Synthesis Energy Systems, Inc. (NASDAQ:SYMX) 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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. |
Effective upon the approval of the Compensation Committee of the
Board of Directors (the Committee) of the Company on May 17,
2017, Synthesis Energy Systems, Inc. adopted a salary for stock
options program, whereby certain employees, including DeLome
Fair, the Companys President and Chief Executive Officer, and
Chris Raczkowski, the Companys President – Asia, elected to
reduce their base salary for a period of time, and in exchange
for such election, they will receive non-qualified stock options
exercisable for a number of shares of the common stock of the
Company. The exchange relates to the payroll amount to be
received by such employees for a period of six months from May
2017 to the end of October 2017.
The number of shares underlying the stock option will be
determined by multiplying the amount of the salary reduction by
1.15 (participation incentive) (or in the case of the directors,
cash fee reduction) then dividing the adjusted salary reduction
by the fair value of the stock options as determined using the
Black-Scholes valuation method typically utilized by the Company.
The exercise price of the stock options will be determined based
on the fair market value of the common stock on the date of the
payroll payment as specified above. The stock options will vest
over six months from the date of grant and the term of the stock
options is ten years from the award date.
In addition, an updated form of award agreement will be utilized
in connection with the grant of awards of these stock options
under the Companys Amended and Restated 2015 Incentive Plan, as
amended, to reflect that the award vests over six months from the
date of grant. Such form of award agreement is filed herewith as
Exhibit 10.1.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
* 10.1 Form of Non-statutory Stock Option Agreement (six month
vesting).
* Filed herewith.
Management contract or compensatory plan.
About Synthesis Energy Systems, Inc. (NASDAQ:SYMX)
Synthesis Energy Systems, Inc. is a clean energy company that develops, builds and owns clean energy projects. The Company owns gasification technology, which it utilizes to provide technology licenses and equipment to customers in the energy and chemical industries. The Company operates through segments, including SES China, Technology Licensing and Related Services, and Corporate. The SES China segment includes all of the assets and operations and related administrative costs for China, including initial closing costs relating to its joint ventures. The Technology Licensing and Related Services segment includes all of the Company’s operating activities outside of China. The Corporate segment includes the executive and administrative expenses of the corporate office in Houston. The Company offers U-GAS fluidized bed gasification technology, which is known as Synthesis Energy Systems Gasification Technology (SGT). Synthesis Energy Systems, Inc. (NASDAQ:SYMX) Recent Trading Information
Synthesis Energy Systems, Inc. (NASDAQ:SYMX) closed its last trading session up +0.045 at 0.775 with 219,017 shares trading hands.