Energy Recovery , Inc. (NASDAQ:ERII) disclosed the departure and compensatory arrangements of its Chief Financial Officer, Joshua Ballard, in a recent SEC filing. Mr. Ballard's resignation, effective as of June 30, 2024, was not due to any disputes with the company's operations or practices.
The company, which specializes in special industry machinery, has entered into a General Release with Mr. Ballard on June 28, 2024. Under the terms of the agreement, Energy Recovery will pay Mr. Ballard a lump sum of $400,000. Additionally, the agreement allows Mr. Ballard to exercise his vested options until June 30, 2026.
The compensatory measures are in exchange for Mr. Ballard's commitment to maintain his role through the effective date of his departure and his agreement to release any claims against the company related to his employment. Mr. Ballard has also agreed to adhere to certain standard restrictive covenants following his departure.
The details of the General Release were provided as part of the company’s Form 8-K filing with the Securities and Exchange Commission. This document serves as the source of the information presented in this article. The agreement comes as part of the company's transition plan, and the search for a new CFO is presumably underway, although no further details on the succession have been disclosed in the filing.
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