8k 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective January 25, 2012, the Board of Directors of Ruby Creek Resources, Inc. appointed Daniel Bartley as Co-CEO. Mr. Bartley will be responsible for overall operations and management of the Company domestically and in its mining operations in Tanzania. He will report directly to the Board of Directors. Mr. Bartley joined the Company in June 2011 and, prior to his current appointment, served as Vice President – Finance.
Mr. Bartley joined the Ruby Creek management team in June 2011. He has over 25 years of both public and private operational, financial reporting and management experience. From June 2009 to March 2011, Mr. Bartley served as the CFO of Ultravolt, Inc., a designer and manufacturer of high voltage power supply units, where he was responsible for internal and external financial reporting. From March 2006 to April 2009, Mr. Bartley served as the CFO of Odyne Corporation, a company which manufactured advanced hybrid electric vehicle propulsion systems. From January 2004 to February 2006, he served as Vice President–Controller of Levitz Home Furnishing, a $1 billion retailer home furnishings company. Prior to 2004, Mr. Bartley served as President of Bartley & Associates, a financial consulting firm that specialized in asset purchase transactions, financial advisory services and financial reporting systems. He received a B.S. in Accounting from Long Island University and M.A. in Theology from the Seminary of the Immaculate Conception. Mr. Bartley is a Certified Public Accountant in the State of NY.
Mr. Bartley continues at this time under his original two year employment agreement, which was effective June 6, 2011. Under this agreement he receives an annual salary of $125,000 per annum, is eligible for an annual bonus at the discretion of the Board of Directors and is entitled to a salary increase upon attainment of positive cashflow. He was also granted 25,000 shares of common stock of the Company and 200,000 common stock purchase options exercisable at
.50 per share, vesting ratably over the term of his contract. These options expire in five years.
The Company and Mr. Bartley are in the process of negotiating an amendment to his current employment agreement.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
None