Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On December 21, 2021, the board of directors (the "Board") of Clean Energy Fuels
Corp. (the "Company"), upon the recommendation of its nominating and corporate
governance committee, appointed Lorraine Paskett as a new director of the
Company, effective immediately. Ms. Paskett is not expected to serve on any
committees of the Board.
Ms. Paskett, 54, has worked for more than 25 years in the public and private
sectors and has extensive experience in energy (gas and electric) and water
sectors, ethics and compliance rules, climate change policy, air and water
quality, safety and communication protocols, and sustainability and resiliency.
Ms. Paskett has served as the Vice President at AES Corporation since April 2021
where she oversees all external policy and market rule development matters in
California which include supporting a transition from fossil energy to renewable
and zero carbon energy resources, renewable energy developments, energy storage,
and future opportunities for advanced fuels. Before AES Corporation, Ms. Paskett
founded Cambridge LCF Group, LLC, where she served from June 2012 to April
2021. Cambridge LCF Group, LLC provided strategic advice for companies in the
gas and electric sectors with a focus on advanced fuels and climate. Prior to
that Ms. Paskett served in various positions (notably at PG&E, First Solar and
LADWP) as well as holding government positions. From December 2015 to January
2020, Ms. Paskett served on the Metropolitan Water District Board of Directors
representing the City of Los Angeles and served on the board of directors for
the California Hydrogen Business Council. Ms. Paskett holds a bachelor's degree
in Political Science from CSU Sacramento and a juris doctorate degree from
McGeorge School of Law.
Ms. Paskett's compensation for her services as a director will be consistent
with that of the Company's other non-employee directors, as described in the
Company's definitive proxy statement filed with the Securities and Exchange
Commission ("SEC") on May 7, 2021. Generally, this compensation consists of
annual cash compensation of $60,000 and equity awards of the types and in the
amounts determined by the compensation committee of the Board on an annual basis
and typically consisting of stock options, restricted stock units or a
combination thereof. In addition, the Company will enter into an indemnification
agreement with Ms. Paskett in the same form as the indemnification agreements
the Company has entered into with its other directors, which has been filed or
incorporated by reference as Exhibit 10.4 to the Company's Annual Report on
Form 10-K for the year ended December 31, 2019 filed with the SEC on March 10,
2020 . In general, the indemnification agreement provides for, among other
things, indemnification of Ms. Paskett by the Company to the full extent
authorized or permitted by law, subject to certain limited exceptions.
Ms. Paskett's spouse is a partner at Akin Gump Strauss Hauer & Feld LLP ("Akin
Gump"), a law firm that provides legal services to the Company. Since January 1,
2020, the Company has paid $695,211 in legal fees to Akin Gump.
There are no arrangements or understandings between Ms. Paskett and any other
persons pursuant to which Ms. Paskett was selected as a director of the Company,
and except as disclosed herein, Ms. Paskett has no interest in any transaction
that would require disclosure under Item 404(a) of Regulation S-K promulgated by
the SEC.
Item 7.01 Regulation FD Disclosure.
On December 22, 2021, the Company issued a press release announcing the changes
to its Board described in Item 5.02 of this Current Report on Form 8-K. A copy
of such press release is attached hereto as Exhibit 99.1.
As provided in General Instruction B.2 of Form 8-K, the information in this Item
7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that section, nor shall it be
incorporated by reference into any registration statement or other document
filed under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated December 22, 2021, issued by Clean Energy
Fuels Corp.
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document)
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