ACORN ENERGY, INC. (OTCMKTS:ACFN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
| (e) | On August 13, 2019, (1) the Registrant’s President and CEO, Jan H. Loeb, waived his right to receive the $150,000 bonus otherwise due to him under the terms of his Consulting Agreement in connection with the consummation of the Registrant’s June 2019 Rights Offering, (2) Mr. Loeb’s monthly cash compensation was increased from $12,000 to $16,000, effective August 15, 2019, and (3) the monthly consulting fee for the Registrant’s Chief Financial Officer, Tracy S. Clifford, was increased from $9,500 to $11,500, effective August 15, 2019. |
About ACORN ENERGY, INC. (OTCMKTS:ACFN)
Acorn Energy, Inc. is a holding company that focuses on technology driven solutions for energy infrastructure asset management. The Company’s segments include Energy & Security Sonar Solutions (DSIT), Smart Grid Distribution Automation (GridSense) and Machine-to-Machine Critical Asset Monitoring & Control (M2M). The DSIT segment provides sonar and acoustic related solutions for energy, defense and commercial markets with a focus on underwater site security for strategic energy installations and other sonar and acoustic systems. The GridSense segment includes products and services that are provided by GridSense Inc. (GridSense), which develops markets and sells remote monitoring and control systems to electric utilities and industrial facilities across the world. The M2M segment includes products and services that are provided by OmniMetrix, LLC (OmniMetrix). OmniMetrix offers over two primary product lines, such as the Hero Rectifier Monitor and the Patriot Automated Test Stations.