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African Agriculture | 8-K: Current report

SEC announcement ·  Apr 13 04:03
Summary by Futu AI
On April 8, 2024, Alan Kessler resigned from his position on the Board of Directors of African Agriculture Holdings Inc., a company registered in Delaware and listed on the Nasdaq Global Market under the trading symbols AAGR for its common stock and AAGRW for its warrants. The resignation was not due to any disagreements with the company's operations, policies, or practices. Previously, on January 31, 2024, Kessler had stepped down as Chief Executive Officer of the company. To fill the vacancy, Michael Rhodes was appointed to the Board effective April 22, 2024. In conjunction with Kessler's departure, a Resignation and General Release Agreement was approved by the Board, entitling African Discovery Group to a lump sum payment and full vesting of outstanding restricted stock units, with similar benefits extended to Kessler. Both parties will release the company from any claims, with certain exceptions. The financial terms include a $330,000 payment to African Discovery Group, with the possibility of payment in common stock, and are contingent upon the company's ability to maintain its going concern status.
On April 8, 2024, Alan Kessler resigned from his position on the Board of Directors of African Agriculture Holdings Inc., a company registered in Delaware and listed on the Nasdaq Global Market under the trading symbols AAGR for its common stock and AAGRW for its warrants. The resignation was not due to any disagreements with the company's operations, policies, or practices. Previously, on January 31, 2024, Kessler had stepped down as Chief Executive Officer of the company. To fill the vacancy, Michael Rhodes was appointed to the Board effective April 22, 2024. In conjunction with Kessler's departure, a Resignation and General Release Agreement was approved by the Board, entitling African Discovery Group to a lump sum payment and full vesting of outstanding restricted stock units, with similar benefits extended to Kessler. Both parties will release the company from any claims, with certain exceptions. The financial terms include a $330,000 payment to African Discovery Group, with the possibility of payment in common stock, and are contingent upon the company's ability to maintain its going concern status.
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