Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 9, 2019, Lynn Smull was named as Chief Financial Officer of Gevo,
Inc. (the "Company") and was also designated as the Company's principal
financial officer for Securities and Exchange Commission reporting purposes, in
each case effective as of December 16, 2019.
Mr. Smull, age 58, has served as Chief Financial Officer of One Energy
Enterprises, a distributed-generation wind energy developer and owner using
utility-scale turbines, from March 2018 to August 2019. From September 2016 to
March 2018, he served as President of WElink Energy US, LLC, an international
investor and provider of renewable energy and low-carbon housing solutions.
Prior to WElink Energy US, LLC, Mr. Smull served as Head of Foresight Group US,
LLC, an independent infrastructure and private equity investment manager from
March 2015 to August 2016, and as a consultant with LLS Consulting, providing
advisory services to private equity firms on large power and infrastructure
investments and transactions, from 2013 to March 2015.
In connection with his employment, the Company entered into an offer letter
agreement with Mr. Smull (the "Offer Letter), which provides for an initial base
salary of $300,000, subject to annual adjustment by the Board of Directors of
the Company (the "Board"), and he will receive a signing bonus of $25,000, paid
on or about his first day of work. He will be eligible to participate in the
Company's bonus and equity programs at the discretion of the Board. Mr. Smull
will also participate in the benefit programs generally provided to other
employees of the Company. If Mr. Smull's employment is terminated by the Company
for any reason, he will be entitled to receive severance in the amount of three
months of his base salary.
In connection with his appointment as Chief Financial Officer, the Company also
agreed to grant Mr. Smull an equity award valued at $150,000 to be issued under
the Company's Amended and Restated 2010 Stock Incentive Plan. The equity award
will be issued to Mr. Smull sometime after his employment with the Company
The foregoing description of the Offer Letter does not purport to be complete
and is subject to, and is qualified in its entirety by, the full text of the
Offer Letter, a copy of which is attached hereto as Exhibit 10.1 to this Current
Report on Form 8-K, and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description
10.1 Offer Letter, dated November 9, 2019, by and between Gevo, Inc.
and L. Lynn Smull.
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