Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
Resignation of Director and Officer
On December 1, 2021, Michel Botbol, the Chairman of the Board and Chief
Executive Officer of Legacy Education Alliance, Inc. (the "Company"), resigned
as Chairman of the Board, director and officer of the Company, as Chief
Executive Officer of the Company and its subsidiaries, and from any other
positions with any of the companies related in any way to the Company. Mr.
Botbol's resignation is not related to any disagreement with the Company's
operations, policies or practices.
Appointment of Interim Officer
As a result of the resignation of Mr. Botbol, Mr. Barry Kostiner, a member of
the Board of Directors of the Company, Manager of Capital Markets and principal
financial and accounting officer of the Company, was appointed as Interim Chief
Executive Officer and will further assume the role of principal executive
officer of the Company, until a permanent replacement can be found.
Mr. Kostiner, age 50, was appointed to the Board on May 3, 2021 and has also
been a Manager of Capital Markets at the Company since March 2021 and interim
principal financial and accounting officer since November 8, 2021. Mr. Kostiner
is serving as the Chief Executive and Chairman of Sagaliam Acquisition Corp. and
Chief Financial Officer of Sunfire Acquisition Corp. Additionally, Mr. Kostiner
serves as the President of, and holds a 25% membership interest in, Legacy Tech
Partners, LLC ("LTP"), a microcap -focused EdTech investment vehicle, since
February 2021. Mr. Kostiner was the CFO of Ameri Holdings Inc. (Nasdaq: AMRH)
from October 2018 through December 2020. The operations of AMRH, including its
global IT services business focused on SAP with operations in both the US and
India, was acquired by management, with the residual Nasdaq vehicle acquired by
Enveric Biosciences (Nasdaq: ENVB), an evidence-based cannabinoid pharma company
focused on palliative therapies for cancer patients. Mr. Kostiner has been a
consultant to ENVB since January 2021. From May 2016 through October 2018, Mr.
Kostiner was a consultant to Cypress Skilled Nursing, a healthcare facility
operator and from May 2017 through October 2018 he was a consultant to LinKay
Technologies Inc., an artificial intelligence incubator with a portfolio of
intellectual property focused on AI and LiDAR/geospatial technology, with a
research staff in India and New York. Mr. Kostiner's 20-year career in energy
includes eight years at Goldman Sachs and Merrill Lynch and their affiliates,
with a focus on energy trading and portfolio management, as well as serving as
the CEO of an oil & gas SPAC (Nasdaq: PGRI) from 2005 through 2009. Mr. Kostiner
earned a Bachelor's of Science degree in Electrical Engineering and a Master's
of Science in Operations Research from MIT. His thesis on the mathematics of
electric industry deregulation was sponsored by Harvard's Kennedy School of
Government. On March 8, 2021, the Company issued a Senior Secured Convertible
Debenture in the principal amount of $375,000 to LTP.
Item 9.01 Financial Statements and Exhibits.
Exhibit Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
1© Edgar Online, source Glimpses
LEGACY EDUCATION ALLIANCE, INC. 