Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 6, 2023, Mr. Michael V. Barbera stepped down from the role of Acting
Interim Chief Executive Officer of the Company to retire for personal reasons
while remaining on the Board of Directors.
On April 6, 2023, the Board of Directors, through a vote of Unanimous Written
Consent engaged Mr. Tom Richmond, 64, to serve as the Interim Chief Executive
Officer through August 31, 2023. Mr. Richmond has over 35 years of senior
executive experience in general management in B2B and B2C companies.
Mr. Richmond has P&L experience at numerous manufacturing companies that have
ranged in size from single plant businesses generating $20 million in annual
sales to multi-plant companies with global operations generating over $500
million in annual sales.
Mr. Richmond served as President of The Little Tikes Company and EVP of MGA
Entertainment from September of 2008 until May of 2014. From September of 2014
until January of 2017 Mr. Richmond served as Executive Chairman of Dutchland
Plastics. From May of 2014 until present he is an investor and operating partner
in CPI Products as well as a consultant and Board Advisor to Semco Plastics
which was sold to Tank Holdings in May of 2022.
Mr. Richmond is the former EVP of MGA Entertainment and President of The Little
Tikes Company, a $500 million multi-national retailer, manufacturer and marketer
of high-quality, innovative children's products. At The Little Tikes Company,
Mr. Richmond is credited with resurrecting The Little Tikes Company from a
distressed asset previously owned by Rubbermaid into a profitable $500 million
global branded products company with a formidable e-commerce business.
Mr. Richmond is a graduate of Columbia University (Master of Science), New
Jersey Institute of Technology (Mechanical Engineering), and New York University
(Executive MBA courses). Additionally, he attended
the US Army War College Staff and strategic planning session, General Electric
Management Development Institute, Advanced statistics, Enterprise resource
planning, and Various other Professional enhancement programs.
On April 6, 2023, Mr. Richmond and the Company entered into an agreement to pay
Mr. Richmond $12,500 per month commencing for work performed prior to his
engagement on March 15, 2023. He also received 1,000,000 shares of restricted
common stock. His engagement agreement also provided for the Company to issue
him warrants to purchase 5,000,000 shares of common stock, exercisable at $.045
per share, which warrants shall be issued at such date as the Company has
successfully received $5 million in gross financing so long as such financing is
received while Mr. Richmond is performing services to the Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
10.1 Letter Agreement between Basanite and Thomas Richmond (Filed
herewith)
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded
within the inline XBRL document)
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