Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On May 26, 2023, the Board of Directors of Midwest Energy Emissions Corp.
(the "Company") approved the increase in the size of the Board from three to
four members and appointed Troy Grant to the Board effective immediately.
Troy Grant, age 49, has extensive experience in investment financing,
predominantly focusing on raising significant funding across global platforms
and management of strategic operations. Since June 2011, Mr. Grant has been
Chief Executive Officer of Elcora Advanced Materials Corp. (TSXV: ERA). Elcora
was founded in 2011 and has been structured as a vertically integrated battery
material company with mining assets in Sri Lanka and Morocco. As Chief Executive
Officer, in addition to responsibility for the overall strategic operations,
including exploration, business development and implementation of the company
vision, Mr. Grant works diligently to raise equity and advance assets. Mr.
Grant also serves on the Board of Directors of Elcora and serves on the Audit
Committee. He also currently serves as director of several other publicly
listed companies. At present, Mr. Grant serves on the respective boards of i3
Interactive Inc. (CSE: BETS), where he serves as Chair of the Audit Committee;
Auxly Cannabis Group Inc. (TSXV: XLY), where he serves on the Audit and
Compensation Committees; and Cleantech Power Corp. (formerly, Alkaline Fuel Cell
Power Corp.) (NEO: PWWR). Mr. Grant is a graduate from St. Francis Xavier
University with a Bachelor of Commerce degree.
Mr. Grant shall be paid $37,500 for his service on the Board for the remainder
of 2023. In addition, on May 26, 2023, Mr. Grant was granted a nonqualified
stock option to acquire 125,000 shares of the Company's common stock exercisable
at $0.41 per share, representing the fair market value of the common stock as of
the date of grant. Fifty (50.0%) percent of the option shall vest and become
exercisable on November 26, 2023 and the remaining fifty (50.0%) percent shall
vest and become exercisable on May 26, 2024. The option will expire five years
after the date of grant.
Mr. Grant does not have any family relationships with any of the Company's
directors or executive officers, or any person nominated or chosen by the
Company to become a director or executive officer. Except as otherwise
disclosed herein, there are no arrangements or understandings in connection with
Mr. Grant's appointment, and there are no related party transactions between the
Company and Mr. Grant that would require disclosure under Item 404(a) of
Regulation S-K.
It is expected that Mr. Grant will serve on the Audit Committee.
Item 9.01 Financial Statements and Exhibits.
Exhibit
Number Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
2
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