Damon Inc. (NASDAQ: DMN) Announces Resignation of Former President Damon Jay Giraud and Appointment of Interim CEO Dominique Kwong

Damon Inc. (NASDAQ: DMN) recently witnessed a significant change in its leadership structure. According to an 8-K filing dated December 4, 2024, Damon Jay Giraud, the former President, Chief Executive Officer, and Executive Chairman, resigned from all positions as a director and officer of Damon Inc. Following this resignation, all 1,391,181 multiple voting shares held by Mr. Giraud and his controlled entity were converted into common shares on a one-for-one basis. This conversion was carried out in accordance with the terms of the Founder Agreement between Mr. Giraud and the Company.

As a result of this conversion, Damon Inc. now has 20,767,610 common shares outstanding, with no multiple voting shares remaining in circulation. Additionally, with Mr. Giraud’s departure, Damon Inc. announced the appointment of Dominique Kwong as the interim Chief Executive Officer and a director of the Company. Furthermore, Shashi Tripathi, an existing independent director, has been appointed as the Chairperson of the Board.

Mr. Kwong, aged 49, brings a wealth of experience to his new role at Damon Inc. He previously served as the Chief Technology Officer and Chief Operating Officer of Damon Motors Inc. from June 2017 to January 2023. Subsequently, from January 2023 to December 2024, he worked as a consultant in the capacity of Head of Electronics for Alpinestars, a renowned motorcycle apparel manufacturer, where he played a pivotal role in strategic initiatives and operational improvements.

The appointment of Mr. Kwong as the interim CEO was based on his extensive executive leadership background and his in-depth knowledge of electric motorcycle development and manufacturing — areas crucial to Damon Inc.’s operations. Notably, there are no specific arrangements or understandings between Mr. Kwong and any other person pertaining to his selection for this role, and there are no reported related party transactions between Mr. Kwong and Damon Inc.

Under the terms of the Interim Executive Employment Agreement, Mr. Kwong will receive an annualized salary of CAD $265,000 along with the Company’s standard senior executive benefits. The agreement, which has an initial term of six months, may be extended by mutual agreement. The agreement includes customary confidentiality provisions, post-employment non-solicitation, and non-competition covenants, along with provisions for termination by either party.

Damon Inc. is also anticipated to enter into an indemnification agreement with Mr. Kwong, in line with its standard practices. Further details regarding the agreements mentioned in the filing can be found in the full text of Exhibits 10.1 and 10.2 attached to the Form 8-K filing.

This comprehensive update on Damon Inc.’s leadership changes and appointments demonstrates the company’s commitment to maintaining a strong leadership team in moving forward with its strategic initiatives.

(Note: This article is based on information extracted from an 8-K SEC Filing and is written for the financial news website MarketBeat.)

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Grafiti’s 8K filing here.

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