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.
The Registrants subsidiary OmniMetrix, LLC entered into an
Employment Agreement on June 19, 2017 with Walter Czarnecki,
President and CEO of OmniMetrix. The Employment Agreement has a
three-year term and provides for a base annual salary of
$220,000. Upon the achievement by OmniMetrix and Mr. Czarnecki of
certain performance goals established annually by the Board of
OmniMetrix, Mr. Czarnecki shall be entitled to increases in his
annual salary and an annual bonus. If his employment should be
terminated without Cause (as defined in the Employment
Agreement), Mr. Czarnecki would be eligible for a severance
payment equal to six-months base salary at the rate in effect at
the time of termination, to be paid in equal installments over a
six-month period subject to his continuing fulfillment of his
ongoing obligations under the Employment Agreement.
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.