Item 5.02Item 5.02 - Departure/Election of Directors
Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 22, 2026,
Mr. Wolfgang Schubert, a member of the Board of Directors (“the Board”) of SharonAI Holdings Inc. (the “Company”),
and the Chief Executive Officer of the Company, resigned as the Company’s Chief Executive Officer and from the Board, and also terminated
the Employment Agreement between himself and the Company’s subsidiary, SharonAI Operations LLC (“SharonAI Operations”),
dated June 5, 2024, as amended May 10, 2025 (the “Employment Agreement”), all in accordance with a Separation Agreement
dated January 22, 2026, entered into between Mr. Schubert and SharonAI Operations (“Separation Agreement”). Pursuant
to the Separation Agreement, Mr. Schubert will receive 318,240 restricted stock units. Mr. Schubert will continue with the Company as
a consultant pursuant to a Consulting Agreement dated January 22, 2026, entered into between Mr. Schubert and SharonAI Operations (“Consulting
Agreement”), pursuant to which Mr. Schubert will receive a one-time grant of $50,000 of restricted stock units and will receive
$8,334 per month. Mr. Schubert’s resignation is not the result of any dispute or disagreement with the Company or management and
is not a reflection on the Company’s results of operations.
In connection with Mr.
Schubert’s resignation as Chief Executive Officer of the Company, on January 22, 2026, the Board appointed James Manning, Non-Executive
Chairman, director and greater than 10% stockholder of the Company, as Chief Executive Officer. In connection with Mr. Manning’s
appointment as Chief Executive Officer, Mr. Manning entered into a Employment Offer Letter dated January 22, 2026, with the Company’s
subsidiary, SharonAI Pty Ltd (the “New Manning Agreement”). Pursuant to the New Manning Agreement, Mr. Manning will
receive an annual base salary of AUD$200,000 and will be eligible to participate the Company’s discretionary bonus scheme and in
the Company’s discretionary share scheme, as well as superannuation contributions in line with the minimum compulsory contribution
rate required to be paid.
James Manning, age 40,
has been a Director and the Chairman of the Company since consummation of the Company’s Business Combination among the Company,
SharonAI Inc. and Roth CH Acquisition Co., and of SharonAI Inc. since February 15, 2024. After its acquisition by SharonAI Inc., Mr. Manning
has also continued to serve as the Chairman of Distributed Storage Solutions Limited ACN 646 979 222, until September 2024, an Australian
company that operates HPC/AI and distributed storage operations, a position he started January 2021, before its acquisition by SharonAI
Inc. Mr. Manning has over 20 years experience across corporate finance, accounting, business, asset management and operations in both
public and private companies. He has spent the last 5 years focused on digital asset infrastructure, with a keen focus on the energy requirements
for data center development. Mr. Manning currently serves as Managing Director at Vertua Limited, a listed investment company, a position
he has held since June 2014. He was the founder and CEO of Mawson Infrastructure Group Inc. (NASDAQ:MIGI), a digital infrastructure platform
developer and operator, until May of 2023. He is also the Chairman of Defender Asset Management Pty Ltd, a diversified asset manager,
a position he has held since September 2015.
Mr. Manning has a Master
of Business (Finance) and a Masters in Property Development from the University of Technology Sydney, as well a Bachelor of Accounting
from Australian Catholic University. He is a Fellow of the Institute of Company Directors (FAICD), and a member of Institute of Public
Accountants (IPA).
There are no reportable
family relationships or related person transactions involving the Company and Mr. Manning. There is no arrangement or understanding with
any person pursuant to which Mr. Manning was appointed as Chief Executive Officer. Mr. Manning is not a party to any transaction that
would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended, other than an independent
contractor-corporate with certain subsidiaries of the Company and Manning Group Pty Ltd ATF MG Office Trust (“Manning Consulting
Agreement”). Pursuant to the Manning Consultant Agreement, Mr. Manning, as the key person, provides certain services to the
Company and its subsidiaries relating to commercial opportunity development, discovery of future data center sites, future data center
acquisition and construction advisory, transaction advisory services and key relationship introduction and development. In consideration
for these services, Manning Group Pty Ltd ATF MG Office Trust is entitled to receive an annual remuneration of AUD$334,500 (approximately
$211,000 based on a conversion rate of $1.00AUD to $0.63USD), exclusive of Australian goods and services taxes. The Manning Consulting
Agreement has an ongoing term that can be terminated by either side upon three (3) months’ notice.
The
descriptions of the Separation Agreement, Consulting Agreement and New Manning Agreement are only summaries and are qualified in their
entirety by reference to the full text of such document, each of which is filed as an exhibit to this Current Report on Form 8-K and
which is incorporated herein by reference.