AMERICAN POWER GROUP CORPORATION (OTCMKTS:APGI) 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 January 11, 2017, American Power Group Corporation (the
Company) amended the employment agreements with Maurice Needham,
its Chairman, Lyle E. Jensen, its President and Chief Executive
Officer and Charles E. Coppa, its Chief Financial Officer and
Treasurer.
Maurice Needham
If the Company terminates Mr. Needhamss employment without cause
during the terms of the employment agreement and Mr. Needham
executes a release in favor of the Company, the Company will
provide Mr. Needham with continuation of his base salary and
benefits for a period of three months after termination. Prior to
the amendment, Mr. Needham was to receive twelve months of
payments.
Lyle E. Jensen
If the Company terminates Mr. Jensens employment without cause
during the terms of the employment agreement and Mr. Jensen
executes a release in favor of the Company, the Company will
provide Mr. Jensen with continuation of his base salary and
benefits for a period of three months after termination. Prior to
the amendment, Mr. Jensen was to receive nine months of payments.
Charles E. Coppa
If the Company terminates Mr. Coppas employment without cause
during the terms of the employment agreement and Mr. Coppa
executes a release in favor of the Company, the Company will
provide Mr. Coppa with continuation of his base salary and
benefits for a period of three months after termination. Prior to
the amendment, Mr. Coppa was to receive six months of payments.
The foregoing descriptions of the employment agreements do not
purport to be complete and are qualified in their entirety by
reference to the complete text of each such document, a copy of
which is filed as an exhibit hereto and is incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits
| Exhibit No. | Description | ||
| 10.1 |
Amendment No. 1 to the Employment Agreement by and between American Power Group Corporation and Maurice Needham dated April 1, 2003. |
||
| 10.2 |
Amendment No. 1 to the Employment Agreement by and between American Power Group Corporation and Lyle E. Jensen dated April 25, 2016. |
||
| 10.3 |
Amendment No. 1 to the Employment Agreement by and between American Power Group Corporation and Charles E. Coppa dated April 25, 2016. |
About AMERICAN POWER GROUP CORPORATION (OTCMKTS:APGI)
American Power Group Corporation operates through two segments: dual fuel conversion operations and natural gas liquids operations. The Company’s dual fuel conversion system is an external fuel delivery enhancement system that converts existing diesel engines into environmentally friendly engines that have the flexibility, depending on the circumstances, to run on diesel fuel and compressed natural gas (CNG) or liquefied natural gas (LNG); diesel fuel and pipeline gas, well-head gas or approved bio-methane, and diesel. The Company’s technology displaces approximately 75% (average displacement ranges from 40% to 65%) of the normal diesel fuel consumption with various forms of natural gas. The Company provides flare capture and recovery services to operators of the drilling equipment needing to meet their mandated flare gas capture limits by processing their previously flared gas for an agreed upon processing fee. AMERICAN POWER GROUP CORPORATION (OTCMKTS:APGI) Recent Trading Information
AMERICAN POWER GROUP CORPORATION (OTCMKTS:APGI) closed its last trading session 00.0000 at 0.0900 with 12,594 shares trading hands.