MIDWEST ENERGY EMISSIONS CORP. (OTCMKTS:MEEC) 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 26, 2017, Midwest Energy Emissions Corp. (the Company)
entered into an employment letter agreement with Marcus A.
Sylvester, effective as of June 15, 2017, confirming and
restating the terms of his employment with the Company as Vice
President of Sales. Mr. Sylvester has served as Vice President of
Sales since August 2011.
Under the terms of the employment letter agreement, Mr. Sylvester
will be paid at an annual base salary rate of $50,000. Prior
thereto, Mr. Sylvester was paid an annual salary rate of
$150,000. He will also be entitled to receive sales commission on
transactions completed and closed primarily as a result of his
efforts. Such commissions shall be 6% (5% for transactions
completed prior to June 15, 2017) for the first year after the
product supply is started with such customer, 3% for the second
year and 1% for the third year and thereafter subject to Mr.
Sylvester remaining in the employ of the Company although, under
certain circumstances, Mr. Sylvester may be entitled to certain
continuing commissions for up to 12 additional months as
reflected in the employment letter agreement.
Mr. Sylvester shall no longer be paid any management fees on all
sales of the Company to any previous agreed upon arrangements.
Prior hereto, Mr. Sylvester was paid a management fee of 1% of
all sales. He will be entitled to participate in the Companys
benefit plans made available to the Companys employees, including
a 401(k) plan and any other profit sharing plans as may be
adopted as well as health and dental coverage. Mr. Sylvester
shall also be entitled to receive equity awards as may be granted
from time to time by the Board or a committee thereof. As
provided in the employment letter agreement, Mr. Sylvesters
employment shall be at will subject to Mr. Sylvester being
entitled to receive his then current base salary for three months
following termination by the Company, for other than cause, along
with certain other commissions for a period of time as reflected
therein.
The foregoing changes to Mr. Sylvesters compensation results from
a recent evaluation made by the Company in the way it structures
incentives and commissions for its sales personnel.
The foregoing description of the employment letter agreement is
qualified in its entirety by the full text of such document which
is filed as Exhibit 10.1 to this report and incorporated by
reference into this Item 5.02.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number |
Description |
|
10.1* |
Employment Letter Agreement between Marcus A. Sylvester and |
_______
* Filed herewith.
Midwest Energy Emissions Corp. ExhibitEX-10.1 2 meec_ex101.htm EMPLOYMENT LETTER AGREEMENT meec_ex101.htmEXHIBIT 10.1 MIDWEST ENERGY EMISSIONS CORP. 670 D Enterprise Drive Lewis Center,…To view the full exhibit click here
About MIDWEST ENERGY EMISSIONS CORP. (OTCMKTS:MEEC)
Midwest Energy Emissions Corp. is an environmental services company. The Company is focused on mercury emission control technologies, primarily to utility and industrial coal-fired units. The Company’s business is focused on the delivery of mercury capture technologies to power plants in North America, Europe and Asia. The Company develops and deploys technologies to remove mercury emissions from coal-fired power plants. The Company’s customer contracts include designing and installing front-end injection equipment for injection of its front-end product, and in some cases include installation of an additional back-end sorbent injection system. MES, Inc. is a subsidiary of the Company and is engaged in the business of developing and commercializing control technologies relating to the capture and control of mercury emissions from coal fired boilers in the United States and Canada.