Silo Pharma, Inc. appointed new CEO

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


On September 27, 2022, the Company's Board of Directors (the "Board") appointed Jeff Pavell as a member of the Board. Dr. Pavell was appointed to fill the vacancy created by an increase in the size of the Board of Directors to four (4) directors. Dr. Pavell will serve as a director until his successor is duly elected and qualified. On September 27, 2022, the Board appointed Mr. Pavell as a member of the audit committee, member of the compensation committee, and chair of the nominating and corporate governance committee. For his role as a member of the board Dr. Pavell is entitled to receive during fiscal year 2022 (i) a $6,250 retainer, and (ii) $6,250 in equity compensation.


There are no family relationships between Dr. Pavel and any other director or officer of the Company. There are no transactions in which Dr. Pavell has an interest requiring disclosure under Item 404(a) of Regulation S-K. Set forth below is the biographical information of Dr. Pavell, as required by Item 401 of Regulation S-K.


Dr. Pavell, age 55, has over 20 years of medical experience. Since January 2021, Dr. Pavell has served as a director of FoxWayne Enterprises Acquisition Corp. (NASDAQ: FOXW), a blank check company incorporated for the purpose of effecting a business combination. Since October 1999, Dr. Pavell has served as an Attending Physician at the Physical Medicine and Rehabilitation Center, P.A., a diagnostic and treatment facility that specializes in treating sports, spine, orthopedic and neuromuscular conditions. Since January 2000, Dr. Pavell has served as the Chief of Rehabilitation Medicine at Englewood Hospital and Medical Center. Since April 2002, Dr. Pavell has served as the Associate Director of Pain Medicine at the Center for Advanced Surgery in Paramus, New Jersey. Since April 2002, Dr. Pavell has been an Instructor in Clinical Rehabilitation at Columbia University's College of Physicians & Surgeons. Dr. Pavell holds a Doctor of Medicine degree from the New York College of Osteopathic Medicine and a Bachelor of Art degree in Political Science from John Hopkins University. We believe that Dr. Pavell is qualified to serve as a member of our board of directors due to his medical background and experience practicing in the healthcare industry.


On September 27, 2022, Eric Weisblum resigned as our Chief Financial Officer. Mr. Weisblum will continue to serve as our President and Chief Executive Officer.


On September 27, 2022, the Board appointed Daniel Ryweck as Chief Financial Officer of the Company On September 28, 2022, the Company entered into an employment agreement (the "Employment Agreement") with Mr, Ryweck. Pursuant to the terms of the Employment Agreement, Mr. Ryweck will (i) receive a base salary at an annual rate of $42,000 (the "Base Compensation") payable in equal monthly installments, and (ii) be eligible to receive an annual discretionary bonus. The term of Mr. Ryweck's engagement under the Employment Agreement commences on the Effective Date (as defined in the Employment Agreement) and continues until September 28, 2023, unless earlier terminated in accordance with the terms of the Employment Agreement. The term of Mr. Ryweck's Employment Agreement is automatically renewed for successive one-year periods until terminated by Mr. Ryweck or the Company.


There are no family relationships between Mr. Ryweck and any other director or officer of the Company. There are no transactions in which Mr. Ryweck has an interest requiring disclosure under Item 404(a) of Regulation S-K. Set forth below is the biographical information of Mr. Ryweck, as required by Item 401 of Regulation S-K.


Since January 2020, Mr. Ryweck, age 57, has served as Controller at Mill City Ventures III Ltd. (NASDAQ: MCVT), a non-bank lender and specialty finance company. From. June 2014 to December 2019, he served as Chief Compliance Officer of Mill City Ventures III Ltd. From July 2016 to September 2017, Mr. Ryweck served as a director of KonaTel Inc. (NASDAQ: KTEL), a Software-as-a-Service (SaaS) cloud based voice and data telecommunications company formerly known as Dala Petroleum Corp. Mr. Ryweck holds a Bachelor of Science degree in Accounting from the Carlson School of Management at the University of Minnesota.


The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety to the full text of the Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.