Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective April 12, 2018, the Board of Directors of Vertex Energy, Inc. (the “Company”) approved the grant of certain incentive stock options to purchase shares of the Company’s common stock to twelve 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 166,000 shares); Chris Carlson, the Chief Financial Officer and Secretary of the Company (options to purchase 108,000 shares); and John Strickland, the Chief Operating Officer of the Company (options to purchase 117,000 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 April 12, 2019, 2020, 2021 and 2022. The Options (other than Mr. Cowart’s) had an exercise price of $1.14 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 $1.26 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.
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VERTEX ENERGY, INC.
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Date: April 13, 2018
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By:
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/s/ Chris Carlson
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Chris Carlson
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Chief Financial Officer
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