Innovative Designs Inc.

09/27/2024 | Press release | Distributed by Public on 09/27/2024 11:43

Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On September 26. 2024, the Board of Directors of the registrant terminated Mr. Joseph Riccelli as the registrant's Chief Executive Officer and Chief Financial Officer effective immediately.

On the same date the Board of Directors appointed John L. Thomas, Esq as the registrant's Chief Executor Officer, Chief Financial Officer and corporate counsel. Mr. Thomas has served as the registrant's securities counsel for over fifteen years.

Mr. Thomas has been a practicing lawyer for over forty years. He is a former Senior Attorney at the U.S. Securities and Exchange Commission, Division of Corporation Finance. He received his law degree from Franklin Piere Laws Center and a master's in business administration from New Hampshire College.

He will serve on a part-time basis. for a six-month period. His compensation will be $2,000 per week. He will also receive a warrant to purchase 100,000 shares of common stock with an exercise price of $.12 per share for a term of three years. The warrants have a cashless exercise feature.

On the same date, the Borad of Directors appointed Mr. Robert K. Adams as Chairman of the Board of Directors.