Renegy Holdings, Inc. - Current report filing (8-K)
January 25 2008 - 12:49PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): January 22, 2008
RENEGY HOLDINGS,
INC.
(Exact name of registrant as
specified in its charter)
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Delaware
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001-33712
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20-8987239
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(State or other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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301 West Warner Road, Suite
132
Tempe, AZ
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85284
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number,
including area code:
(480) 556-5555
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N/A
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(Former name or former address if changed since last report.)
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Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On January 22,
2008, the Compensation Committee (the “Committee”) of the Board of
Directors (the “Board”) of Renegy Holdings, Inc. (the
“Registrant”) approved the following compensation arrangements for
Robert M. Worsley, President and Chief Executive Officer, Robert W. Zack,
Executive Vice President and Chief Financial Officer, and Scott Higginson,
Senior Vice President: (i) a salary increase from $300,000 to $400,000,
effective March 1, 2008, for Mr. Worsley; (ii) cash bonuses for
fiscal 2007 of $112,500, $150,000, and $75,000, for Messrs. Worsley, Zack
and Higginson, respectively; and (iii) options to purchase 59,400, 79,200,
and 26,400 shares of common stock for Messrs. Worsley, Zack and Higginson,
respectively. The cash bonuses and options are awarded in accordance with the
terms of each of the named individual’s employment agreement, each of
which has been previously filed with the Securities and Exchange Commission.
The options were
granted under the Renegy Holdings, Inc. 2007 Equity Incentive Plan (the
“Plan”). The options become exercisable in 48 equal monthly
installments commencing one month after the date of grant (January 22,
2008) and expire ten years from the date of grant. Each of the options has an
exercise price of $5.24 (the closing price of the Registrant’s common
stock on January 22, 2008). The exercise of each of the options is
conditioned upon the approval by the Board and the Registrant’s
stockholders of an amended Plan that includes certain tax provisions not
currently included in the Plan, including provisions relating to Section162(m)
of the Internal Revenue Code of 1986, as amended, as recommended to the Board
by the Committee. In the event such approvals are not obtained, the options
will be cancelled. The options granted to Mr. Worsley are nonstatutory
stock options under the Plan; the options granted to Messrs. Zack and
Higginson are intended to be incentive stock options under the Plan.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Description
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10.1
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2007 Equity Incentive Plan (Incorporated by
reference to Exhibit 10.9 of the Registrant’s Form 10-QSB dated
September 30, 2007 and filed with the Securities and Exchange Commission
on November 14, 2007).
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10.2
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Form of Stock Option Agreement (Incorporated by
reference to Exhibit 10.10 of the Registrant’s Form 10-QSB
dated September 30, 2007 and filed with the Securities and Exchange
Commission on November 14, 2007).
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SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
RENEGY
HOLDINGS, INC.
By:
/
s/
Robert W.
Zack
Robert
W. Zack
Executive Vice President and Chief Financial Officer
Date: January 25, 2008
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EXHIBIT INDEX
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Exhibit No.
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Description
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10.1
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2007 Equity Incentive Plan (Incorporated by
reference to Exhibit 10.9 of the Registrant’s Form 10-QSB dated
September 30, 2007 and filed with the Securities and Exchange Commission
on November 14, 2007).
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10.2
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Form of Stock Option Agreement (Incorporated by
reference to Exhibit 10.10 of the Registrant’s Form 10-QSB
dated September 30, 2007 and filed with the Securities and Exchange
Commission on November 14, 2007).
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