THEMAVEN, INC. (OTCMKTS:MVEN) 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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 15, 2017, theMaven, Inc. (the Company) announced that Mr.
Gary Schuman has resigned as the Companys Chief Financial Officer
upon the successful completion of a private placement and filing
of a Form S-1 registration statement.
On May 15, 2017, the Company appointed Mr. Martin L. Heimbigner
as the Companys Chief Financial Officer, effective as of May 15,
2017. Before joining the Company, Mr.Heimbigner was a partner at
Pacific CFO Group, LLC from June 2016 to March 2017, and from
November 2012 to October 2014, where he served as an advisor and
senior finance and accounting executive at client companies of
the firm. From November 2014 to May 2016, Mr. Heimbigner was
Chief Financial Officer of BSQUARE Corporation (NASDAQ:BSQR).
From January 2003 to November 2012 Mr.Heimbigner was a consultant
with Tatum LLC, where he similarly served in senior finance and
accounting executive roles with client companies. From January
2009 to April 2010 Mr.Heimbigner was President, Chief Executive
Officer and a director at City Bank (NASDAQ:CTBK). He has held
other senior partner or financial leadership positions earlier in
his career at companies including Demand Media (NYSE:DMD),
Intelligent Results (acquired by First Data, NYSE:FSD),
Airbiquity Inc., Washington Energy Company (NYSE:WECO), and KPMG.
Mr.Heimbigner holds an Executive MBA degree from the University
of Washington, and a Bachelor of Arts degree in Business
Administration and Accounting from Washington State University.
He is a Certified Public Accountant in Washington State.
The Company and Mr. Heimbigner have previously entered into an
executive employment agreement, dated March 20, 2017, a copy of
which has been attached hereto as Exhibit 10.1 (the Employment
Agreement). to the Employment Agreement, Mr.Heimbigner will
receive an annual salary of $220,000 and is eligible to
participate in the Companys employee benefits plans. In addition,
under the Employment Agreement, Mr.Heimbigner is entitled to an
option to purchase 300,000 shares of the Companys common stock
under the Companys equity incentive plan with a grant date of
March 20, 2017 (the Grant date). The option exercise price is
$1.22/share, which represents the closing price of the Companys
common stock prior to the date of his employment. One-third of
the options will be vested on the first anniversary of the Grant
Date, and the balance of the option will vest in twenty-four
equal monthly installments for two years thereafter. The
Employment Agreement also contains customary confidentiality,
non-compete, non-solicitation and invention assignment
provisions. This description of Mr.Heimbigners employment letter
agreement is qualified by reference to its full text, which is
filed with this report as Exhibit 10.1 and incorporated herein by
reference.
A copy of the Companys press release announcing Mr.Heimbigners
appointment is filed with this report as Exhibit 99.1, and is
incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
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ExhibitNo. |
Description |
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| 10.1 |
Employment letter agreement dated March 20, 2017 with Martin L. Heimbigner |
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| 99.1 | Press release dated May 19, 2017 | |
About THEMAVEN, INC. (OTCMKTS:MVEN)
theMaven, Inc. is a United States-based company, which offers theMaven, a group media platform, featuring vertical content across multiple content segments. The Company includes a channel on TheMaven Network, which is a digital media platform. THEMAVEN, INC. (OTCMKTS:MVEN) Recent Trading Information
THEMAVEN, INC. (OTCMKTS:MVEN) closed its last trading session down -0.05 at 1.55 with 6,339 shares trading hands.