Synthesis Energy Systems, Inc. (NASDAQ:SYMX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On February 8, 2019, in connection with his appointment as Chief Executive Officer and President of Synthesis Energy Systems, Inc. (the “Company”) as described under Item 5.02 below, Robert Rigdon entered into an Employment Agreement with the Company to be effective March 1, 2019. Mr. Rigdon previously served as Chief Executive Officer from March 2009 to February 2016. He is entitled to receive an annual base salary of up to $180,000 and performance bonuses based on achievement of certain objectives specified in the Employment Agreement. If Mr. Rigdon’s employment is terminated other than for cause (as defined in the Employment Agreement), he will continue to be able to earn the performance bonuses for six months after his termination if the objectives are achieved.
Mr. Rigdon is also subject to non-competition, confidentiality and non-disparagement obligations. Due to his service on the Company’s board of directors (the “Board”), Mr. Rigdon is already a party to the Company’s standard form of indemnification agreement for directors and executive officers.
The foregoing descriptions of the Employment Agreement and the indemnification agreement are qualified in their entirety by reference to the full text of the Employment Agreement and the indemnification agreement which are filed with this Current Report on Form 8-K as Exhibits 10.1 and10.2.
| Item 1.02 | Termination of a Material Definitive Agreement. |
As described below under Item 5.02, the employment agreement of DeLome Fair with the Company dated as of February 2016 will terminate effective March 1, 2019 in connection with her resignation as President and Chief Executive Officer of the Company.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. |
On February 8, 2019, DeLome Fair, President and Chief Executive Officer, and principal financial officer, of the Company and a director on the Board, notified the Company of her intention to resign as President and Chief Executive Officer, and principal financial officer, of the Company, and as a director on the Board effective March 1, 2019. The Company also announced that Robert Rigdon, Vice Chairman of the Board and the former Chief Executive Officer of the Company, will succeed Ms. Fair as President and Chief Executive Officer and principal financial officer. Ms. Fair’s employment agreement with the Company dated as of February 2016 will also terminate effective as of such date.
The description of the Employment Agreement is incorporated by reference into this Item 5.02.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
* Filed herewith.
SYNTHESIS ENERGY SYSTEMS INC Exhibit
EX-10.1 2 exh_101.htm EXHIBIT 10.1 Exhibit 10.1 February 8,…
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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).
