Timmings appointment is important. Why ???
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Posted On: 01/21/2020 2:29:10 PM
Alan Timmins appointment as an independent director and chair of the board’s Audit Committee is important. Why??
Because Nader is preparing for up-listing. Nasdaq listing rules have certain requirements for Independent Directors, including that a majority of the board of the directors of the company (the “Board”) be Independent Directors, and that the company's audit, compensation and nominating committees be comprised solely of Independent Directors with at least one qualifying as a financial expert.
A. Timmins fits the bill, so to speak.
Why not M. Klump ?? Because he has been invested in CYDY from 2016 and in August he joined the board of CYDY.
Under NASDAQ rules “independent director” means a person that is not an executive officer or employee of the company and does not have a relationship with the company which, in the opinion of the board of directors, could interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
NASDAQ provides a list of people that would definitely not qualify as independent, including the following:
1. a director who has been employed by the company at any time during the past 3 years;
2. a director who has, or has a family member who has, accepted any compensation from the company in excess of $100,000 during any period of 12 consecutive months within the prior 3 years other than (a) compensation for serving as a director, (b) compensation to a family member who is an employee but not an executive officer; or (c) funds received under certain qualified retirement plans;
There are more restrictions, mostly for family members.
Of course, Klump's increasing business responsibilities drove his decision, but NP replaced him with somebody that will prepare CYDY to up-list as soon as the SP hits $2.
This will be soon and, therefore, an exchange-compliant Audit committee needs to be in place.
Because Nader is preparing for up-listing. Nasdaq listing rules have certain requirements for Independent Directors, including that a majority of the board of the directors of the company (the “Board”) be Independent Directors, and that the company's audit, compensation and nominating committees be comprised solely of Independent Directors with at least one qualifying as a financial expert.
A. Timmins fits the bill, so to speak.
Why not M. Klump ?? Because he has been invested in CYDY from 2016 and in August he joined the board of CYDY.
Under NASDAQ rules “independent director” means a person that is not an executive officer or employee of the company and does not have a relationship with the company which, in the opinion of the board of directors, could interfere with the exercise of independent judgment in carrying out the responsibilities of a director.
NASDAQ provides a list of people that would definitely not qualify as independent, including the following:
1. a director who has been employed by the company at any time during the past 3 years;
2. a director who has, or has a family member who has, accepted any compensation from the company in excess of $100,000 during any period of 12 consecutive months within the prior 3 years other than (a) compensation for serving as a director, (b) compensation to a family member who is an employee but not an executive officer; or (c) funds received under certain qualified retirement plans;
There are more restrictions, mostly for family members.
Of course, Klump's increasing business responsibilities drove his decision, but NP replaced him with somebody that will prepare CYDY to up-list as soon as the SP hits $2.
This will be soon and, therefore, an exchange-compliant Audit committee needs to be in place.
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