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ERII > SEC Filings for ERII > Form 8-K on 30-Apr-2014All Recent SEC Filings

Show all filings for ENERGY RECOVERY, INC.



Change in Directors or Principal Officers, Financial Statements and Exhibit

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On April 24, 2014, the Compensation Committee of the Board of Directors of Energy Recovery, Inc. (the "Company") approved the Annual Incentive Plan (the "Plan") for 2014. The Plan is intended to incentivize performance in 2014 as the Company continues its aggressive launch into other fluid flow markets such as oil and gas. Full funding of the bonus pool (the "Targeted Annual Bonus Pool") requires the Company to achieve key corporate objectives outlined by the Compensation Committee ("Objectives") designed to accelerate penetration into key new markets while continuing the Company's market leadership in reverse-osmosis desalination. At the end of the 2014 fiscal year, the Compensation Committee will evaluate the Company's performance against the Objectives and approve the amount of the annual incentive plan payout, in its sole discretion, which may be greater or lower than the Targeted Annual Bonus Pool depending on performance.

Under the Plan, the amount that would be paid to the executives if the Objectives are met is based on a percentage of their annual base salaries earned for the plan year. The percentage of annual base salary payable at maximum for each of the executives included as named executives in the Company's 2013 Proxy Statement filed April 26, 2013 is stated in the table below:

          Name             Percent of Annual   Percent of Annual Base   Percent of Annual
                                  Base         Salary at Target Payout         Base
                           Salary at Minimum                            Salary at Maximum
                               Payout (1)                                   Payout (2)
Thomas S. Rooney, Jr. (3)          -                      -                     -
Alexander J. Buehler               -                     60%                   60%
Borja Sanchez-Blanco               -                     60%                   60%
Dr. Prem Krish                     -                     60%                   60%
Nocair Bensalah                    -                     30%                   30%

(1) Amounts not determinable as payout would be allocated among certain limited participants who exhibit extraordinary performance and who may or may not be one of these participants.

(2) Amount could be higher if the Compensation Committee, in its sole discretion, approves a greater amount in recognition of extraordinary performance.

(3) Mr. Rooney will not participate in the 2014 Plan.

Item 9.01 Financial Statements and Exhibits.

10.1   Energy Recovery, Inc. Annual Incentive Plan
       (Schedule A of this document will be provided to the Securities and
       Exchange Commission upon request)

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