Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Appointment of Officer and Director
On August 30, 2021, the Board of Directors (the "Board") of Powered Brands (the
"Company") appointed Mito Yamada as Chief Operating Officer of the Company and
to the Board, effective immediately. Ms. Yamada will serve in the class of
directors whose term expires at the Company's first general annual meeting of
stockholders.
Prior to joining the Company, Ms. Yamada, 47, served as Vice President, Global
Mergers and Acquisitions of Shiseido Co Ltd, a global cosmetics and personal
care company, from January 2016 until May 2021. Prior to her role at Shiseido Co
Ltd, Ms. Yamada held various finance and operations roles at consumer retail
companies. Ms. Yamada was Chief Operating Officer and Chief Financial Officer of
DreamDry, Inc., a hair salon company, and Vice President, Financial Planning and
Strategy of Bluefly, Inc., an online fashion retailer. In addition, Ms. Yamada
served as Business Planning Manager at Louis Vuitton, a global luxury goods
company and subsidiary of LVMH Moët Hennessy Louis Vuitton, and held client
advisory roles at UBS Group AG and KPMG US LLP. Ms. Yamada has also served as an
independent consumer retail and luxury goods consultant, focusing on strategy,
finance and operations. Ms. Yamada holds a Bachelor of Arts in International
Relations and French from Tufts University and a Master of Business
Administration from New York University.
Except as described herein in this Current Report on Form 8-K, there are no
arrangements or understandings between Ms. Yamada and any other person pursuant
to which she was appointed as a director or Chief Operating Officer of the
Company. There are no family relationships between Ms. Yamada and any director
or executive officer of the Company, and Ms. Yamada is not a party to any
transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K
other than the transactions described herein in this Current Report on Form 8-K.
Yamada Employment Agreement
The Company entered into an at-will employment offer letter agreement with
Ms. Yamada, dated August 30, 2021 (the "Employment Agreement"), pursuant to
which Ms. Yamada would become employed as Chief Operating Officer of the Company
for a term of fifteen (15) months (which may be extended by the parties for up
to six (6) additional months,) or until earlier terminated as set forth in the
Employment Agreement. Effective on her start date of August 30, 2021 (the
"Employment Start Date"), in her position as Chief Operating Officer, Ms. Yamada
is entitled to receive an annual base salary of $264,000 and is eligible to
receive a performance bonus of $250,000 contingent upon the filing by the
Company with the U.S. Securities and Exchange Commission of a Proxy Statement
and/or Registration Statement on Form F/S-3 in connection with the Company's
initial merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses or
entities (the "Initial Business Combination"). In connection with joining the
Company, Ms. Yamada will be paid a cash bonus in an amount equal to the
aggregate fair market value of 45% of the Class B ordinary shares of the Company
transferred to her by the Sponsor. Additionally, Ms. Yamada is eligible to
receive a one-time cash bonus equal to $100,000 if the closing price of the
Company's Class A ordinary shares is at least $11.50 per share for last twenty
(20) out of thirty (30) consecutive trading days during the period commencing on
the trading day after the consummation of the Company's Initial Business
Combination and ending on the six month anniversary of the consummation of the
Company's Initial Business Combination. Ms. Yamada' base salary is subject to
adjustment pursuant to the Company's employee compensation policies in effect
from time to time.
Pursuant to the Employment Agreement, the Sponsor transferred to Ms. Yamada
45,000 Class B ordinary shares of the Company on the Employment Start Date.
1/18thof the shares shall vest on August 30, 2021, and 1/18th of the shares
shall vest thereafter on the first day of each month provided that the shares
will become fully vested on the date of the consummation of the company's
Initial Business Combination, subject to Ms. Yamada's continued service to the
Company through each vesting date. The Sponsor will have the right to repurchase
the shares (whether vested or unvested) at any time within six (6) months
following her termination for cause, and at any time within sixty (60) days
following her termination without cause.
Should Ms. Yamada be terminated without cause, she will be eligible for
severance payment in a lump sum equal to (y) the number of days between the date
of termination and the eighteen (18) month anniversary of August 30, 2021
divided by 365, multiplied by (z) her then base salary.
The foregoing summary of the Employment Agreement does not purport to be
complete and is qualified in its entirety by reference to the complete
Employment Agreement, which is filed as Exhibit 10.1 with this Current Report on
Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On August 31, 2021, the Company issued a press release announcing the
appointment of Ms. Yamada as a director and Chief Operating Officer. A copy of
the press release is attached hereto as Exhibit 99.1 and is incorporated herein
by reference.
The information in this Item 7.01 of Form 8-K and Exhibit 99.1 attached hereto
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, and is not incorporated by reference into any
filing of the Company, whether made before or after the date hereof, regardless
of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 Employment Agreement by and between Mito Yamada, Powered Brands, PB
Management, and PB Management II, Inc., dated as of August 30, 2021.
99.1 Press Release, dated August 31, 2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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