Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective January 3, 2023, the board of directors (the "Board") of Digital World
Acquisition Corp. (the "Company") elected Mr. Edward Preble and Mr. Frank
Andrews as directors and as members of the audit and compensation committees of
the Board (the "Audit Committee" and the "Compensation Committee,"
respectively).
In connection with Messrs. Preble and Andrew's appointments, each individual
signed a joinder to that certain letter agreement dated as of January 3, 2023,
by and among the Company, ARC Global Investments II LLC (the "Sponsor") and the
officers and directors of the Company, pursuant to which, among other things,
the signatories agreed to waive certain redemption rights and to vote any shares
of Company common stock held in favor of an initial business combination.
Mr. Preble began his career in 2001 as an International Advisor for Morgan
Stanley and worked directly with many Institutional and ultra-high net worth
families. Before beginning his own global business development consultancy in
2008, Mr. Preble worked as a Global Private Wealth Manager for Merrill Lynch for
two years. In 2017, Mr. Preble headed internationals sales for Crider Foods, the
largest added value poultry company expanding sales significantly over five
years. He is a member of Southeast United States Trade Organization, and USA
Poultry. Mr. Preble received a Bachelor's Degree of Arts in Finance and a
Corporate Master's Degree in Business Administration from Florida International
University.
Mr. Andrews is an independent media consultant that has worked with many top
performing artists and is highly connected in the media space. He began his
career working on Fortune 500 brands' advertising campaigns with a subsequent
focus as a producer on product videos, industrial productions, and live
international trade shows for brands like Canon and Sony with featured artists
like Cindy Lauper. He continued to work with well-known media artists which led
him to launch My Creative Waves Corp in 2014. Mr. Andrews quickly grew the
strategic consultancy offering guidance to drastically improve consumer
experiences for both digital and traditional media for major consumer brands
such as Macy's. Mr. Andrews graduated with a Bachelor of Science Business
Administration from University of Central Florida, with an MFA candidacy in Film
Television Production from The Savannah College of Art & Design.
There are no family relationships between Mr. Preble or Mr. Andrews and any
director, executive officer, or person nominated or chosen by the Company to
become an executive officer of the Company. There are no arrangements between
each of Messrs. Preble and Andrews and any other person pursuant to which
Messrs. Preble and Andrews were nominated as a director. Other than as described
above, there are no transactions between the Company and Mr. Preble or
Mr. Andrews that are subject to disclosure under Item 404(a) of Regulation S-K.
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