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 Officers

On November 2, 2016, Profire Energy, Inc. (the “Company”) reported on a Current Report on Form 8-K that it had granted a non-qualified stock option to Brenton Hatch, the Company’s CEO, under the Company’s 2014 Equity Incentive Plan (the “Plan”) and to the standard form of Notice of Stock Option Grant and Stock Option Agreement under the Plan (the “Option Agreement”). The stock option for Mr. Hatch purported to provide for the purchase of up to 400,000 shares of the Company’s common stock upon exercise.

Subsequent to Mr. Hatch’s purported stock option grant, the Company determined that, due to an inadvertent error, the number of shares intended to be subject to the stock option exceeded by 150,000 shares the Plan’s 250,000 share limit on grants under the Plan to any eligible person in a calendar year. The attempted grant of more than 250,000 options was therefore ineffective. On December 2, 2016, with the approval of the Board of Directors and its Compensation Committee, the Company and Mr. Hatch entered into an agreement to correct the Option Agreement to provide for the purchase of up to 250,000 shares in full compliance with the Plan (the “Correction”). The other provisions of the Option Agreement relating to vesting and exercise price remain unchanged.

The stock option was granted to Mr. Hatch in recognition of his performance as the Company’s CEO and to provide ongoing retention and performance incentives. In connection with the Correction and the fact that the option was limited to only 250,000 shares, on December 2, 2016, the Board of Directors and its Compensation Committee approved an award to Mr. Hatch of a one-time cash bonus of $75,000. The cash bonus was awarded as compensation for Mr. Hatch’s performance as the Company’s CEO.

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. PROFIRE ENERGY, INC. (NASDAQ:PFIE) Recent Trading Information
PROFIRE ENERGY, INC. (NASDAQ:PFIE) closed its last trading session up +0.01 at 1.33 with 34,401 shares trading hands.