YANGTZE RIVER DEVELOPMENT LIMITED (NASDAQ:YERR) 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. |
(b) Resignation of Chief Financial Officer
On May 5, 2017, Xin Cindy Zheng tendered her resignation as the
Chief Financial Officer of Yangtze River Development Limited (the
Company), such resignation to be effective as of May 10, 2017.
Ms. Zheng will assist in the transition of the Chief Financial
Officer role until her departure from the Company. Ms. Zhengs
departure is not due to a dispute or disagreement with the
Company.
(c) Appointment of Chief Financial Officer
On May 5, 2017, Tsz-Kit Jerry Chan was nominated by the Companys
Nomination Committee of the board of directors, and was approved
and appointed by the board of directors to serve as the Companys
Chief Financial Officer, effective as of May 10, 2017. Mr. Chan,
41 years of age, is a dedicated professional with a proven track
record in corporate governance and the US financial reporting. He
was the Chief Financial Officer of QKL Stores Inc, a company
listed on the NASDAQ Exchange, during the period from 2010 to
2016. Mr. Chan holds a Master of Business Administration from the
Chinese University of Hong Kong. He is a certified public
accountant in Hong Kong, and also a member of the American
Institute of Certified Public Accountants.
(e) Employment Agreement
to the appointment, the Company entered into an Employment
Agreement (the Agreement) with Mr. Chan to serve as the Companys
Chief Financial Officer. The term of the Agreement is for one
year, commencing on May 10, 2017, and automatically renews for
successive one year periods, subject to the Companys right to
terminate the Agreement at any time upon thirty (30) days prior
written notice. In addition, during the term of the Agreement,
Mr. Chan has the right to resign and terminate the Agreement upon
thirty (30) days prior written notice to the Company. The
Agreement also contains covenants regarding non-competition and
confidentiality. to the Agreement, Mr. Chan will receive a
monthly salary of USD $8,000, and share-based compensation of
100,000 shares of the Companys common stock for his first year of
employment. Mr. Chan may also be eligible to participate in
incentive plans that the Company may establish from time to time,
subject to the terms and conditions of the applicable plan.
The foregoing summary of the Agreement does not purport to be
complete and is qualified in its entirety by reference to such
agreement, a copy of which is filed as Exhibit 10.1 hereto and is
incorporated herein by reference.
Family Relationships
There are no family relationships between Mr. Chan and any other
employee or member of the board of directors of the Company.
Related Party Transactions
There are no related party transactions with regard to Mr. Chan
reportable under Item 404(a) of Regulation S-K.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit Number | Description | |
| Exhibit 10.1 |
Employment Agreement by and between the Company and Tsz-Kit Chan,dated May 5, 2017 |
About YANGTZE RIVER DEVELOPMENT LIMITED (NASDAQ:YERR)
Yangtze River Development Limited is a holding company. The Company conducts its operations through its subsidiary Energetic Mind Limited (Energetic Mind), which operates through its subsidiary Ricofeliz Capital (HK) Ltd (Ricofeliz Capital), which operates through its subsidiary Wuhan Yangtze River Newport Logistics Co., Ltd (Wuhan Newport), an enterprise that engages in the business of real estate and infrastructural development with a port logistics center located in Wuhan, Hubei Province of China. Wuhan Newport primarily engages in the business of real estate and infrastructural development with a port logistics project located in Wuhan, Hubei Province of China. Its projects include the Wuhan Yangtze River Newport Logistics Center (the Logistics Center), which is a complex located in Wuhan. It focuses on developing a shipping hub with access to various types of cargo transportation and offer complementary services to businesses within its logistics center. YANGTZE RIVER DEVELOPMENT LIMITED (NASDAQ:YERR) Recent Trading Information
YANGTZE RIVER DEVELOPMENT LIMITED (NASDAQ:YERR) closed its last trading session down -1.30 at 8.50 with 29,972 shares trading hands.
