Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Officers.
Amended Employment Agreement with Michael Quaid
On March 12, 2021, Boomer Holdings, Inc. (the "Company") amended and restated
(the "Amendment") the employment agreement (the "Agreement") the Company entered
into on September 4, 2020 with the Company's Chief Executive Officer, Michael R.
Quaid. The Amendment was effective as of September 1, 2020 and Mr. Quaid will
continue to serve as the Company's Chief Executive Officer until September 1,
2025 (or such earlier date upon which Mr. Quaid's employment may be terminated
in accordance with the terms of the Amendment). Pursuant to the terms of the
Amendment, which replaced and superseded the Agreement, Mr. Quaid shall receive
cash compensation in the amount of Twenty Thousand Dollars ($20,000) per month
and Mr. Quaid removed the potential increase in monthly compensation to Forty
Thousand Dollars ($40,000).
In addition, the Amendment restated Mr. Quaid's stock as 500,000 shares since
the Agreement incorrectly stated Mr. Quaid would receive a grant of 6,500,000
shares of the company's common stock which shares had previously been issued in
connection with the Company's share exchange in January 2020. Accordingly, Mr.
Quaid's stock compensation in the Amendment was restated to 500,000 shares to
reflect the amount that he was actually issued in connection with his
employment. Further, Mr. Quaid shall be eligible for bonuses at the discretion
of the Company's Board of Directors and reimbursed for out of pocket expenses
incurred connection with the performance of his duties. The Amendment also
contains customary covenants regarding confidentiality, non-disclosure,
non-competition, non-solicitation, non-disparagement, and proprietary rights. A
copy of the Amendment is filed as Exhibit 10.1 to this report and incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit 10.1 Amended and Restated Employment Agreement between Boomer
Holdings, Inc. and Michael R. Quaid
© Edgar Online, source Glimpses