In a recent regulatory filing with the SEC, Vivic Corp., a Nevada-based company in the miscellaneous amusement and recreation sector, reported significant changes in its executive leadership. The Board of Directors accepted the resignation of Mr. Shang-Chiai Kung from his roles as Chief Executive Officer and Chief Financial Officer on January 7, 2025. Following this departure, the Board appointed Mr. Tse-Ling Wang as the new CEO and Mr. Andy F Wong as the new CFO of the company.
Mr. Wang, 55, has been part of Vivic Corp.'s board since August 1, 2024, and has extensive experience in the internet and technology industries. His previous roles include President and Chairman of Chuang Sheng Information Co., Ltd, and Executive Director at Viermtech Inc. Mr. Wang also served as CEO and President of Lien Shen Electronic Corp. He holds an MBA from National Chengchi University.
Under the terms of his employment agreement, Mr. Wang will receive 250,000 restricted stock units (RSUs), vesting monthly until December 31, 2025. In case of a Qualifying Termination, Mr. Wang is entitled to certain severance benefits, including immediate vesting of scheduled RSUs and retention of previously earned RSUs.
Mr. Wong, 64, brings a wealth of financial expertise to his new role as CFO. His background includes interim financial leadership positions at Rootstock International, Fisher & Phillips, LLP, and Innovative Chemical Products Group, LLC. He is a CPA and CGMA, with a bachelor's degree from the State University of New York College at Oswego and an MBA from the University of Rochester's Simon School of Business.
Similar to Mr. Wang, Mr. Wong's employment agreement provides for the issuance of 100,000 RSUs, with a vesting schedule that extends to the end of 2025. He is also eligible for severance benefits under similar conditions as Mr. Wang.
The company clarified that there are no family relationships between the new appointees and other directors or executive officers of the company, and there are no material transactions involving Mr. Wang or Mr. Wong that require disclosure.
Vivic Corp. has filed the full details of the employment agreements as exhibits to the SEC filing, which provides the basis for this report. These leadership changes come as Vivic Corp. continues to navigate the competitive amusement and recreation industry.
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