EMERSON RADIO CORP : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

Published: 2022-01-18 17:30:04 ET MSN

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain

Officers.

(c) As disclosed in the Company's Current Report on Form 8-K filed on January 13, 2022, the board of directors (the "Board") appointed Mr. Richard Li, to serve as the Company's Chief Financial Officer, effective as of January 16, 2022.

In connection with his appointment as Chief Financial Officer, Emerson Radio (Hong Kong) Limited has entered into an executive employment agreement with Mr. Li, pursuant to which Mr. Li agreed to serve as the Chief Financial Officer of the Company. Mr. Li will be paid a base salary of $100,000 per year. The foregoing description of the employment agreement is intended to be a summary and is qualified in its entirety by reference to such agreement, which is attached as Exhibit 10.1 and incorporated by reference as if fully set forth herein.

Mr. Li, age 55, has been the Chief Financial Officer of Sansui Electric (China) Co., Ltd, a PRC company engaged in the electronic manufacturing business, since 2014. Mr. Li served as the Chief Financial Officer of Sansui Manufacturing Services Limited, a company engaged in providing corporate and strategic planning services, from 2012 to 2013. Mr. Li served as the Chief Financial Officer of Lafe Corporation Limited, a company formerly listed on the Singapore Exchange, from 2005 to 2011. Prior to the above appointments, Mr. Li worked at Deloitte Touche Tohmatsu as auditor for 4 years and worked as financial controller in the manufacturing industry for 10 years. Mr. Li holds a Bachelor of Arts (Honours) Degree in Accountancy from the Hong Kong Polytechnic University. He is currently an associate member of the Hong Institute of Certified Public Accountants, the Association of Chartered Certified Accountants and The Hong Kong Chartered Governance Institute.

Item 9.01 Financial Statements and Exhibits.

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