Item 1.01. Entry into a Material Definitive Agreement.
The information provided below in Item 5.02 is incorporated by reference into
this Item 1.01.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 7, 2022, William J. LoBell was appointed as Executive Vice President of
Sales and Development for Black Bird Biotech, Inc. (the "Company").
Mr. LoBell, age 74, possesses extensive experience in all levels of product
sales and distribution operations. From December 2021 until April 2022, Mr.
LoBell served as a consultant to Barry's Restore It All Products, a Carlsbad,
California-based developer of restoration products. From June 2016 to December
2021, he served as Chief Operating Officer of MSMART, a developer and purveyor
of nano-technologies. From April 2011 to August 2017, Mr. LoBell was a Founder
and Chief Executive Officer of Luminec Animal Sciences Corporation, where he
both developed and directed the distribution of animal health products. From
2008 to July 2017, Mr. LoBell provided retail management consulting services to
numerous national pet industry retailers in his position at Gerson Lehrman
Group. Mr. LoBell's experience prior to 2008 included Director of E-Commerce for
Petsense Inc., Retail Management Consultant to 99 Cents Only Stores, West Coast
Director of Operations and Director of Sales Programs for Petco Animal Supply
Company, West Coast Regional Operating Vice President for PETSMART, INC. and
Western Region District Manager for American Stores (Jewel Supermarket, Osco
Drug Stores and Sav-On Drugs Inc.).
In connection with Mr. LoBell's appointment, the Company entered into an
executive engagement agreement (the "Executive Engagement Agreement") with Mr.
LoBell. The Executive Engagement Agreement is for a two-year term, beginning in
April 2022. Under the Executive Engagement Agreement, Mr. LoBell was issued
1,000,000 shares of Company common stock as a signing bonus and he is to be
issued 500,000 shares of Company common stock on the first day of July 2022,
October 2022, January 2023 and April 2023. By the negotiated terms of the
Executive Engagement Agreement, all shares of Company common stock issued to Mr.
LoBell are valued at $0.01 per share. Additionally, Mr. LoBell is to be paid a
monthly salary of $5,000.
The foregoing description of the Executive Engagement Agreement does not purport
to be complete is qualified in its entirety by reference to the full text of the
Executive Engagement Agreement, a copy of which is filed as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Exhibit No.: Description of Exhibit
10.1 Executive Engagement Agreement between Black Bird Biotech, Inc.
and William J. LoBell
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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