DEEP DOWN, INC. (OTCMKTS:DPDW) Files An 8-K Termination of a Material Definitive Agreement
ITEM 1.02
Deep Down, Inc. (the “Company”) notified Mr. Micah Simmons (“Mr. Simmons”) of its decision to eliminate Mr. Simmons’ role of Chief Operating Officer and terminate his employment without cause. to the terms of his employment agreement (the “Agreement”), the Company elected to relieve Mr. Simmons of his duties, effective immediately, and place him on garden leave for the remainder of his employment through May 31, 2020.
to the terms of the Agreement, in connection with his termination, but subject to execution of a release of claims by Mr. Simmons, the Company is required to pay Mr. Simmons one time his current annual base salary of $245,000, payable over 12 months. In addition, the Company is required to pay all accrued, unpaid vacation time through the date of termination and all benefits to which the Mr. Simmons is entitled or vested under the terms of all employee benefit and compensation plans, agreements and arrangements in which Mr. Simmons is a participant as of the date of termination.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement and incorporated herein by reference. The full text of the Agreement has been filed by the Company in a Current Report on Form 8-K dated September 18, 2019.
SECTION 5 – CORPORATE GOVERNANCE AND MANAGEMENT
The information under Item 1.02 is incorporated herein by reference.
About DEEP DOWN, INC. (OTCMKTS:DPDW)
Deep Down, Inc. is engaged in the oilfield services industry. The Company operates through Deep Down Delaware segment. The Company is a provider of specialized services to the offshore energy industry to support deep water and ultra-deep water exploration, development and production of oil and gas, and other maritime operations. It also produces custom engineered products that assist it in fulfilling service objectives for specific projects on a contractual basis. The Company designs and manufactures deep water and ultra-deep water, surface and offshore equipment solutions, which are used by independent and foreign national oil and gas companies in offshore areas across the world. The Company provides engineering and management services, including the design, installation and retrieval of subsea equipment and systems, connection and termination operations, well-commissioning services, as well as construction support and remotely operated vehicle (ROV) operations support.
