Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Adoption of Executive Severance Plan
On
The Severance Plan provides for the payment of severance and other benefits on a discretionary basis to eligible employees in the event of an involuntary termination of employment with the Company other than for Cause or other disqualifying circumstances, or upon resignation for Good Reason, as defined in the Severance Plan. In the event of a qualifying termination and subject to the employee's execution of a general release of liability against the Company and other requirements as specified in the Severance Plan, the Company may award the following discretionary Severance Plan payments and benefits to the eligible executive officers:
• payment of base salary multiplied by two in the case of the Chief Executive Officer, base salary multiplied by one in the case of key executive officers other than the Chief Executive Officer, or base salary multiplied by one-half in the case of each eligible vice president; and
• payment of COBRA premiums, for up to 12 months in the case of the Chief Executive Officer and key Executive Officers other than the Chief Executive Officer, or for up to 6 months in the in the case of each eligible Vice President.
In addition, in the event of a qualifying termination during the 6-month period before or the 12-month period following a change in control, as defined in the Severance Plan, and subject to the applicable participant's execution of a general release of liability against the Company and other requirements as specified in the Severance Plan, the Severance Plan provides that the Company may award the following discretionary payments and benefits to the eligible executive officers:
• payment of base salary multiplied by two in the case of the Chief Executive Officer and in the case of key Executive Officers other than the Chief Executive Officer, or base salary multiplied by one in the case of each eligible Vice President; and
• payment of COBRA premiums, for up to 12 months in the case of the Chief Executive Officer and key Executive Officers other than the Chief Executive Officer, or for up to 6 months in the in the case of each eligible Vice President.
The above description is a summary of the terms of the Severance Plan and is subject to and qualified in its entirety by the terms of the Severance Plan, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Employment of General Counsel and Chief Compliance Officer
On
In connection with her appointment,
There are no family relationships between
Item 8.01. Other Events
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(a) Financial Statements of Business Acquired Not applicable (b) Pro Forma Financial Information Not applicable (c) Shell Company Transactions Not applicable (d) Exhibits Exhibit Number Description 10.1HF Foods Group Inc. Severance Plan 10.2 Employment Agreement betweenChristine Chang andHF Foods Group Inc. , dated as ofJuly 29, 2021 99.1 Press Release datedAugust 4, 2021
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