Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 12, 2009, Evergreen Energy Inc. (the "Company") filed a Current Report on
Form 8-K (the "Original Form 8-K") relating to the retirement of Mr. Kevin R.
Collins from the positions of President and Chief Executive Officer of the
Company, effective June 1, 2009. The Original Form 8-K disclosed the outline of
the principal terms of Mr. Collins' succession arrangement with the Company.
This Current Report on Form 8-K/A is being filed to amend the Original Form 8-K
to disclose that on May 27, 2009 Mr. Collins and the Company executed a final
separation and release agreement. The principal terms of the agreement are as
follows: (1) Mr. Collins will be paid Three Hundred Thousand Dollars ($300,000)
(or twelve (12) months of salary at his current base salary rate), less
applicable withholding for federal and state taxes and other deductions required
by law, with such amount to paid over the next twelve (12) months as a
combination of (x) customary and standard fees for his continuing service on the
Company's Board of Directors (not including fees for attendance at Board
Committee meetings), and (y) regular payments through the regularly scheduled
payroll process; (2) the Company will pay Mr. Collins' COBRA premiums for a
period of 18 months commencing June 1, 2009; (3) all unvested restricted stock
awards and stock options previously awarded to Mr. Collins shall vest, excluding
the 400,000 shares of restricted stock granted to Mr. Collins in 2005 when he
initially joined the Company; (4) Mr. Collins agreed to customary
non-disparagement and non-disclosure provisions; and (5) Mr. Collins and the
Company agreed to a broad mutual release of any and all claims against the
other. Mr. Collins has also agreed to assist the Company from time to time as
requested by the Company to aid in such transition and succession. Mr. Collins'
employment agreement will terminate by its terms effective June 1, 2009.
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