Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Officers.
Employment Agreement with Michael Quaid
On September 4, 2020, Boomer Holdings, Inc. (the "Company") entered into a new
employment agreement (the "Agreement") with the Company's Chief Executive
Officer, Michael R. Quaid, pursuant to which Mr. Quaid will continue to serve as
the Company's Chief Executive Officer until September 4, 2025 (or such earlier
date upon which Mr. Quaid's employment may be terminated in accordance with the
terms of the Agreement). Pursuant to the terms of the Agreement, which replaced
and superseded Mr. Quaid's prior employment agreement, Mr. Quaid shall receive
compensation of Twenty Thousand Dollars ($20,000) per month and if the Company's
gross revenues exceed Ten Million Dollars ($10,000,000), then such monthly
compensation shall be increased to Forty Thousand Dollars ($40,000) following
the fourth month thereafter. In addition, Mr. Quaid received a grant of
6,500,000 shares of the company's common stock and shall be reimbursed for out
of pocket expenses incurred connection with the performance of his duties. The
Agreement also contains customary covenants regarding confidentiality,
non-disclosure, non-competition, non-solicitation, non-disparagement, and
proprietary rights. A copy of the Agreement is filed as Exhibit 10.1 to this
report and incorporated herein by reference.
Appointment of New Directors
On September 3, 2020, David Racz and Giang Thi Hoang joined the Company's Board
of Directors.
David Racz has held global senior executive positions at Pfizer,
GlaxoSmithKline, and Novartis. In his various capacities, he has been
responsible for developing strategy, directing multiple country operations,
sales, marketing, and leading multiple corporate functions. Mr. Racz has
extensive experience and success in start-up companies, spanning the
nutraceutical and medical cannabis industry. From 2006-2008 he served as a
member of the executive management teams for Mova Vie. As Senior Vice President
of Operations and Distributor Relations, his leadership was instrumental to the
success of the company and its identification as "one of the fastest growing
companies in the US," achieving revenues of $1 billion in a 2-year span. Mr.
Racz recently served as the Vice Chairman of the board for POS Bio Sciences.
Giang Thi Hoang joined the Company in 2019 after taking time off to raise her
son upon emigrating to the United States. Prior thereto Ms. Hoang held
executive marketing positions at Vietnam Export Import Bank in Viet Nam from
2000-2015. Ms. Hoang earned B.S. in Economics and Social Science from University
of Ho Chi Minh City.
Resignation of Thomas Ziemann
Effective September 4, 2020, Thomas Ziemann resigned as the Company's Chief
Operating Officer and as a Member of the Board of Directors. Mr. Ziemann did not
indicate that his decision to resign was a result of any disagreement with the
Company on any matter relating to the Company's operations, policies or
practices.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 10.1 Employment Agreement between Boomer Holdings, Inc. and Michael
R. Quaid
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