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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On February 17, 2020, Peter L. Coker, Jr. was
appointed as the Chairman of the Board of Directors of Hometown International, Inc., a Nevada corporation (the “Company”).
Peter L. Coker Jr., 51, has been the Chairman
(Executive Director) of South Shore Holdings Limited, a Hong Kong listed company, since February 2013. He is also a member of that
company’s Finance and Investment Committee, Disclosure Committee and Executive Committee, and a director of its various
subsidiaries. Mr. Coker was the Managing Partner of Pacific Advisers, and was also a partner of TDR Capital Investment Ltd (a Shenzhen-based
private equity firm) from 2009 to 2013. From 2006 to 2009, Mr. Coker served as Chairman of Global Trading Offshore Pte (Singapore).
From 2002 to 2005, Mr. Coker served as the Chairman of Wellington Securities (New Zealand). Mr. Coker served as an officer of the
Bridge Companies prior to joining Wellington Securities (New Zealand) in 2002. During his service with the Bridge Companies, Mr.
Coker held the title of Managing Director-Asia, Chief Executive Officer of E-Bridge and Managing Director of Bridge Asia where
he was responsible for the firm’s equity business in Japan and South East Asia/Australia. From 2000 to 2001, Mr. Coker
served as the Chairman of IRESS Market Technology Limited (formerly BridgeDFS) (ASX: IRE). Mr. Coker graduated from Lehigh University
in the United States with a Bachelor of Arts degree in 1990.
The Company’s Board of Directors believe
Mr. Coker's extensive knowledge and background with regard to finance, capital formation, and business plans, along with his leadership
skills and entrepreneurial spirit, will aid the Company to succeed going forward.
There are no arrangements or understandings
between Mr. Coker and any other person pursuant to which he was appointed as a director of the Company. In addition, there are
no family relationships between Mr. Coker and any of the Company’s other officers or directors. Further, there are no transactions
since the beginning of our last fiscal year, or any currently proposed transaction, in which the Company is a participant, the
amount involved exceeds $120,000, and in which Mr. Coker had, or will have, a direct or indirect material interest, except that,
from December 31, 2019, through the date of his appointment as Chairman of the Board, Mr. Coker made loans to the Company in the
aggregate amount of $205,000. The loans bear interest at 8% per annum and are repayable six months from the date they were made.
The proceeds from the loans were used to repay certain debts and other obligations of the Company and for working capital and general
corporate purposes.
In addition, on February 17, 2020, Elizabeth
Floyd resigned as the Company’s Secretary. Effective immediately upon Ms. Floyd’s resignation, Christine T. Lindemmuth,
the Company’s current Vice President, and a member of the Company’s Board of Directors, was appointed as the Company’s
Secretary, on an interim basis, to serve until her replacement is appointed to that position permanently.
Also, on February 17, 2020, Paul F. Morina,
the Company’s current President, Chief Executive Officer and Chief Financial Officer, and a member of the Company’s
Board of Directors, was appointed as the Company’s Treasurer, a position that was previously vacant.
