Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

(c) As disclosed in the Company's Current Report on Form 8-K filed on June 4, 2021, the board of directors (the "Board") appointed Mr. Christopher Ho, currently the Chairman of the Board, to serve as the Company's Chief Executive Officer and President, effective as of July 1, 2021.

In connection with his appointment as Chief Executive Officer and President, the Company has entered into an executive employment agreement with Mr. Ho, pursuant to which Mr. Ho will be paid a base salary of $240,000 per year. In accordance with Company policy, as an employee of the Company, Mr. Ho will no longer be eligible to receive compensation for his service as director. The foregoing description of the employment agreement is intended to be a summary and is qualified in its entirety by reference to such agreement, which is attached as Exhibit 10.1 and incorporated by reference as if fully set forth herein.

Mr. Ho, age 70, has served as Chairman of the Board since June 2016. Mr. Ho had also previously served as the Company's Chairman of the Board from July 2006 through November 2013. He currently serves as a director and Chief Executive Officer of Lafe Corporation Limited, a company listed on the Singapore Stock Exchange before its privatization in August 2020. Since May 2018, Mr. Ho has served as a director of S&T International Distribution Ltd. and Grande N.A.K.S. Ltd., which are wholly owned subsidiaries of Nimble Holdings Company Limited. Mr. Ho previously was a director of The Grande Holdings Limited (now known as Nimble Holdings Company Limited), a Hong Kong-based group of companies engaged principally in the property development in the People's Republic of China and the distribution of consumer electronics products, from October 1991 to February 2016. Mr. Ho graduated from the University of Toronto in 1974. He is a Chartered Professional Accountant, Chartered Accountant and Chartered Management Accountant of Canada. He is also a Certified Public Accountant in Hong Kong and a member of the Hong Kong Institute of Certified Public Accountants. He was a partner in an international accounting firm before joining The Grande Holdings Limited and has extensive experience in distribution, licensing, manufacturing, international trade and corporate finance.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits



         Exhibit
           No.     Description.

         10.1        Employment Agreement, dated as of July 19, 2021.

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