SHARING SERVICES, INC. (OTCMKTS:SHRV) 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
(a)
Not applicable.
(b)
On March 1, 2018, Jordan Brock, President and Chief Executive Officer of Sharing Services, Inc. (the “Company”), resigned as President and Chief Executive Officer. On the same date, Mr. Brock was appointed to the position of Vice President of the Company. He remains a director of the Company.
(c)
On March 1, 2018, the Board of Directors of appointed John (“JT”) Thatch to the position of President, Chief Executive Officer, and a director of the Company.
John (“JT”) Thatch – Chief Executive Officer
John “JT” Thatch, 55, is an accomplished, energetic, entrepreneur minded Executive who has the vision and knowledge to create growth and shareholder value any organization. Mr. Thatch has successful started, owned andoperated several sized businesses in various industries that include service companies, retail, wholesale, education, finance, real estate management and technology.In the year, 2000, Mr. Thatch successfully merged a technology company into a company that was a publicly traded entity and became CEO of the company for over five years. That company currently trades on the NASDAQ stock exchange under the name CUI Global. He has worked in the public sector serving as a consultant and interim CEO of two other public companies, Dtomi and Innova Pure Water, advising their Board of Directors on growth strategies and organizational structure. Mr. Thatch engaged back into the private sector in 2009 for seven years as CEO for Universal Education and has been the Managing Member of Superior Wine and Spirits from 2016 to present.
Mr. Thatch has no family relationship with any of the Company’s directors or any other executive officer.
Mr. Thatch has had no transactions with a related person during the last fiscal year nor during the interim period to date hereof.
(d)
Not applicable.
(e)
In connection with the appointment of Mr. Thatch as President and Chief Executive Officer, he entered into an Executive Employment Agreement (the “Employment Agreement”) with the Company. to the terms of the Employment Agreement, Mr. Thatch is entitled to receive a base salary of $20,000 per month. In addition, effective March 1, 2018, the Company shall issue to Mr. Thatch a warrant to purchase up to 5,000,000 shares of the Company’s Series A Preferred Stock at a price equivalent to par value, $0.0001 per share, which shall vest immediately. At January 1, 2019, Mr. Thatch shall be issued an additional warrant to purchase up to 10% of the total issued and outstanding shares of the Company’s Common Stock – Class A at a price equivalent to par value, $0.0001 per share.
About SHARING SERVICES, INC. (OTCMKTS:SHRV)
Sharing Services Inc, located in Khon Kaen, Thailand, is focused to market and sell the company’s taxi sharing service via a developed website. The company was incorporated on April 24, 2015.