PROFIRE ENERGY, INC. (NASDAQ:PFIE) 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 August 3, 2017, Profire Energy, Inc. (the “Company”) entered into an Amended and Restated Employment Agreement with Ryan W. Oviatt as Chief Financial Officer (principal financial officer), effective as of July 1, 2017, which sets forth the parties’ duties and obligations with respect to Mr.Oviatt’s employment (the “Employment Agreement”).
The principal purpose of the Employment Agreement is to update Mr. Oviatt’s compensation to better align with the compensation of comparable executive officers of public companies. This agreement supersedes and replaces the Employment Agreement between the Company and Mr. Oviatt dated September 14, 2015.
Under the Agreement, Mr. Oviatt will continue to serve as the Company’s Chief Financial Officer. The Agreement establishes that the Company shall pay Mr. Oviatt an annual base salary of $243,000 for the remainder of calendar year 2017, effective as of July 1, 2017. Mr. Oviatt’s annual base salary shall be adjusted to $250,000 on January 1, 2018 unless the Company does not meet the original budget projection for Revenue and EBITDA for 2017 as set forth in the Company’s fiscal year 2017 budget. Mr. Oviatt’s annual base salary is otherwise subject to review by the compensation committee of the board of directors annually.
the Employment Agreement, Mr. Oviatt is also eligible to receive an annual bonus and participate in a long-term incentive plan. The amount of Mr. Oviatt’s annual bonus and awards granted to the long-term incentive plan shall be determined by the board or the compensation committee.
If Mr. Oviatt's employment is terminated other than for “cause” or he resigns for “good reason,” he is entitled to receive a continuation of his base salary for a period of 18 months and a pro-rata portion of his annual bonus.
The Employment Agreement contains customary confidentiality, non-competition, non-solicitation and non-disparagement provisions.
The foregoing description of the Agreement is qualified in its entirety by the terms set forth in the definitive agreement attached hereto as Exhibit 10.1.
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Item 9.01. |
Financial Statements and Exhibits |
(d) Exhibits
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Exhibit Number |
Description |
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10.1 |
Amended and Restated Employment Agreement by and between Profire Energy, Inc. and Ryan W. Oviatt, dated August 3, 2017 |
PROFIRE ENERGY INC ExhibitEX-10.1 2 exhibit101roemploymentagre.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AMENDED AND RESTATED EMPLOYMENT AGREEMENTTHIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into on August 3,…To view the full exhibit click here
About PROFIRE ENERGY, INC. (NASDAQ:PFIE)
Profire Energy, Inc. is an oilfield technology company. The Company is primarily engaged in the business of developing combustion management technologies for the oil and gas industry. It specializes in the creation of burner-management systems, used on a range of oilfield natural-draft fire tube vessels. It offers burner-management systems, which help to ignite, monitor and manage the burner flame. Its solution, the PF3100, helps manage and synchronize custom applications helping oilfield producers meet deadlines through an off-the-shelf solution with dynamic customization. It also sells complementary oilfield products. Such products help manage fuel flow (such as valves and fuel trains), meter air flow (such as airplates), generate power on-site (such as solar packages), ignite and direct flame (such as flare stack igniter and nozzles), and other functions. In addition to the burner-management systems and complementary technologies, it also offers chemical-management systems.
