CONSOLIDATED WATER CO. LTD. (NASDAQ:CWCO) 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.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously reported, effective September 1, 2011, Consolidated
Water Co. Ltd. (the Company) entered into an employment agreement
(the Original Tonner Agreement) with John Tonner, to which Mr.
Tonner served as the Companys Executive Vice President and Chief
Operating Officer. On March 29, 2017, the Company entered into an
amended and restated employment agreement (the Amended Tonner
Agreement) with Mr. Tonner, which agreement is to have
retroactive effect to December 1, 2016. to the Amended Tonner
Agreement, Mr. Tonner will serve as the Companys Executive Vice
President and Chief Commercial Officer and have the
responsibilities inherent to such position. The Amended Tonner
Agreement also permits Mr. Tonner to elect to terminate his
employment and receive a lump sum payment equal to his then
current base salary upon a Change in Control (as defined in the
Amended Tonner Agreement).
Additionally, as previously reported, effective January 1, 2008,
the Company entered into an employment agreement (the Original
Jerrybandan Agreement) with Ramjeet Jerrybandan, to which Mr.
Jerrybandan served as the Companys Vice President of Overseas
Operations. On March 29, 2017, the Company entered into an
amendment to the Original Jerrybandan Agreement (the Jerrybandan
Amendment) with Mr. Jerrybandan, which amendment is to have
retroactive effect to December 1, 2016. to the Jerrybandan
Amendment, Mr. Jerrybandan has been promoted to Executive Vice
President of Operations and will have the responsibilities
associated with such position. to the Jerrybandan Amendment, Mr.
Jerrybandans annual base salary will be increased from
approximately $185,000 to $240,000.
The foregoing descriptions of the Amended Tonner Agreement and
the Jerrybandan Amendment do not purport to be complete and are
qualified in their entirety by reference to the Amended Tonner
Agreement and the Jerrybandan Amendment, which are attached
hereto as Exhibit 10.1 and 10.2, respectively, and incorporated
herein by reference. None of the other terms of the Original
Tonner Agreement or the Original Jerrybandan Agreement were
modified in any material respect.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| ExhibitNo. | Title | |
| 10.1 |
Amended and Restated Engagement Agreement dated March 29, 2017 between Consolidated Water Co. Ltd. and John Tonner. |
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| 10.2 |
First Amendment of Engagement Agreement dated March 29, 2017 between Consolidated Water Co. Ltd. and Ramjeet Jerrybandan. |
About CONSOLIDATED WATER CO. LTD. (NASDAQ:CWCO)
Consolidated Water Co. Ltd. develops and operates seawater desalination plants (that utilize reverse osmosis technology) and water distribution systems in areas where naturally occurring supplies of potable water are scarce or non-existent. The Company operates in three segments: retail water operations, bulk water operations and services operations. The retail water operations segment produces and supplies water to end users, including residential, commercial and government customers. The bulk water operations segment produces potable water from seawater and sells this water to governments and private customers. The services operations segment provides engineering and management services, including designing and constructing desalination plants, and managing and operating plants owned by affiliated companies. Through its subsidiaries and affiliates, it provides various services to its customers in the Cayman Islands, The Bahamas, Belize, the British Virgin Islands and Indonesia. CONSOLIDATED WATER CO. LTD. (NASDAQ:CWCO) Recent Trading Information
CONSOLIDATED WATER CO. LTD. (NASDAQ:CWCO) closed its last trading session down -0.10 at 11.60 with 86,113 shares trading hands.