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.
On February 2, 2021, the Registrant entered into a new consulting agreement (the “Consulting Agreement”) between Jan H. Loeb and the Registrant extending its arrangements for compensation of Mr. Loeb for his services as President and CEO of the Registrant and as principle executive officer of the Registrant’s OmniMetrix subsidiary in the capacity of Acting CEO.
to the Consulting Agreement, Mr. Loeb will receive cash compensation, effective retroactively as of January 1, 2021, of $16,000 per month for service as President and CEO of the Registrant, and an additional $10,000 per month for so long as he serves as Acting CEO of OmniMetrix. Mr. Loeb also received a grant of options on February 2, 2021, to purchase 35,000 shares of the Registrant’s common stock, which are exercisable at an exercise price equal to the February 1, 2021, closing price of the common stock of $0.48 per share. Twenty-five percent (25%) of the options were vested immediately; the remaining options shall vest in three equal increments on April 1, 2021, July 1, 2021 and October 1, 2021. The exercise period and other terms are otherwise substantially the same as the terms of the options granted by the Registrant to its outside directors.
The Consulting Agreement expires on December 31, 2021, unless terminated early as provided therein.
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.
