Item 5.02, Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
On August 10, 2020, Timothy A. Hannibal, our Interim CFO, was appointed
President, Chief Operating Officer and a Director of SCWorx, Corp., a Delaware
corporation (the "Company").
On June 11, 2020, our Board of Directors appointed Mr. Hannibal, who then served
as our Chief Revenue officer, to act as our Interim Chief Financial Officer. In
his new role as President and Chief Operating Officer, Mr. Hannibal will report
to our Board of Directors and oversee the day to day operations of the Company,
including our financial operations.
In connection with his appointment as President and COO, the Board of Directors
awarded Mr. Hannibal 200,000 restricted stock units ("RSUs") under the Company's
2016 Amended and Restated Equity Incentive Plan. 100,000 of these RSUs vest
ninety days after the grant date, and the remaining 100,000 vest in six equal
quarterly installments, commencing February 7, 2020 and every 90 days
thereafter, until fully vested. Any changes to Mr. Hannibal's annual cash
compensation are yet to be determined.
Mr. Hannibal is a seasoned technology executive and entrepreneur, with nearly 30
years' experience in SaaS and cloud technology, driving revenue, go-to-market
strategies, business development and mergers and acquisitions. Mr. Hannibal
joined the Company in January 2019 and has since served as its Chief Revenue
Officer and Interim CFO. Prior to joining the Company, Mr. Hannibal was an
executive at Primrose Solutions (the predecessor to SCWorx) which he joined in
September of 2016. At Primrose, Mr. Hannibal was responsible for overseeing
marketing, sales and operations, including executing the Company's business
plan. Mr. Hannibal has a successful track record of growth and management at
both startup and national companies.
Prior to joining Primrose, Mr. Hannibal was the President and CEO of VaultLogix
for thirteen years, a company he founded. VaultLogix was a private equity
sponsored leading SaaS company in the cloud backup industry before being
acquired by J2 Global, a publicly traded technology company ($3.2b market cap)
focused on cloud services and digital media.
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