STRYVE FOODS, INC. appointed Joe Oblas as new CEO

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


Election of Directors and Appointment of Officers


Information with respect to the Company's directors and executive officers immediately after the Business Combination is set forth in the Proxy Statement/Prospectus in the section titled "Management of the Company Following the Business Combination" beginning on page 192 and is incorporated herein by reference.


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On the Closing Date, the Company's Board was set at seven members, divided into three classes of staggered three-year terms, with the following individuals being elected to serve as directors for the terms set forth below:


- Kevin Vivian and Robert Ramsey are Class I directors whose terms will expire in 2022; 


- B. Luke Weil and Mauricio Orellana are Class II directors whose terms will expire in 2023; and 


- Joe Oblas, Jaxie Alt and Ted Casey are Class III directors whose terms will expire in 2024. 


Mr. Casey was appointed as Chairman of the Board and Mr. Ramsey was appointed as lead independent director. Biographical information for each of these individuals is set forth in the section entitled "Management of the Company Following the Business Combination" beginning on page 192 in the Proxy Statement/Prospectus and is incorporated herein by reference.


On the Closing Date, Joe Oblas was appointed to serve as the Company's Co-Chief Executive Officer, Jaxie Alt was appointed to serve as the Company's Co-Chief Executive Officer and Chief Marketing Officer and R. Alex Hawkins was appointed to serve as the Company's Chief Operating Officer and Chief Financial Officer. Biographical information for these individuals is set forth in the section entitled "Management of the Company Following the Business Combination" beginning on page 192 in the Proxy Statement/Prospectus and is incorporated herein by reference.


Departure of Directors and Certain Officers


Effective upon the Closing Date, each of Julio A. Torres, Marjorie Hernandez, Mauricio Orellana, Matthew S. N. Kibble, David Schulhof, Walter M. Schenker and Roman Raju resigned as directors and/or officers, as applicable, of the Company, and Ted Casey replaced B. Luke Weil as Chairman of the Board, although Mr. Weil and Mr. Orellana will continue as directors of the Company.


Stryve Foods, Inc. 2021 Omnibus Incentive Plan


The Stryve Foods, Inc. 2021 Omnibus Incentive Plan (the "Incentive Plan") was approved by Andina's shareholders at the Special Meeting on July 19, 2021. The Company has reserved a total of 2,564,960 shares of Class A Common Stock for issuance pursuant to the Incentive Plan.


The information set forth in the section entitled "Proposal No. 11 - The Incentive Plan Proposal" beginning on page 144 of the Proxy Statement/Prospectus is incorporated herein by reference. The foregoing description of the Incentive Plan and the information incorporated by reference in the preceding sentence does not purport to be complete and is qualified in its entirety by the terms and conditions of the Incentive Plan, which is incorporated by reference to this Current Report on Form 8-K as Exhibit 10.9.


Compensatory Arrangements for Directors


The Board will adopt a director compensation policy for its non-employee directors to be in effect in the future. It is anticipated that such policy will include an annual cash retainer for all non-employee directors, in addition to equity grants determined by the compensation committee and reimbursement for reasonable expenses incurred in connection with attending board and committee meetings.


Compensatory Arrangements for Executive Officers


In connection with the Business Combination, the Company entered into new employment agreements with each of the Company's named executive officers that became effective as of the Business Combination. Information with respect to the Company's executive compensation following the Business Combination is set forth in the Proxy Statement/Prospectus in the section titled "Executive Compensation - Stryve Executive Officer Compensation- Agreements with the Company's Named Executive Officers Following the Business Combination" beginning on page 200 and is incorporated herein by reference. The employment agreements for Joe Oblas, Jaxie Alt and R. Alex Hawkins are attached as Exhibits 10.13, 10.14 and 10.15 hereto, respectively.