TECOGEN INC. (NASDAQ:TGEN) 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 Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 1, 2019, the Board of Directors of Tecogen Inc. (the “Company”) increased the size of the Company’s Board of Directors to seven (7) directors, and appointed John N. Hatsopoulos as an additional member of the Company’s Board of Directors, to serve until the Company’s 2019 annual meeting of stockholders, or until his successor is duly elected and qualified. Mr. Hatsopoulos will serve as Lead Director for purposes of assisting the Company in identifying and evaluating financing alternatives for the Company.
Mr. Hatsopoulos is a founder of the Company, and was a member of the Board of Directors of the Company until June 6, 2018. Mr. Hatsopoulos served as CEO of the Company until October 29, 2014 and as co-CEO through March 29, 2018. Mr. Hatsopoulos has also served as an advisor to the Board of Directors and the CEO of the Company since January 3, 2018 to an Advisory Agreement with the Company dated January 3, 2018 a copy of which was filed as an Exhibit to a Current Report on Form 8-K, as filed with the SEC on January 9, 2018. The term of the Advisory Agreement continues through January 2, 2021.
There is no arrangement or understanding between Mr. Hatsopoulos and any other persons to which he was elected as a director, nor are there any family relationships between Mr. Hatsopoulos and any of the Company’s executive officers and directors. As previously reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, as filed with the SEC on August 14, 2017, the Company assumed a loan from Mr. Hatsopoulos in the original principal amount of $850,000 in connection with the merger of American DG Energy Inc. with a subsidiary of the Company, which loan was repaid in full on May 4, 2018 as reported in the Company’s Current Report on Form 8-K, as filed with the SEC on May 8, 2018. Other than the loan and the loan pay-off and the Advisory Agreement described above, there are no transactions involving the Company and Mr. Hatsopoulos that are reportable to Item 404(a) of Regulation S-K under the Securities Act of 1933, as amended.
About TECOGEN INC. (NASDAQ:TGEN)
Tecogen Inc. designs, manufactures, sells and maintains cogeneration products, including combined heat and power (CHP), air conditioning systems and water heaters for residential, commercial, recreational and industrial use. The Company is engaged in the business of manufacturing and supporting CHP products based on engines fueled by natural gas. The Company manufactures over three types of CHP products, such as cogeneration units that supply electricity and hot water, chillers that provide air-conditioning and hot water, and water heaters. Its commercial product line includes the InVerde, InVerde e+ and TECOGEN cogeneration units; TECOCHILL chillers; Ilios high-efficiency water heaters, and Ultera emissions control technology. Its customers include hospitals and nursing homes, hotels and motels, office and retail buildings, and military installations. Its cogeneration systems and chillers use the engine, the TecoDrive 7400 model.
