RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) 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 Principal Officers; Election
of Directors; Appointment of Principal Officers.
Executive Officer of RiceBran Technologies (the Company) was
terminated on August 27, 2016. On November 18, 2016, the
Company and Mr. Short entered into a Mutual Release Agreement
(the Agreement), under which the Company resolved all matters
related to Mr. Shorts separation from employment with the
Company and Mr. Shorts service on the Companys board of
directors. The Agreement will be effective on November 23,
2016, and Mr. Short may revoke the Agreement at any time before
that date.
payments: (i) an initial payment of $220,000; (ii) an
additional payment of $225,000, payable on or before January
15, 2017; and (iii) fifteen equal monthly installments of
$17,000, with the first installment being paid on or before
February 15, 2017; and (iv) $80,000, which represents the value
of Mr. Shorts compensation had he continued to serve on the
Companys board of directors. Payment of the amounts described
in parts (ii) and (iii) of this paragraph will accelerate in
the event the Company completes certain asset sales, other than
those made in the ordinary course of business.
provides for (i) a mutual release by Mr. Short and the Company,
(ii) payment to Mr. Shorts attorneys for legal fees incurred by
Mr. Short in connection with matters related to Mr. Shorts
employment agreement and this Agreement, and (iii) full vesting
of any unvested restricted stock held by Mr. Short.
directors, which resignation will be effective upon his receipt
of (i) the $220,000 and the $80,000 payments described above
and (ii) a stock certificate for his restricted shares that
vested under the Agreement.
purport to be complete and is qualified in its entirety by
reference to the complete text of the Agreement. A copy of the
Agreement is filed as Exhibit 10.1 to this report and is
incorporated into this report by reference.
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10.1
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Mutual Release Agreement
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About RICEBRAN TECHNOLOGIES (NASDAQ:RIBT)
RiceBran Technologies is a human food ingredient, functional food ingredient, packaged functional food and animal nutrition company. The Company is focused on processing and marketing of nutrient dense products derived from raw rice, an underutilized by-product of the rice milling industry. The Company has two operating segments. The USA segment manufactures and distributes stabilized rice bran (SRB) (for human food ingredient and animal nutrition customers) and derivative products. The Brazil segment extracts crude rice bran oil (RBO) and defatted rice bran (DRB) from rice bran, which are then further processed into fully refined rice bran oil for sale internationally and in Brazil, compounded animal nutrition products for horses, cows, swine, sheep and poultry and a range of human food and animal nutrition products. The Brazil segment consists of the operations of Nutra S.A. LLC subsidiary, whose only operating subsidiary is Industria Riograndens De Oleos Vegetais Ltda. (Irgovel). RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) Recent Trading Information
RICEBRAN TECHNOLOGIES (NASDAQ:RIBT) closed its last trading session down -0.050 at 0.990 with shares trading hands.