Aqua Metals Inc. filed SEC Form 8-K: Leadership Update

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FORM 8-K

 

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 7, 2025

 

 

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On May 7, 2025, our board of directors appointed Eric West to serve as Chief Financial Officer of Aqua Metals, Inc. Mr. West will assume the duties as Chief Financial Officer effective as of May 19, 2025.

 

Mr. West was previously employed by Aqua Metals in various finance and accounting positions from 2019 through November 2024, most recently as Vice President of Finance. Mr. West began his career at Grant Thornton, LLP. He received an Master of Accountancy from the University of Nevada, Reno and is a licensed CPA.

 

In connection with Mr. West’s appointment, we entered into an employment agreement with Mr. West. Pursuant to the employment agreement, we have agreed to compensate Mr. West at the annual rate of $300,000. Mr. West will be eligible to receive short-term and long-term incentive bonuses of up to 75% and 125% of his base salary, respectively, based on performance criteria approved by the compensation committee of our board of directors. Mr. West’s short-term performance bonuses will be payable in either cash or restricted stock units, or RSUs, as determined by the compensation committee of our board, and his long-term performance bonuses shall be payable in RSUs. The employment agreement entitles Mr. West to reasonable and customary health insurance and other benefits, at our expense, and a severance payment in the event of our termination of his employment without cause or his resignation for good reason, as such terms are defined in the employment agreement. The amount of the severance payment will be 12 months annual salary at the rate then in effect on the date of termination, plus a pro-rata percentage of his short-term and long-term performance bonuses for the year in which the termination occurred, assuming the complete satisfaction of all performance conditions. Mr. West’s employment agreement provides for intellectual property assignment and confidentiality provisions that are customary in our industry.

 

In connection with his appointment, we agreed to grant Mr. West RSUs to acquire 100,000 shares of our common stock, with the RSUs vesting over a three-year period from the date of grant. The RSUs will be subject to the terms and conditions of our 2019 Stock Incentive Plan.

 

 

 

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.