Skip to Content

SEC Filings

DEF 14A
SEVEN STARS CLOUD GROUP, INC. filed this Form DEF 14A on 11/20/2017
Entire Document
 

 

EXECUTIVE COMPENSATION

 

The following table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to the named persons for services rendered in all capacities during the noted periods.

 

       Cash   Stock   All Other     
       Compensation   Awards   Compensation   Total 
Name and Principal Position  Year   ($)   ($)(6)   ($)   ($) 
Bing Yang (Chief Executive Officer)   2016    138,333    180,000        318,333 
    2015                 
Mingchen Tao (Former Chief Executive Officer(1))   2016    200,000            200,000 
    2015                 
Weicheng Liu (Former Chief Executive Officer(2))   2016    21,715            21,715 
    2015    358,265            358,265 
Mei Chen (Former Chief Financial Officer(3))   2016    111,176            111,176 
Grace He (Former Vice President of Finance(4))   2016    87,500            87,500 
    2015    142,500            142,500 
Yue Xu  (Former Vice President(5))   2016    90,000            90,000 

 

(1)On December 4, 2016, Mr. Tao resigned from his position as Chief Executive Officer of the Company.

 

(2)On January 22, 2016 Mr. Liu was terminated from his position as Chief Executive Officer of the Company.

 

(3)On February 4, 2017, Ms. Chen resigned from her position as Chief Financial Officer of the Company.

 

(4)On July 22, 2016, Ms. Grace resigned from her position as Vice President of Finance of the Company.

 

(5)On December 31, 2016, Mr. Xu resigned from his position as Vice President.

 

(6)Reflects the aggregate grant date fair value of restricted stock units determined in accordance with FASB ASC Topic 718.

 

Employment Agreements

 

Bing Yang

 

On March 28, 2016, we entered into an employment agreement with Mr. Yang effective as of April 26, 2016. Mr. Yang’s employment agreement has an initial term of two years, with automatic one–year extensions thereafter unless written notice of nonrenewal is given by either party not less than 90 days prior to the end of the then current term. Mr. Yang will be paid an initial base salary of $180,000 per year, which will be subject to annual review by the CEO and Compensation Committee of the Board and may be adjusted. Mr. Yang will also receive a one–time sign–on bonus of $20,000 In addition, so long as he remains employed and achieves annual performance objectives, Mr. Yang is entitled to receive 100,000 shares of restricted stock per year under the Company’s 2010 Equity Incentive Plan to be issued in April 2016, and each quarter after April 2016 till April 2018. Mr. Yang will also be entitled to participate in all employee benefit plans, policies practices of the Company generally available to any of its senior executive employees. On March 28, 2017, the Board of Directors approved an increase in Mr. Yang’s base salary to $220,000 to reflect his new position as CEO. Effective as of October 9, 2017, Mr. Yang announced his resignation as CEO and director of the Company’s Board of Directors. Mr. Yang’s resignation as CEO and director of the Board was not because of any disagreement with the Company known to an executive officer of the Company on any matter related to the Company’s operations, policies, or practices. Mr. Yang will resign from both the CEO and director positions immediately, but will remain with the Company in an advisory role until the end of 2017.

 

 16.