Attached files
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| EX-1.1 - ENER1 INC | v199152_ex1-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date
of Report (Date of Earliest Event Reported):
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October
14, 2010
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Ener1,
Inc.
__________________________________________
(Exact
name of registrant as specified in its charter)
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Florida
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001-34050
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59-2479377
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(State
or other jurisdiction of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer Identification
No.)
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1540
Broadway, Suite 25C, New York, New York
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10036
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
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212
920-3500
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Not
Applicable
______________________________________________
Former
name or former address, if changed since last report
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
October 14, 2010, Ener1, Inc. ("Ener1" or the "Company") entered into an
employment agreement (the "Agreement") with Jeffrey Seidel, who is the current
Chief Financial Officer of Ener1. The term of the Agreement is for three years
which will be automatically renewed for one year periods unless notice is
provided six months in advance of the expiration of the initial term or the then
current renewal term. Under the Agreement, Mr. Seidel will be entitled to an
annual base salary of $300,000, which shall be redetermined annually by the
Company's Compensation Committee, plus all other employee benefits and incentive
compensation plans offered by the Company. In addition, Mr. Seidel may from time
to time be eligible to earn annual bonuses and may from time to time be granted
equity based awards.
In the
event Mr. Seidel is terminated by the Company without cause or Mr. Seidel
resigns for good reason, and if Mr. Seidel executes and delivers a release to
the Company, he will be entitled to severance equal to one-half times his base
salary plus payment of continued benefits for 6 months and all stock options
will be exercisable for 3 months after termination of employment. If within 3
months before and 12 months after a change in control event Mr. Seidel is
terminated by the Company without cause or resigns for good reason, and if Mr.
Seidel executes and delivers a release to the Company, he will be entitled to
severance equal to one times his base salary plus payment of continued benefits
for 12 months, and all stock options and restricted stock previously granted to
him under the Company’s stock incentive plans will vest immediately and all
stock options will be exercisable for 3 months after termination of employment.
In the event Mr. Seidel’s employment terminates for any other reason, he is not
entitled to any severance under the terms of the Agreement.
In
connection with the Agreement, Mr. Seidel also agreed to several restrictive
covenants including non-disparagement of the Company, non-competition with the
Company, non-solicitation of the Company’s customers, confidentiality, and
Company ownership of intellectual property.
The above
description of the Agreement is not complete and is qualified in its entirety by
the full text of the Agreement which is attached hereto, and incorporated by
reference herein.
Item
9.01 Financial Statements and Exhibits.
Exhibit
1.1 Employment Agreement, dated October 14, 2010
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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Ener1,
Inc.
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October
15, 2010
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By:
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/s/
Charles Gassenheimer
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Name:
Charles Gassenheimer
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Title:
Chief Executive Officer
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Exhibit Index
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Exhibit
No.
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Description
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1.1
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Employment
Agreement dated October 14,
2010
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