Posted 08 February, 2023
Electronic Servitor Publication Network Inc. appointed Peter Hager as new CEO
OTC:XESP appointed new Chief Executive Officer Peter Hager in a 8-K filed on 08 February, 2023.
Appointment of Peter Hager as President and Chief Executive Officer
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Overview of Electronic Servitor Publication Network Inc.
Health Care/Life Sciences • Pharmaceuticals
Electronic Servitor Publication Network, Inc. engages in the provision of digital activation and engagement solutions. Its proprietary technology, the Digital Engagement Engine, utilizes a combination of automation, data management, and workflow built on a microservices architecture. The company was founded by Mark Palumbo on May 17, 2017 and is headquartered in Minneapolis, MN.Market Cap
$8.15M
View Company Details
$8.15M
Relevant filing section
ITEM 5.02 ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. Appointment of Peter Hager as President and Chief Executive Officer Effective as of February 1, 2023, Peter Hager was appointed as the Company's President and Chief Executive Officer. Mr. Hager is 53 years old. Biography of Peter Hager Peter Hager is a seasoned business executive with 30 years of cross industry leadership experience in executive management, sales, marketing, and technology. He has a track record of success in providing services to Fortune 500 companies, such as United Health Group, Boston Scientific, Johnson & Johnson, Medtronic, Wells Fargo, 3M, Target, Cargill, Land O' Lakes, and General Mills. Since 2003, Peter Hager served in various roles including as President, CEO, and Chairman of Pointward, Inc. which is a MedTech Customer Engagement Agency. Mr. Hager has also served as past or current director and founding member for multiple technology, professional services, and MedTech organizations, including PhiTech Management, iSight Therapeutics, TeamNet Systems, and Bluestem Technologies. Mr. Hager holds a Bachelor of Arts degree in economics and psychology from Macalester College in Saint Paul, Minnesota. Material Terms of Mr. Hager's Employment Agreement The initial term of Mr. Hager's employment agreement with the Company expires on January 31, 2026 and is subject to renewal for successive six-month periods. Mr. Hager will be entitled to receive: (i) a base salary of 2.5% of the Company's revenue, a maximum amount of $480,000.00 for the first year of his employment term; (ii) an annual bonus, if the Company's earnings before interest, taxes, depreciation and amortization ("EBITDA") exceeds the forecasted EBITDA approved by the Company's board of directors at the beginning of such year; and (iii) options to purchase 400,000 restricted shares of the Company's common stock, at the commencement of his initial term of services, for an exercise price $0.06 per share, vesting in installments of 500,000 shares per fiscal quarter with the first vesting date of April 1, 2023 and 1,000,000 options to purchase restricted shares of the Company's common stock, at the commencement of his first renewal term of service. Appointment of Thomas Spruce as Secretary and Chief Operations Officer Effective as of February 1, 2033, Thomas Spruce was appointed as the Company's Secretary and Chief Operations Officer. Mr. Spruce resigned as President and CEO effective February 1, 2023. Mr. Spruce is 67 years old. Biography of Thomas Spruce Mr. Spruce has decades of experience in large corporations, small companies, and start-ups in a variety of sales management, operations management, business development, and consulting roles with product and service businesses. From 2008 to the present, Mr. Spruce has served as the President and CEO of His Speed, Inc., a company that specializes in business management, development, and consulting. Prior to 2008, Mr. Spruce served in management positions at the Principle Pharmacy Group, MediqPRN/Hill-Rom and Owen Healthcare/Cardinal Health, where he managed sales, operations management, business transition, integrated sales, and enterprise account management. Mr. Spruce has a Bachelor of Sciences degree in Pharmacy from the University of Arkansas, is a licensed pharmacist, is a Board Member at The Victory Way, has served as Board Chairman of the Dean's Advisory Council- Western University School of Pharmacy, and was a Fellow at the American College of Healthcare Executives. Material Terms of Mr. Spruce's Employment Agreement The initial term of Mr. Spruce's employment agreement, which supersedes his previous employment agreement with the Company, expires on January 31, 2026 and is subject to renewal for successive six-months periods. Mr. Spruce will be entitled to receive the following compensation from the Company: (i) a base salary of 1.25% of the Company's revenue, maximum amount of $240,000.00 for the first year of his employment term; (ii) an annual bonus, if the Company's earnings before interest, taxes, depreciation and amortization ("EBITDA") exceeds the forecasted EBITDA approved by the Company's board of directors at the beginning of such year; and (iii) options to purchase 250,000 restricted shares of the Company's common stock, at the commencement of his initial term of services, for an exercise price $0.06 per share, vesting in installments of 125,000 shares per fiscal quarter with the first vesting date of April 1, 2023 and 250,000 options to purchase restricted shares of the Company's common stock, at the commencement of his first renewal term of service.
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