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ACFN > SEC Filings for ACFN > Form 8-K on 3-Sep-2013All Recent SEC Filings

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Form 8-K for ACORN ENERGY, INC.


3-Sep-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On August 29, 2013, the Registrant's OmniMetrix, LLC subsidiary and Deena P. Redding, former President, CEO and member of the Board of Managers of OmniMetrix, entered into a Separation Agreement pursuant to which Ms. Redding affirmed her surviving obligations to OmniMetrix under her At-Will Employment, Confidential Information, Non-Competition and Invention Assignment Agreement with regard to non-competition with OmniMetrix, non-solicitation of its employees, and protection of its intellectual property and confidential information and committed to assist in transition matters in exchange for severance payments totaling $100,000, which equates to six months of her annual salary of $200,000, plus group health and dental premiums for twelve months.
The parties also released one another from certain legal liability in connection with their past relationship. OmniMetrix has also agreed to pay Ms. Redding up to an additional $100,000 contingent on the receipt of binding orders from customers during the period following her employment through December 31, 2013 and concerning which she has agreed to provide on-going efforts. OmniMetrix began advancing the severance payments while negotiating the agreement terms, and to date Ms. Redding has received one month's severance payments (approximately $17,000) and related health/dental premiums.

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