CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR) 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
On February 6, 2019, the Compensation Committee of the Board of Directors of ClearSign Combustion Corporation (the “Company”) granted to the individuals named below options from the Company’s 2011 Equity Incentive Plan:
| Name and Title | Number of Shares |
| Brian Fike, interim Chief Financial Officer | 150,000 |
| Donald Kendrick, Chief Technology Officer | 160,000 |
| Manuel Menendez, President, ClearSign Asia Limited | 105,000 |
| Stephen Sock, Senior VP of Business Development | 100,000 |
The options have terms of 10 years. With the exception of the right to purchase 50,000 shares granted to each executive, which may be exercised at a price of $2.25, the right to purchase the remaining shares may be exercised at a price of $1.21, the closing price of the Company’s common stock on the date of grant. The right to purchase 100,000 shares granted to each executive is subject to the following vesting conditions: the right to purchase one-third of the shares vested as of January 1, 2019; the right to purchase one-third of the shares will vest on January 1, 2020; and the right to purchase one-third of the shares will vest on January 1, 2021. The right to purchase the remaining shares vested on the date of grant.
The Compensation Committee also approved bonuses to be paid in cash to the following executive officers:
| Name and Title | Amount of Bonus |
| Brian Fike, interim Chief Financial Officer | $20,000 |
| Manuel Menendez, President, ClearSign Asia Limited | $55,000 |
| Stephen Sock, Senior VP of Business Development | $40,000 |
The Company’s annual meeting of shareholders will be held at the corporate offices at 3:00 p.m. local time on Wednesday, April 17, 2019.
About CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR)
ClearSign Combustion Corporation is engaged in designing and developing technologies for managing various performance characteristics of combustion systems, such as emission and operational performance, and energy efficiency. The Company’s Duplex and Electrodynamic Combustion Control (ECC) platform technologies are used to manage the performance of combustion systems in a range of markets, including the refinery, petrochemical, chemical, power and commercial boiler industries. The Duplex burner technology typically consists of a traditional industrial burner and a porous ceramic tile. The ECC technology includes various components, such as a computer, standard software delivering algorithms to a power amplifier (resident outside the combustion chamber) and electrodes inside the combustion chamber. The ECC technology introduces a computer-controlled high voltage electric field into a combustion volume in order to control gas-phase chemical reactions.
