can be used to build a range of construction, from traditional to modern. SG BLOCKS, INC. (OTCMKTS:SGBXQ) Recent Trading Information
SG BLOCKS, INC. (OTCMKTS:SGBXQ) closed its last trading session at 0.00770 with 4,500 shares trading hands.
