SWMBRD Sports Inc (CSE:SWIM) told investors it has entered into an independent contractor agreement with Black Tag Inc. under which its principal, Chris Kypriotis, has agreed to provide management, leadership and strategic advisory services to SWMBRD as a director and its chairman.
Kyprioti is the former vice president of Nike Inc (NYSE:NKE). and former president of Nike Brazil.
The company noted that the terms of the agreement commenced on April 4, 2022, and will continue for a term to expire on April 4, 2025, or the date on which the company enters into an executive employment agreement with Kypriotis as its CEO, whichever comes earlier.
READ: SWMBRD Sports updates on manufacturing preparations for its proprietary Swimboard
In consideration for the agreement, SWMBRD said it will pay a signing bonus of $387,750, which may be settled by the issuance of 4.7 million common shares at $0.0825 per share, subject to release over a 36 month escrow period, as well as a monthly fee of $7,000, plus any applicable taxes. The fees will be paid retroactively from January 1, 2022, the company added.
SWMBRD is a Vancouver-based sporting goods company looking to enable millions to rethink their way of recreating in the water. Management believes that SWMBRD's proprietary aquatic sports board, by virtue of its patented design, is revolutionary in how it empowers the human body in the water like nothing before, giving water lovers of all ages and abilities the freedom to explore all aquatic environments with ease.
Contact the author at stephen.gunnion@proactiveinvestors.com