Renegy Holdings, Inc. - Current report filing (8-K)
February 26 2008 - 3:07PM
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): February 19, 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)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
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
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Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
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On
February 26, 2008, Renegy Holdings, Inc. (the “Registrant”)
announced that Hugh Smith, age 50, was appointed as Chief Operating Officer.
The anticipated start date of Mr. Smith’s employment with the
Registrant is March 4, 2008. Prior to joining the Registrant,
Mr. Smith was senior vice president of generation and development for
EnergyCo LLC where he was responsible for operations, strategic assessment of
new assets, and developing policies and procedures associated with the startup
of a non-regulated energy company. From 2004 to July 2007, Mr. Smith
served as senior vice president of energy resources at PNM Resources during
which time he led operations of the company’s power generation fleet
consisting of over 2,500 megawatts of coal, nuclear, gas-fired and renewable
assets. From 1979 to 2003, he held positions of increasing responsibility at
Tampa Electric Company, most recently as vice president of supply and trading
services. Mr. Smith previously chaired the United Way Community Investment
Council and served on the Board of Directors for the United Way of Central New
Mexico and for the All Faiths Receiving Home. Mr. Smith graduated with a
Bachelor’s degree from the University of Florida.
Mr. Smith’s employment arrangement with the
Registrant as accepted on February 19, 2008 provides for an annualized
base salary of $350,000. Mr. Smith will be eligible for annual cash and
equity target bonuses equal to 50% and 75%, respectively, of his base salary.
Mr. Smith also will receive a signing bonus of $100,000, payable at
$10,000 per month during the first 10 months of employment. Mr. Smith
also will receive a relocation allowance of $75,000, and $50,000 plus up to
15 months of Mr. Smith’s monthly mortgage payments (not to
exceed $45,000) upon the sale of his residence in Albuquerque, New Mexico. In
addition, Mr. Smith will receive an option to acquire 100,000 shares of
the Registrant’s common stock on the date of the commencement of his
employment which will vest ratably over a 48 month period.
Mr. Smith’s employment arrangement also provides that he will
receive severance equal to one year’s salary if he is terminated without
good cause and two year’s salary if he is terminated without good cause
in the event of a change in control.
Item 9.01. Financial
Statements and Exhibits.
(d) Exhibits.
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Exhibit
No.
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Description
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99.1
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Press release issued by the Registrant on
February 26, 2008
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2
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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.
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RENEGY HOLDINGS, INC.
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By:
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/s/
Robert W. Zack
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Robert W. Zack
Executive Vice President and
Chief Financial Officer
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Date: February 26, 2008
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EXHIBIT INDEX
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Exhibit
No.
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Description
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99.1
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Press release issued by the Registrant on
February 26, 2008
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