Pineapple : Management Change - Form 8-K

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Director.

On August 21, 2023, the Board of Directors (the "Board") of Pineapple, Inc. (the "Company") appointed Marco Rullo ("Mr. Rullo") to serve as a Director of the Company.

Prior to his appointment as Director with the Company, Marco Rullo served, and continues to serve, as Chief Executive Officer of Pineapple Express, not affiliated with Pineapple, Inc., since March, 2020, where he has guided the company through realignment and leading the expansion of its retail footprint in Los Angeles. Prior to his role with Pineapple Express, Mr. Rullo held the position of Chief Strategy Officer at Lucid Green Inc. from where he led the commercialization of a B2B SaaS platform from July 2019 until assuming the post at Pineapple Express. Mr. Rullo formerly acted in the capacity of Principal at Kaya Management Inc., managing vertical integration, and leading to an acquisition by Origin House in 2018 when he assumed the role of Vice President; then through a subsequent acquisition by Cresco Labs in 2019. Over the past 15 years, Mr. Rullo has held both CEO and COO positions where has built, turned around, or scaled organizations from start-ups to enterprise-level organizations. In the capacity of Director at Pineapple Inc., Mr. Rullo, who holds an MBA in Economics from SDA Bocconi, brings 20 years of experience assembling and aligning high-performing teams, guiding corporate strategy, resource allocation, product-market fit, and P&L management across several industries.

The terms of Mr. Rullo's compensation as Director include the following:

Equity Grant

A share grant of 10,000 restricted shares of common stock of the Company per calendar quarter to be issued on or about the first day of each calendar quarter so long as Mr. Rullo continues to serve as a Director of the Company, with the first issuance beginning January 1, 2024.

Cash Compensation

Monthly compensation of $1500 for services as a director, with the compensation for each month being paid no later than 10 calendar days following the end of the same month with initial payments beginning no later than September 10, 2023.

Reimbursement of Expenses

Reimbursements for all reasonable and bona fide out-of-pocket expenses incurred by Mr. Rullo in his capacity as a member of the Company's Board of Directors (the "Board"); provided that any expense in excess of $250 will require the CEO's prior written approval.

Resignation of Officer.

On September 1, 2023, Joshua Eisenberg, Chief Operating Officer of the Company, presented a notice of resignation to the management and executives of the Company, effective immediately. No written correspondence concerning the circumstances surrounding his resignation were provided.