Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Effective October 26, 2021, Michael Witherill resigned from his position of
Chief Financial Officer of Rivulet Media, Inc. (the "Company").
Also effective October 26, 2021, Rick Gean was appointed Interim Chief Financial
Officer of the Company, to hold office until July 31, 2022, or until his
successor has been duly elected and qualified. Mr. Gean served as a consultant
to the Company from July 2021 to October 25, 2021.
Mr. Gean, age 68, started his career in public accounting in 1983. Since April
2015, Mr. Gean has run Gean Accounting Services, acting as virtual CFO and
providing finance and accounting services for numerous companies, including
acting as CFO of PowerOneData International, Inc., an international smart grid
company, and serving as financial advisor to Plum Mountain Imaging Corp., an MRI
System rental and services company, to Arrestage International, Inc., a natural
skin care company, and to Mind and Body Research, Inc., a start-up in the
nutritional supplement and topical pain relief industry.
Prior to that, Mr. Gean worked with several emerging growth companies, including
serving as Director of Mergers and Acquisitions and CFO for a regional
investment banking firm. Mr. Gean also worked in corporate finance with a
subsidiary of a California based venture capital firm, specializing in providing
corporate finance and accelerator services. He acted as CFO for a nutraceutical
manufacturing company and consultant to a publicly held company with a novel
drug delivery technology, assisting in merger negotiations and fund raising
activities. Beginning on March 2, 2021, Mr. Gean has served as CFO, Secretary,
and Treasurer of Chee Corp., a business principally engaged in the commercial
real estate business in Arizona and an affiliate of the Company. Mr. Gean
attended University of Arizona, majoring in Public Administration, and Arizona
State University, majoring in Accounting.
Mr. Gean will receive $120,000 per year as compensation for his services. It is
anticipated that the Company and Mr. Gean will enter into an Employment
Agreement with respect to his appointment, but there is no assurance that will
occur.
The Company has not entered into any transactions with Mr. Gean described in
Item 404(a) of Regulation S-K. Mr. Gean was not appointed pursuant to any
arrangement or understanding between him and any other person. There are no
family relationships between Mr. Gean and any director or executive officer of
the Company. Except for the anticipated Employment Agreement described herein,
the Company did not enter into or materially amend any plan, contract, or
arrangement that Mr. Gean will participate in in connection with his
appointment.
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