Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Resignation of Chief Financial Officer
On January 7, 2022, the board of directors (the "Board") of Emerson Radio Corp.
(the "Company") accepted the resignation of Michael Binney as the
Company's Chief Financial Officer, effective January 16, 2022. Mr. Binney's
departure is not based on any disagreement with the Company on any matter.
Appointment of Chief Operating Officer
Effective upon Mr. Binney's resignation as Chief Financial Officer of the
Company, Mr. Binney, age 62, was appointed as Chief Operating Officer of the
Company. Mr. Binney has served as the Chief Financial Officer of the Company
since March 2017 and the Company's Secretary since July 2017. He has also served
as a director of the Company since June 2016, bringing extensive public company
accounting experience in addition to his knowledge of the Company to the Board.
Since August 2016, Mr. Binney has served as a director of S&T International
Distribution Ltd. and Grande N.A.K.S. Ltd., which are wholly owned subsidiaries
of Nimble Holdings Company Limited. From November 2016 to December 2017,
Mr. Binney served as an Executive Director and Group Chief Financial Officer of
The Grande Holdings Limited (now known as Nimble Holdings Company Limited). He
is a fellow member of the Institute of Chartered Accountants in England and
Wales, a fellow member of the Association of Chartered Certified Accountants and
a fellow member of the Hong Kong Institute of Certified Public Accountants. From
June 2016 through November 2016, Mr. Binney served as Deputy Chief Executive
Officer (Finance Accounting & Company Secretarial) of The Grande Holdings
Limited. From 2010 to March 2016, Mr. Binney served as an Executive Director and
Chief Financial Officer of the Vinarco International Group of Companies, an
upstream supplier to the oil and gas industry in the Asia-Pacific region.
Mr. Binney previously served as a non-executive director of The Grande Holdings
Limited from 2009 to 2010, and as an Executive Director of The Grande Holdings
Limited from 2001 to 2009.
No new compensatory or severance arrangements were entered into in connection
with Mr. Binney's resignation as Chief Financial Officer of the Company or his
appointment as Chief Operating Officer of the Company. The Company and
Mr. Binney intend to discuss compensation for his service as an executive
officer at a future date.
Appointment of Chief Financial Officer
On January 7, 2022, the Board appointed Mr. Richard Li, to serve as the
Company's Chief Financial Officer, effective upon Mr. Binney's resignation.
Mr. Li, age 55, has been the Chief Financial Officer of Sansui Electric (China)
Co., Ltd, a PRC company engaged in electronic manufacturing business, since
2014. Mr Li served as the Chief Financial Officer Sansui Manufacturing Services
Limited, a company engaged in providing corporate and strategic planning
services, from 2012 to 2013. Mr Li served as the Chief Financial Officer of Lafe
Corporation Limited, a company formerly listed on the Singapore Exchange, from
2005 to 2011. Prior to the above appointments, Mr Li has worked in Deloitte
Touche Tohmatsu as auditor for 4 years and worked as financial controller in the
manufacturing industry for 10 years. Mr Li holds a Bachelor of Arts (Honours)
Degree in Accountancy from the Hong Kong Polytechnic University. He is currently
an associate member of the Hong Institute of Certified Public Accountants, the
Association of Chartered Certified Accountants and The Hong Kong Chartered
Governance Institute. Mr Li has extensive experience in accounting, corporate
finance and public company reporting. There are no arrangements or
understandings between Mr. Li and any other person pursuant to which he was
appointed as an officer. Mr. Li does not have any family relationship with any
director or other executive officer of the Company or any person nominated or
chosen by the Company to become a director or executive officer, and there are
no transactions in which Mr. Li has an interest requiring disclosure under
Item 404(a) of Regulation S-K.
No new compensatory or severance arrangements were entered into in connection
with Mr. Li's appointment as Chief Financial Officer of the Company. The Company
and Mr. Li intend to discuss compensation for his service as an executive
officer at a future date.
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