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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Appointment of Chief Financial Officer
On November 28, 2012, Global Clean Energy Holdings, Inc. (“we,” “our,” “us” or the “Company”) entered into a Consulting Agreement (the “Agreement”) with Donald J. Murray, pursuant to which Mr. Murray agreed, effective December 1, 2012, to serve as our Interim Chief Financial Officer.
Concurrently with the execution of the Agreement, we granted Mr. Murray a five year option to purchase 5,280,000 shares of the Company’s common stock (the “
Options
”), at a strike price of $.0125 per share, subject to the following vesting schedule: upon execution of the Agreement 660,000 Options vested; upon the first of the month and the first of every month thereafter during the term of the Agreement, 660,000 additional Options shall vest. In the event that either party terminates the Agreement prior to June 30, 2013, the Options shall, upon such termination, cease vesting and the unvested Options shall be forfeited, and the Options shall only be exercisable to the extent that such Options have vested prior to the termination date.
The Agreement provides for termination of the Agreement without “cause” (as defined) by us with 30 days written notice. There is no severance payment provision in the Agreement.
Mr. Murray has an extensive financial background, including roles as Chief Financial Officer, Director of Finance, Vice President of Investment Banking
and as a Portfolio Fund Manager. From 2009 to 2011, Mr. Murray served LiveFuels
,
an algae based biofuels company, in a number of capacities, including as the company’s Director of Finance in 2011. Mr. Murray was the Chief Financial Officer of Stored Value Exchange, a technology platform company,
from 2011-2012,
and the Chief Financial Officer of Truli Media Group, a social media and ecommerce company
, also from 2011-2012.
From 2007-2008, Mr. Murray served as Vice President of Investment Banking with Global Hunter Securities, from 2006-2007 he served as Vice President of Investment Banking with Pacific Ridge Capital, from 2003-2006 he served as Chief Financial Officer for LifeBase Advisors, from 1999-2001 served as Investment Banker/Operations Manager for Off-Road Capital and from 1996-1999 he was a Portfolio Manager for KW Fund Management.
Mr. Murray holds an MBA in Finance and International Business from The Ohio State University and a BA in Business Management from University of Maryland. Mr. Murray served in the United States Air Force from 1988-1993 in Intelligence Operations.