Safe & Green Holdings Corp. (NASDAQ:SGBX), a company specializing in wholesale lumber and construction materials, announced the appointment of Michael McLaren as its new Chief Executive Officer and a member of the Board of Directors, effective January 3, 2025.
The appointment comes as part of the company's ongoing efforts to strengthen its leadership team and strategic position in the industry.
McLaren, who brings over 30 years of experience in the energy sector, including significant contributions to military and energy projects, field services, and mergers and acquisitions, will assume his new roles immediately. He is also the founder of several startups and holds patents for a range of energy and green technologies. McLaren's educational background includes a Master’s Degree in Science and a Master’s Degree in Business from the University of British Columbia.
Under the terms of the employment agreement dated January 5, 2025, McLaren will receive an initial annual base salary of $250,000, which will increase to $400,000 upon the completion of a capital event that resolves the company's stockholders’ equity deficiency with Nasdaq. Additionally, he will receive a signing bonus of $50,000 and is eligible for a long-term incentive bonus of two to four times his base salary, subject to board approval.
McLaren will serve on the board until the company's 2025 Annual Meeting of Shareholders and will not participate in the non-employee director compensation program due to his employee status. His employment agreement includes a one-year post-termination non-compete and non-solicit of employees and clients clause, along with confidentiality provisions.
The news above is based on an SEC filing.
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