Business Context and Reporting Period
This Form 8-K Current Report was filed by My Size, Inc. on January 30, 2022. The report discloses the appointment of a new executive officer and the terms of the associated employment agreement.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation terms.
- Base Salary: NIS 45,000 per month.
- Commission Structure: Up to 5% of direct sales and up to 2% of indirect sales.
- Benefits: Includes education fund contributions, pension scheme, manager's insurance, disability insurance, vacation, sick leave, company car, cell phone, and expense reimbursement.
Material Changes
On January 30, 2022, the Company appointed Ezequiel Javier Brandwain as Chief Commercial Officer, effective February 1, 2022. This represents a material change in the Company's executive leadership team.
Outlook, Risks, and Management Commentary
Mr. Brandwain brings over two decades of experience in retail and fashion, including previous roles at 7 For All Mankind International and Replay – Fashion Box SPA. The employment agreement includes standard provisions for loyalty, confidentiality, non-competition, and intellectual property. The agreement may be terminated without notice for cause as defined in the contract. The filing notes that payments to pension or insurance funds may be made in lieu of severance payments.
Investor Verification Checklist
- Verify the full text of the Employment Agreement filed as Exhibit 10.1 for complete terms and conditions.
- Confirm the impact of the new commission structure on future operating expenses.
- Review the definition of "cause" for termination within the employment contract.
- Monitor the Company's subsequent filings for updates on sales performance relative to the new commission thresholds.