Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On December 26, 2019, Keith M. Locker was appointed to the Board of
Directors (the "Board") of LMP Automotive Holdings, Inc. (the "Company"),
effective immediately.
Mr. Locker currently serves as the Chief Executive Officer and President of
Inlet Capital Management LLC and serves as the President of Global Capital
Resources, LLC and GCR Advisors Inc. Mr. Locker's responsibilities include
overseeing all real estate capital markets activities. Mr. Locker's prior
investment banking experience includes Bear, Stearns & Co. Inc., as a Senior
Managing Director, and Deutsche Bank Securities, Inc., as a Managing Director.
His previous public board of directors experience include Non-Executive Chairman
at Sunstone Hotel Investors, Inc. from 2011 to 2015 and as its Independent
Director from 2006 until 2017, as well as an Independent Director of New York
REIT, Inc., The Mills Corporation and Glenborough Realty Trust Inc.. He also
served as a Director of IVP Securities, LLC. Mr. Locker is a Trustee of National
Jewish Health and Governing Trustee of Urban Land Institute and active in
numerous philanthropic and community organizations. He earned an M.B.A. in
Finance and Real Estate from the Wharton School of the University of
Pennsylvania and a B.S./B.A. in Finance from Boston University School of
Management.
Mr. Locker will serve as a member of the Board's Audit, Compensation, and
Nominating and Corporate Governance Committees. There are no family
relationships between Mr. Locker and any director or other executive officer of
the Company nor are there any transactions between Mr. Campbell or any member of
his immediate family and the Company or any of its subsidiaries that would be
reportable as a related party transaction under the rules of the United States
Securities and Exchange Commission. Further, there is no arrangement or
understanding between Mr. Locker and any other persons or entities pursuant to
which Mr. Campbell was appointed as a director of the Company. Accordingly, the
Board has determined that Mr. Locker meets the independence standards adopted by
the Board in compliance with the Nasdaq Capital Market's corporate governance
listing standards and Item 407(a) of Regulation S-K.
Mr. Locker will receive a $24,000 director fee on the first anniversary of his
appointment to the Board and on each anniversary thereafter for so long as he
continues to serve on the Board. Mr. Locker was also granted an option to
purchase 12,000 shares of the Company's Common Stock, which vests pro rata on an
annual basis over a two (2) year period for so long as Mr. Locker continues to
serve on the Board. The Company has also agreed to indemnify Mr. Locker as a
member of the Board to the fullest extent permitted by law.
The Company issued a press release on December 30, 2019 announcing the
appointment of Mr. Locker to the Company's Board. A copy of the press release is
attached as Exhibit 99.1 to this report and incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated December 30, 2019, announcing new board member.
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