Energy Recovery, Inc. (NASDAQ:ERII) 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(e) of Current Report on Form 8-K, the Company is filing this Amendment No. 1 to the Original Report (the “Amendment”) solely for the purpose of disclosing a brief description of the separation agreement entered into between the Company and Mr. Gannon. The information contained in the Amendment should be read in conjunction with the information contained in the Original Report.
On November 15, 2019, the Company entered into a Settlement Agreement and Release with Mr. Gannon, to which the Company has agreed to (1) pay Mr. Gannon a lump sum amount equal to twelve months’ of Mr. Gannon’s base salary; (2) pay Mr. Gannon a lump sum amount equal to the premiums for 12 months of COBRA benefits for Mr. Gannon and his family; (3) the immediate vesting of 25% of the outstanding, unvested equity held by Mr. Gannon at the time of his resignation; and (4) allow Mr. Gannon through November 1, 2020 to exercise his vested options. The Company agreed to these benefits in consideration for Mr. Gannon agreeing to (i) release certain claims against the Company relating to his employment, (ii) provide certain assistance to the Company in the future and (iii) comply with certain restrictive covenants.
The foregoing description of the Settlement Agreement and Release does not purport to be complete and is qualified in its entirety by reference to the Settlement Agreement and Release, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference into this Item 5.02.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
10.1 Settlement Agreement and Release, dated as of November 15, 2019, by and between Energy Recovery, Inc., and Chris Gannon
Energy Recovery, Inc. Exhibit
EX-10.1 2 ex_165371.htm EXHIBIT 10.1 ex_165371.htm Exhibit 10.1 SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release (hereinafter “Release”) is freely entered into by Chris Gannon (“Gannon”) and Energy Recovery,…
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About Energy Recovery, Inc. (NASDAQ:ERII)
Energy Recovery, Inc. is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. It operates through two segments: Water, and Oil & Gas. Its Water Segment focuses on products sold for use in reverse osmosis water desalination. Its Oil & Gas Segment consists of products sold for use in gas processing, chemical processing, and hydraulic fracturing. It offers energy recovery devices (ERDs) in the water desalination market with its pressure exchanger technology and turbochargers. It offers VorTeq hydraulic fracturing system (VorTeq), IsoBoost, and IsoGen product lines to the oil and gas market. Its solutions are marketed and sold in fluid flow markets, such as water, oil and gas, and chemical processing, under the trademarks ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, IsoBoost, and IsoGen.
