GLYECO, INC. (OTCMKTS:GLYE) 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. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On June 19, 2017, GlyEco, Inc. (the Company) announced that it
has appointed Brian Gelman to serve as the new Chief Financial
Officer of the Company, effective July 5, 2017. Mr. Gelman will
replace Ian Rhodes, who had been serving as the Companys Interim
Chief Financial Officer. Mr. Rhodes will continue to serve as the
Chief Executive Officer of the Company.
Mr. Gelman, 45, has served as a senior financial officer of a
public company and has nearly 20 years of experience in the areas
of accounting and finance. Prior to joining the Company, Mr.
Gelman held various positions of increasing responsibility,
including Interim Chief Financial Officer, Chief Accounting
Officer, Corporate Controller and Assistant Controller, with
Warren Resources, Inc., a publicly traded independent energy
company, from April 2002 to March 2016. From August 1998 to April
2002, Mr. Gelman was employed at EisnerAmper, LLP, an accounting
firm. Mr. Gelman received a Bachelor of Science in Finance from
the State University of New York at Old Westbury, located in Old
Westbury, New York.
The Company entered into a letter agreement, dated as of June 12,
2017, which was effective as of June 15, 2017, with Mr. Gelman
(the Offer Letter), establishing his compensation as Chief
Financial Officer. to the terms of the Offer Letter, the Company
agreed to pay Mr. Gelman an annual base salary of $150,000,
subject to annual review. Mr. Gelman will also receive a $10,000
signing bonus payable in one lump sum. Mr. Gelman is eligible for
a targeted cash bonus of 35% of his base salary based on
performance goals established by the Company. Mr. Gelman will be
eligible to participate in the employee benefit plans and
programs generally available to the Companys executive officers.
Mr. Gelman will be granted 750,000 shares of the Companys common
stock (the Common Stock), which shares shall vest when the market
price of the Common Stock trades at or above $0.20 for the
previous 30-day volume weighted average price.
The foregoing description of the terms of the Offer Letter is
qualified in its entirety by reference to the provisions of the
Offer Letter filed as Exhibit 10.1 to this Current Report on Form
8-K, which are incorporated by reference herein.
There are no family relationships between any of the Companys
directors or officers and Mr. Gelman.
Related Party Transactions
There are no related party transactions reportable under item
5.02 of Form 8-K and Item 404(a) of Regulation S-K.
Item 8.01.Other Events.
On June 19, 2017, the Company issued a press release that
announced the appointment of Mr. Gelman as its new Chief
Financial Officer. A copy of the press release is attached hereto
as Exhibit 99.1.
Item9.01 Financial Statements and Exhibits.
Letter Agreement between GlyEco, Inc. andBrian Gelman dated
|Exhibit 99.1||Press Release of GlyEco, Inc. dated June 19, 2017.|
GlyEco, Inc. ExhibitEX-10.1 2 s106589_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 June 9,…To view the full exhibit click
here About GLYECO, INC. (OTCMKTS:GLYE)
GlyEco, Inc. is engaged in processing of waste glycol into recycled glycol products, specifically automotive antifreeze, and related specialty blended antifreeze, which it sells in the automotive and industrial end markets. The Company’s product offerings include High-Quality Recycled Glycols, Recycled Antifreeze, Recycled HVAC Fluids, Waste Glycol Disposal Services and Windshield Washer Fluid. The Company’s technology allows it to produce glycols, which can be used in industrial application. It formulates various universal recycled antifreeze products for engine coolants. In addition, it customs blend recycled antifreeze to customer specifications. It formulates a universal recycled, heating, ventilating and air conditioning (HVAC) coolant for HVAC fluids. Utilizing its fleet of collection/delivery trucks, the Company collects waste glycol from generators for recycling. It delivers Windshield Washer Fluid product into same store and new store customers as a non-recycled product.