Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 9, 2022, the Board of Directors (the "Board") of Basanite, Inc. (the
"Company") appointed Sergio S. Salani as a director of the Company. The
following is certain biographical information for Mr. Salani:
Sergio S. Salani, 54, has served as a member of the Board of Directors since
August 2022. Mr. Salani is a seasoned entrepreneur with experience in finance,
law, real estate and technology. From 2016 to the present, Mr. Salani has served
as the founder, Chief Executive Officer and General Counsel of Stoneway Group,
L.L.C., an advisory firm providing services with regard to legal, finance and
real estate matters, international transactions, specialty finance, technology,
commercial real estate investment management and investments in the energy
sector. Also from 2016 to the present, Mr. Salani has served as co-founder and
Chief Executive Officer of Ubii.com, a digital marketplace that was launched in
February 2021. From 2011 to 2016, he served as co-founder and Chief Executive
Officer of Oxford International Group, L.L.C., a privately held financial firm
that acquires high credit quality, highly illiquid assets which was sold to an
affiliate of Blackstone Group. From 1997 to 2011, Mr. Salani served as partner,
legal counsel and Senior Vice President of Peachtree Settlement Funding, L.L.C.,
an originator of specialty finance receivables such as structured settlements,
lottery payment receivables and life settlements, where he was instrumental in
building the company from a start-up to a 480 employee operation and in taking
it public in 2006 on London's AIM Market, a sub-market of the London Stock
Exchange. Mr. Salani received a Bachelor of Arts in Finance and Economics as
well as a Master of Business Administration degree from Drexel University and a
Juris Doctor from Temple University. He is a member of the bars of Florida and
the District of Columbia.
Mr. Salani is not a party to any material plan, contract or arrangement (whether
or not written) with the Company. Further, Mr. Salani is not a party of any
arrangement or understanding between Mr. Salani and any other person pursuant to
which Mr. Salani was selected as a director.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
99.1 Press Release of the Company dated August 15, 2022
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded
within the inline XBRL document)
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