4-Dec-2007
Change in Directors or Principal Officers, Financial Statements and Exhi
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
On December 1, 2007, RG Global Lifestyles ("Company") appointed Brian Ruttencutter to serve as the Company's Chief Financial Officer. Mr. Ruttencutter replaces William Hitchcock, who resigned on November 30, 2007.
Mr. Ruttencutter, 54, previously served as the Chief Executive Officer of ABC Window Co., Inc. from 2005-06 and its Chief Financial Officer from 2004-05. Prior to this, Mr. Ruttencutter served as the Vice President of Finance of Phillips Industries, Inc. from 1996-2003. He received his Master of Business Administration from California State University, Long Beach, CA and is a Certified Management Accountant.
Mr. Ruttencutter will receive a base salary of $180,000 and an annual incentive bonus based on 1.5% of the pre-tax income of the Company, but not to exceed $72,000, an option to purchase 300,000 shares of the Company's common stock, reimbursement for health insurance, and all other benefits commonly available to Company employees. The employment agreement also calls for a severance payment of six months salary to be paid to Mr. Ruttencutter if he is terminated without cause, as defined therein, after six months of employment.
In connection with Mr. Hitchcock's resignation, he will be allowed an additional 30 days to exercise certain vested yet unexercised stock options previously issued to him under the Company's 2006 Incentive and Non-statutory Stock Option Plan.
ITEM 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 Employment Agreement, entered into as of December 1, 2007 between the Company and Brian Ruttencutter. |
