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 OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 18, 2017 Heritage-Crystal Clean, Inc. (the "Company") and Mr. Mark DeVita (the "Executive") entered into an Executive Employment Agreement (the “Employment Agreement”), to which Mr. DeVita will receive an annual base salary of $285,000. The Company will also provide Mr. DeVita with an annual opportunity to earn performance-based compensation in the form of cash and/or shares of the Company's common stock based on the achievement of certain performance criteria. Mr. DeVita shall also be eligible to participate in any employee benefit plans and programs to which employees of the Company are generally entitled to participate.
In the event of terminationwithoutCauseor resignation for Good Reason (each as defined in the Employment Agreement), the Company shall provide Mr. DeVita with severance compensation in the form of salary continuation at the Base Salary rate in
effect at the time of Executive's employment termination for a period of twelve (12) months, and Mr. DeVita may receive a prorated portion of a bonus amount based on the number of whole months in such year the Executive was employed prior to his employment termination if a bonus would otherwise have been payable to Executive for the year of Executive’s employment.
The foregoing description of the terms of the Employment Agreement does not purport to be a complete description and is qualified in its entirety by reference to the Employment Agreement, which is attached hereto as Exhibit 10.1 and is incorporated by reference in its entirety into this Item 5.02.
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10.1 |
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Heritage-Crystal Clean, Inc. ExhibitEX-10.1 2 employmentagreement.htm EXHIBIT 10.1 Exhibit EXECUTIVE EMPLOYMENT AGREEMENTThis Executive Employment Agreement (“Agreement”) is made and entered into effective as of October 18,…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.
