Vertex Energy (NASDAQ:VTNR) Enters into Retention Agreement with Chief Commercial Officer Joshua Foster

Vertex Energy, Inc. (NASDAQ:VTNR) recently announced that on September 19, 2024, the company entered into a retention agreement with Mr. Joshua Foster, who currently holds the position of Chief Commercial Officer. The agreement, approved by the Board of Directors following a recommendation from the Compensation Committee, involves a retention bonus of $284,750 for Mr. Foster.

As outlined in the agreement, the retention bonus is conditional upon Mr. Foster’s commitment to repay the net after-tax bonus should his employment with the company be terminated by Vertex Energy for reasons other than cause, or in the event of his death or disability within six months of the agreement’s commencement or a change of control transaction.

Moreover, in conjunction with the retention bonus, Mr. Foster has agreed to a waiver and release in favor of Vertex Energy. This component of the agreement entails Mr. Foster releasing all potential claims against the company pertaining to his employment and other relevant matters.

The signing of this retention letter agreement underscores Vertex Energy’s dedication to retaining key talent within its leadership ranks. Mr. Foster’s pivotal role as Chief Commercial Officer signifies his critical contribution to the company’s strategic objectives moving forward.

This disclosure was made through a Form 8-K filing with the United States Securities and Exchange Commission. Per the filing, Chris Carlson, Chief Financial Officer of Vertex Energy, signed off on the report on behalf of the registrant on November 5, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Vertex Energy’s 8K filing here.

Vertex Energy Company Profile

Vertex Energy, Inc, an energy transition company, that focuses on the production and distribution of conventional and alternative fuels. The company engages in refining and distributing petroleum products comprising the mobile refinery and related operations. It sells ferrous and non-ferrous recyclable metal products, and markets Group III base oils and other petroleum-based products, as well as provides transportation and marine salvage services.