UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 16, 2022, Henry Nisser resigned as the Chief Executive Officer of Imperalis Holding Corp. (the “Company”) and as the sole member of the Company’s Board of Directors (the “Board”). Effective immediately upon Mr. Nisser’s resignation, Darren Magot was appointed as the Company’s Chief Executive Officer and sole member of the Board. Furthermore, of even date herewith, the Board appointed Marcus Charuvastra to serve as the Company’s President, effectively immediately.
Darren Magot has served as the Chief Executive officer and sole member of the Board of Directors of AC Management, Inc., and AMRE Management, Inc., since October 2020 and previously served as the Chief Executive Officer and as a director of Ault Alliance, Inc., from January 2019 to February 2022. Mr. Magot also currently serves the Senior Vice President of BitNile, Inc., since his appointment in February 2022, and as a member of the Board of Directors of Ault & Company, Inc., since his appointment in July 2018. Mr. Magot has over 30 years of experience in sales and sales management, financial management, and business development with companies in both the private and public sector. Expertise in strategic planning, development, organizational change and efficiency for disruptive and emerging technologies, M&A. A proven leader in all functional areas of both private and public organizations, with a track record in successful financial and operational leadership, he holds a bachelor's degree in Finance from California State University.
Marcus Charuvastra has served as the President of TurnOnGreen, Inc., since January 2022 and previously served as its Chief Revenue Officer since June 2021. Mr. Charuvastra is an accomplished leader with 20 years of experience in strategic planning, sales, services, marketing and business and organizational development. Mr. Charuvastra spent nine years at Targeted Medical Pharma, Inc. serving as Vice President of Operations and as the Managing Director of this microcap biotech start-up, from 2012 to May 2021. During his tenure, he was instrumental in guiding Targeted Medical Pharma’s initial public offering. Mr. Charuvastra was previously Director of Sales and Marketing at Physician Therapeutics from 2009 to 2012 and was responsible for building the sales and distribution network in the United States and abroad. He is a graduate of UCLA.
Mr. Nisser’s resignation was not the result of a disagreement between Mr. Nisser and the Company on any matter relating to the Company’s operations, policies or practices.
There were no arrangements or understandings between the Company or any other person and each of Messrs. Magot and Charuvastra pursuant to his appointment.
There have been no transactions between each of Messrs. Magot and Charuvastra and the Company other than those arising from his employment agreement with the Company and no disclosure is required under Item 404(a) of Regulation S-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IMPERALIS HOLDING CORP. | ||
Dated: March 16, 2022 | /s/ Darren Magot | |
Darren Magot Chief Executive Officer |