(Address of Principal Executive Offices) (Zip Code)
(i510)
i483-7370
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(Former Name or Former Address, if Changed Since Last Report)
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Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon Stock, $0.001 par value per share
iERII
iThe
Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company i☐
If an emerging growth company, indicate by check mark if the
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 19, 2020, Energy Recovery, Inc. (the “Company”) filed a Current
Report on Form 8-K (the “Original Report”) to announce the departure of Mr. Eric Siebert as the Company’s Vice President, Oil & Gas. Pursuant to Item 5.02(e) of Current Report on Form 8-K, the Company is filing this Amendment No. 1 to the Original Report (the “Amendment”) solely for the purpose of disclosing a brief description of the separation agreement entered into between the Company and Mr. Siebert. The information contained in the Amendment should be read in conjunction with the information contained in the Original Report.
On March 24, 2020, the
Company entered into a Settlement Agreement and Release with Mr. Siebert, pursuant to which the Company has agreed to (1) pay Mr. Siebert a lump sum amount equal to six months of Mr. Siebert’s base salary; and (2) pay Mr. Siebert a lump sum amount equal to the premiums for 6 months of COBRA benefits for Mr. Siebert and his family.The Company agreed to these benefits in consideration for Mr. Siebert agreeing to (i) release certain claims against the Company relating to his employment, (ii) provide certain assistance to the Company in the future and (iii) comply with certain
restrictive covenants.
The foregoing description of the Settlement Agreement and Release does not purport to be complete and is qualified in its entirety by reference to the Settlement Agreement and Release, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference into this Item 5.02.
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.