Sacks Parente Golf Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 29, 2024, Sacks Parente Golf, Inc. (the “Company”) entered into an offer letter (the “Letter”) with Ryan Stearns pursuant to which Mr. Stearns was appointed the Chief Financial Officer of the Company, effective as of January 6, 2025.
Mr. Stearns, age 53, is a seasoned and versatile senior leader with two decades of experience in effectively overseeing a wide array of intricate financial duties across diverse sectors including public and private entities, as well as international organizations. From 2021 to the present, Mr. Stearns served as the Chief Financial Officer of JTB Strategic Services, a finance, technology and human resources consulting firm specializing in healthcare, fintech and SaaS customers and related projects. From 2017 to 2021, Mr. Stearns served as Chief Financial Officer of Medical Innovations, a biotech and medical devices company.
Pursuant to the Letter, Mr. Stears will be responsible for the duties and responsibilities normally associated with the title of Chief Financial Officer and will report to the Executive Chairman of the Company. Mr. Stearns will be paid a base salary of $225,000 per year and will be considered for discretionary bonuses to be determined by the Company. Subject to the approval of the Company’s Board of Directors, Mr. Stearns will be granted an option (the “Option”) to purchase 36,000 shares of the Company’s Common Stock with the exercise price to be the fair market value as of the date of the grant. The Option will vest over a three year period under which 1/3 of the Option will vest 12 months after the vesting commencement date and 1/36 of the total shares will vest at the end of each month thereafter subject to continued employment through each vesting date. The employment of Mr. Stearns is on an “at will” basis and either party may terminate the employment at any time for any reason.
The foregoing summary of the Letter does not purport to be complete and is subject to, and qualified in its entirety, by such document attached as Exhibit 10.1 to this Current report.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
10.1 |
Offer Letter dated December 29, 2024 | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 3, 2025 | SACKS PARENTE GOLF, INC. | |
| By: | /s/ Gregor Campbell | |
Gregor Campbell
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| Executive Chairman, Chief Executive Officer |
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