Synthesis Energy Systems, Inc. (NASDAQ:SYMX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. |
The description of the Employment Letter (as defined in Item 5.02
below) is incorporated by reference from Item 5.02 below into
this Item 1.01.
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers. |
On December 16, 2016, Chris Raczkowski was appointed President
Asia for Synthesis Energy Systems, Inc. (the Company).
Mr. Raczkowski, age 46, has 25 years of professional experience
within both large multinational corporations and start-up
companies in the U.S., China, Southeast Asia and Europe. Mr.
Raczkowskis responsibilities have included research and
development in the energy sector, manufacturing process, quality,
reliability and operations management, and trans-national energy
project development and execution in the United States, Europe
and Asia. He has managed investment, deployment,
commercialization and operations of multiple clean energy
technologies in China and Southeast Asia. Mr. Raczkowski has a
core understanding of SES Gasification Technology (SGT), having
served as Vice President Engineering for the Company during the
development and construction of the SGT demonstration plant in
Shandong Province, China. During the last fifteen years, he has
held a variety of executive leadership positions, while based in
China, for a broad range of clean energy technologies and
projects, including most recently serving as the Chief Executive
Officer of Azure International, an advisory firm assisting
clients with developing markets and opportunities in China, from
2003 through December 2016. Mr. Raczkowski holds B.S. and M.S.
degrees in materials and mechanical engineering from Harvey Mudd
College in the United States, and an MBA from TiasNIMBAS Business
School in the Netherlands.
Mr. Raczkowski has also entered into an employment letter with
the Company, effective January3, 2017 (the Employment Letter).
Under the Employment Letter, he is entitled to receive an annual
base salary of $139,000. Based on Mr. Raczkowskis performance,
the Employment Letter contemplates the base salary can be
increased to $200,000 after six months and $287,000 after twelve
months. Upon signing the Employment Letter, Mr. Raczkowski
received a $20,000 signing bonus. He is also entitled to a
performance bonus in the discretion of the Compensation Committee
of the Board. Mr. Raczkowskis salary is subject to increase in
the discretion of the Board. In connection with his appointment,
Mr. Raczkowski also received an award of an equivalent of
$168,000 in options to acquire shares of the Companys common
stock vesting in four equal quarterly installments with the first
vesting occurring on March 31, 2017. The letter also includes
non-competition, non-solicitation and confidentiality covenants
on Mr. Raczkowski. In connection with his appointment as
President Asia, Mr. Raczkowski also entered into the Companys
standard form of indemnification agreement for directors and
executive officers.
The foregoing description of the Employment Letter is qualified
in its entirety by reference to the full text of the Employment
Letter which is filed with this Current Report on Form 8-K as
Exhibit 10.1.
On December 20, 2016, the Company issued a press release
announcing the appointment of Mr. Raczkowski. A copy of the press
release is filed herewith as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibits | |
|
*10.1 Employment Letter between the Company and Chris Raczkowski dated December 16, 2016. |
|
|
10.2 Form of Indemnification Agreement between the Company and its officers and directors (incorporated by reference to Exhibit 10.25 to the Companys Annual Report on Form 10-KSB for the year ended June 30, 2007). |
|
| *99.1 Press Release dated December 20, 2016. | |
| * Filed herewith. |
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 down -0.049 at 0.820 with 98,941 shares trading hands.
