Retail Supplier Reports Departure Of COO
April 8, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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On April 2, 2021, Spark Energy, Inc. ('Spark' or the 'Company') was notified by Kevin McMinn of his intent to step down as Chief Operating Officer ('COO'), effective immediately.
In connection with Mr. McMinn’s resignation, the Company invoked its succession plan. "The duties formerly exercised by Mr. McMinn will be carried out by several experienced senior executives, including the Company’s Vice President of Operations, and the Company’s Senior Director, Collections and Customer Care, who collectively have over thirty years of retail energy expertise," Spark said in an 8-K
"Additionally, we expect to enter into a consulting agreement with Mr. McMinn and that he will continue to serve the Company in a consulting role for the foreseeable future," Spark said in an 8-K
"In connection with his resignation, the Company and Mr. McMinn entered into a Transition and Resignation Agreement and Mutual Release of Claims (the 'Transition Agreement'), pursuant to which Mr. McMinn resigned from all positions of employment. Subject to the terms and conditions of the Transition Agreement, Mr. McMinn will receive separation payments in the amount of $418,313.00, less ordinary withholding for federal income, Social Security, and Medicare taxes (the 'Separation Payment'). The Separation Payment will be paid in twenty-six substantially equal bi-weekly installments, less applicable withholdings, in accordance with the Company’s normal payroll practices. The Transition Agreement also provides for the accelerated vesting 32,456 restricted stock units granted to Mr. McMinn under the Company’s Amended and Restated Long-Term Incentive Plan, subject to the terms and conditions of the Transition Agreement and withholding of 12,772 shares of common stock to satisfy tax obligations," Spark said in an 8-K