ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF
CERTAIN OFFICERS
On November 3, 2008, Advanced Environmental Recycling Technologies, Inc.
announced the appointment of J.R. Brian Hanna as Chief Financial Officer of the
Company. The former CFO, Robert Thayer, had resigned his position effective
April 11, 2008. Mr. Hanna, aged 55, has most recently served as Chief Financial
Officer of JT Sports (formerly Brass Eagle Inc.) from December 1, 1997 to
October 31, 2008. Mr. Hanna obtained his Chartered Accountant's designation with
Deloitte & Touche in 1982 and later became a Certified Public Accountant.
Mr. Hanna's background includes merger and acquisition integrations, financial
system/IT implementations in addition to establishing internal controls,
strategic planning and treasury functions.
The Company and Mr. Hanna agreed to a compensation package providing for an
annual salary of $185,000 and an annual bonus of 25% to 100% of his base salary,
subject to the attainment of performance criteria, to be established by the
Company's Compensation Committee. In addition, Mr. Hanna will be granted 100,000
shares of restricted stock. These shares will vest over four years, contingent
upon the achievement of performance objectives. If there is a change in control
of ownership of AERT within the first three years of his employment, Mr. Hanna's
existing awards will immediately vest and he will receive 100,000 shares.
Additionally, if he is terminated without cause within the first three years of
his employment, he will receive 18 months of pay based on his previous year's
annual salary and bonus.
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