VERTEX ENERGY, INC. (NASDAQ:VTNR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective August 20, 2017, the Board of Directors of Vertex Energy, Inc. (the “Company”) approved the grant of incentive stock options to purchase an aggregate of 480,000 shares of the Company’s common stock to six officers and/or employees of the Company, in consideration for services rendered, including Benjamin P. Cowart, the President and Chief Executive Officer of the Company (options to purchase 150,000 shares); Chris Carlson, the Chief Financial Officer and Secretary of the Company (options to purchase 125,000 shares); and John Strickland, the Chief Operating Officer of the Company (options to purchase 50,000 shares)(collectively, the “Options”).
The Options were granted under the Company’s Amended and Restated 2013 Stock Incentive Plan (the “Plan”) and the Options (other than Mr. Cowart’s Options) had a term of ten years; provided that Mr. Cowart’s Options had a term of five years, subject in all cases to the terms and conditions of the Plan and the award agreements, and each officer and employee’s continued service with the Company.The Options vest to each individual at the rate of 1/4th of such Options per year on each of August 20, 2018, 2019, 2020 and 2021.The Options (other than Mr. Cowart’s) had an exercise price of $0.97 per share, the mean between the highest and lowest quoted selling prices of the Company’s common stock on the NASDAQ Capital market on the last trading day prior to the effective date of the grant of the Options (the “Market Price”); provided that Mr. Cowart’s Options had an exercise price of $1.07 per share, representing 110% of the Market Price.
The description of the Options above is qualified in its entirety by the terms of the Option Agreements evidencing each grant, a form of which is incorporated by reference herein as Exhibit 10.2, and the terms of which are incorporated by reference in this Item 5.02.
Item 9.01 Financial Statements and Exhibits.
|10.1||Amended and Restated 2013 Stock Incentive Plan (filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on September 21, 2015, and incorporated by reference herein)(File Number 001-11476)|
|10.2||Form of 2013 Stock Incentive Plan Stock Option Agreement (filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on September 30, 2013, and incorporated by reference herein)(File Number 001-11476)|
About VERTEX ENERGY, INC. (NASDAQ:VTNR)
Vertex Energy, Inc. is an environmental services company that recycles industrial waste streams and off-specification commercial chemical products. The Company focuses on recycling used motor oil and other petroleum by-products. The Company’s segments include the Black Oil, Refining and Marketing, and Recovery divisions. The Company’s product categories include Used Motor Oil, Fuel Oil, pyrolysis gasoline (Pygas), Gasoline Blendstock and Base Oil. The Black Oil division is engaged in operations across the used motor oil recycling value chain, including collection, aggregation, transportation, storage, refinement and sales of aggregated feedstock and re-refined products to end users. The Refining and Marketing division is engaged in the aggregation of feedstock, re-refining it into end products, and selling these products to customers. The Recovery division is a provider of generator solutions for the recovery and management of hydrocarbon streams.