Business Context and Reporting Period
This Form 8-K is a current report filed by Reviv3 Procare Company (not Axil Brands, Inc.) on April 21, 2023. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and personnel changes.
- New CFO Base Salary: $140,000 per year.
- Equity Award: 30,000 shares of common stock (subject to vesting conditions).
Material Changes
The primary material change is the leadership transition in the finance department:
- Resignation: Meenu Jain stepped down as Chief Financial Officer effective April 21, 2023, for personal reasons. The filing states there was no disagreement regarding operations, policies, or accounting practices.
- Appointment: Monica Diaz Brickell was appointed Chief Financial Officer, Principal Accounting Officer, and Principal Financial Officer effective April 24, 2023.
Outlook, Risks, and Management Commentary
Management Commentary: The Company highlighted Ms. Diaz Brickell's over 20 years of experience in finance roles at global public companies, including Top Golf Callaway Brands Corp. and Thermo Fisher Scientific. She holds a Master of Science in Accountancy and is an active Certified Public Accountant in California.
Employment Terms: The new CFO's employment is "at-will," allowing termination by either party at any time. The agreement includes standard confidentiality, non-competition, and non-solicitation provisions.
Risks/Contingencies: No specific financial risks or contingencies are disclosed in this filing. The equity award is subject to performance and time vesting conditions.
Investor Verification Checklist
- Verify the full text of the Executive Employment Agreement (Exhibit 10.1) for detailed vesting schedules and termination clauses.
- Review the press release (Exhibit 99.1) for additional context on the leadership transition.
- Confirm the company's current financial status in the most recent 10-K or 10-Q, as this 8-K contains no financial performance data.
- Note the discrepancy in the request metadata: The filing is for Reviv3 Procare Company, not Axil Brands, Inc.