HERITAGE-CRYSTAL CLEAN, INC. (NASDAQ:HCCI) 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. |
Heritage-Crystal Clean, Inc. (the Company), will be leaving the
Company. The Company entered into a Transition Agreement (the the
Transition Agreement) with Mr. Ray, setting forth the terms of Mr.
Ray’s transition from his position as Chief Operating Officer of
the Company, on June 28, 2017. Under the terms of the Transition
Agreement, Mr. Ray will be entitled to the following severance and
certain other benefits:
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Two years of base salary during the 24-month period beginning
on the Termination date. |
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>An amount in lieu of the expected value of the stock
award and cash bonus for fiscal 2017 paid in a lump sum by July 29, 2017. |
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Additional severance compensation of $304,331, a portion of
which will be paid in a single lump sum and a portion of which will be paid in ten approximately equal installments. |
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Reimbursement of cost to maintain COBRA, or its equivalent,
for the greater of 12 months or until fully covered by a subsequent employer health care plan, but no longer than 36 months after Termination Date. |
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Vesting of 5,169.667 shares of currently unvested restricted
stock on January 1, 2018. |
transition services, as needed, on a part-time/consulting basis
during the transition period (June 30, 2017 through November 15,
2017).
previously executed Non-Competition and Confidentiality Agreement
extended through November 15, 2019.
purport to be complete and is subject to, and qualified in its
entirety by, the full text of the Transition Agreement, a copy of
which is filed as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated herein by reference.
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Exhibit No.
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Description
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10.1
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Transition Agreement
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Heritage-Crystal Clean, Inc. ExhibitEX-10.1 2 transitionagreementgregr….To view the full exhibit click here About HERITAGE-CRYSTAL CLEAN, INC. (NASDAQ:HCCI)
Heritage-Crystal Clean, Inc. provides full-service parts cleaning, containerized waste management, used oil collection, vacuum truck services and antifreeze recycling. The Company owns and operates a used oil re-refinery. The Company operates through two segments: Environmental Services and Oil Business. The Company provides hazardous and non-hazardous waste services to small and mid-sized customers in both the manufacturing and vehicle maintenance sectors. The Environmental Services segment consists of its parts cleaning, containerized waste management, vacuum truck, antifreeze and field services. The Company’s services allow its customers to outsource their handling and disposal of parts cleaning solvents, as well as other hazardous and non-hazardous waste. The Oil Business segment consists of used oil collection activities, sale of recycled fuel oil and re-refining activities. Through its re-refining process, the Company recycles used oil into lubricant base oil and by-products.
