SWMBRD Sports Inc (CSE:SWIM) has revealed a batch of changes to its management and consulting agreements as it streamlines its operations.
The company announced the appointment, effective July 5, of Dong Shim as its CFO, subject to CSE and related approval.
Shim has served as an audit partner on numerous audit engagements with a mid-size firm located in Vancouver, British Columbia (BC), where he audited various publicly traded companies, primarily focusing on junior mining, oil and gas, pharmaceutical, and high-tech industries.
He founded a full-service accounting firm SHIM Accounting Corporation, now SHIM & Associates LLP, in 2013 and is also the president and CEO of Golden Tree Capital Corp which provides corporate advisory services to publicly listed entities.
In this regard, the company said it has entered into consulting agreements with Shim, Stefan Beukman, and Golden Tree Capital to provide it with various CFO, accounting, book-keeping and related services. Beukman is an accounting professional with over 25 years of accounting experience both in North America and internationally.
The company has agreed to engage the consultants for a term of 12 months and will grant Shim 126,000 restricted share units (RSUs); Beukman 63,000 RSUs; and Golden Tree Capital 189,000 RSUs in consideration for the first three months of their services. The RSUs granted to the consultants will vest over the first three months of the contract, commencing July 1, 2023.
In a related move, SMWBRD Sports also announced that it has given one month’s notice to terminate its services agreement with Zimtu Capital Corp for CFO, office premises and administrative services.
In this regard, the company announced the resignation of Jody Bellefleur as CFO of SWMBRD effective July 5, 2023. The company thanked Bellefleur for her service to the company through the CSE listing process and subsequently, and to Dave Hodge and the entire Zimtu team for providing a supportive, professional and welcoming environment during this period.
CEO employment agreement
SWMBRD Sports also said it has entered into written executive employment agreements with Justin Schroenn, in his capacity as CEO of the company, and with Matthew Schroenn and Gareth Schroenn, in their capacities as vice presidents of the company effective July 1, 2023.
Under the agreements, the executives will each receive a monthly salary of $7,000, and will each be granted a total of 1,200,000 RSUs each, in accordance with the company’s Omnibus Equity Incentive Plan. The RSUs granted to the executives will vest over a period of 12 months.
Consulting agreements
SWMBRD Sports also said it has entered into consulting agreements with Paul Done and Brian Fong to provide various business development and brand execution services to the company.
The company has agreed to engage Done for a term of 12 months, and will grant him 240,000 RSUs in consideration for his services. Done is an experienced communications professional who has worked extensively in the sports, tourism, and hospitality sectors. Beginning his career in journalism in Southern Ontario, he later relocated to British Columbia to focus on the sports industry.
The company has agreed to engage Fong for a term of 12 months, and has agreed to grant Fong 693,000 RSUs in consideration for his services. Fong brings notable experience in brand management and growth strategies. During a six-year tenure at Sleeman/Sapporo Brewing, he launched, managed, and expanded a diverse portfolio of national and international brands, including Dos Equis and other global brands.
The RSUs granted to the consultants will vest as to 50% of the first three months and the other 50% over the remaining nine months, commencing July 1, 2023.
Both will be working closely with SWMBRD creative director, Liam Greenlaw, to plan and execute the company’s future consumer advertising campaign, strategic brand development, and sales strategies.
The company also announced that its board of directors has approved the award of an aggregate of 360,000 RSUs to certain non-executive directors of the company. The RSUs granted will vest at a rate of 10,000 RSUs per month over a period of 12 months.
Finally, SWMBRD Sport also said it has filed its February 28, 2023 year-end audited financial report, which can be accessed via SEDAR, as well as on the company’s website, www.swmbrd.com.
SWMBRD Sports has developed a proprietary aquatic sports board which, by virtue of its patented design, is revolutionary in how it empowers the human body in the water, giving water lovers of all ages and abilities the freedom to explore all aquatic environments with ease.
The company has now commenced large-scale mass production under an OEM agreement with Tahe Outdoors, Vannes, France - the preeminent board sport manufacturer in Europe.
Contact the author at jon.hopkins@proactiveinvestors.com