Gevo, Inc. (NASDAQ:GEVO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
In connection with its strategic review of options to improve the cash flow profile of its business, on January2, 2018, Gevo, Inc. (the “Company”) entered into an agreement (the “Separation Agreement”) with Mike Willis, the Company’s Chief Financial Officer, to which Mr.Willis will resign from his position with the Company, effective January5, 2018 or such other date as mutually agreed (the “Termination Date”).
to the Separation Agreement, Mr.Willis will be entitled to a lump sum payment of $200,000 from the Company and another lump sum payment equal to one hundred percent (50%) of the cost to continue his Company health care coverage to COBRA through June30, 2018. The Separation Agreement also contemplates that the Company and Mr.Willis may enter into a consulting agreement to which Mr.Willis will provide certain advisory services to the Company.
Mr.Willis shall forfeit all restricted stock unit and stock option awards to the extent that his interests therein have not vested on or before the Termination Date. With respect to vested stock options that Mr.Willis is entitled to exercise, Mr.Willis’s right to exercise such stock options shall cease ninety (90)days after the Termination Date.
In addition, in connection with the Company’s cost reduction efforts, the Company’s Chief Executive Officer, Dr.Patrick Gruber, has volunteered and elected to reduce his 2018 annual base salary by 30% to $350,000 and will forgo any potential 2017 annual cash bonus.
The foregoing description of the Separation Agreement does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit10.1 to this Current Report on Form8-K, and is incorporated herein by reference.
| Item 5.02. | Financial Statements and Exhibits. |
(d) Exhibits.
Gevo, Inc. ExhibitEX-10.1 2 d518376dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SEPARATION AGREEMENT This Separation Agreement (this Agreement) is made and entered into effective as of the Effective Date (as defined in Section 10),…To view the full exhibit click here
About Gevo, Inc. (NASDAQ:GEVO)
Gevo, Inc. (Gevo) is a renewable chemicals and next generation biofuels company. The Company has developed a technology that uses a combination of synthetic biology, metabolic engineering, chemistry and chemical engineering to focus primarily on the production of isobutanol, as well as related products from renewable feedstock. It has two operating segments: the Gevo, Inc. segment and the Gevo Development/Agri-Energy segment. Its Gevo, Inc. segment is responsible for research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Its Gevo Development/Agri-Energy segment is responsible for the operation of its Agri-Energy Facility and the production of ethanol, isobutanol and related products.