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4-Traders Homepage  >  Equities  >  Nasdaq  >  CLEARSIGN COMBUSTION CORP    CLIR

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CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR) Files An 8-K Entry into a Material Definitive Agreement

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02/15/2017 | 10:07am CET

CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01

Entry into a Material Definitive Agreement.

On February 10, 2017, Dr. Lon E. Bell and Messrs. Jeffrey L. Ott
and Scott P. Isaacson, each an independent director of ClearSign
Combustion Corporation
(the Company), agreed to accept shares of
the Companys common stock, in lieu of a combination of cash and
common stock, as payment for their services as directors during
the 2017 calendar year. The Company will issue to each of the
independent directors an award of 27,778 shares of common stock
from the Companys 2011 Equity Incentive Plan (the Plan). The
awards of common stock will be subject to the terms of the Plan
and the Stock Award Agreements entered into between the Company
and the independent directors. The common stock is subject to a
right of repurchase by the Company at $0.0001 per share through
February 10, 2018, the first anniversary of the date of grant, if
the director terminates employment or certain other designated
events occur. The per share value of the common stock on the date
of grant was $3.60.

Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

On February 10, 2017, the Compensation Committee of the Companys
Board of Directors resolved to grant bonus payments, which will
be paid in the form of shares of the Companys common stock, to
the following executive officers (collectively, the Executives):

Name of Officer No. of Shares Granted
Stephen E. Pirnat 52,778
James N. Harmon 20,833
Donald W. Kendrick 20,833
Roberto Ruiz 20,833
Andrew U. Lee 13,889
Joseph Colannino 6,944

The common stock will be issued from the Plan and the awards will
be subject to the terms of the Plan and the Stock Award
Agreements entered into between the Company and the Executives.
The common stock is subject to a right of repurchase by the
Company at $0.0001 per share through February 10, 2018, the first
anniversary of the date of grant, if the Executive terminates
employment or certain other designated events occur. The per
share value of the common stock on the date of grant was $3.60.

Item 7.01 Regulation FD Disclosure.

On February 14, 2017, the Company issued a press release
announcing its financial results for the year ended December 31,
2016. The press release is included as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated by reference
herein, and the description of the press release is qualified in
its entirety by reference to such Exhibit.

The press release is furnished under this Item 7.01 and shall not
be deemed filed with the U.S. Securities and Exchange Commission
for purposes of Section 18 of the Securities Exchange Act of
1934, as amended. The information contained in the press release
shall not be incorporated by reference into any filing we make
regardless of general incorporation language in such filing,
unless expressly incorporated by reference in such filing

Item 9.01 Financial Statements and Exhibits
Exhibit 99.1 Press release dated February 14, 2017

About CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR)
ClearSign Combustion Corporation is engaged in designing and developing technologies for managing various performance characteristics of combustion systems, such as emission and operational performance, and energy efficiency. The Company’s Duplex and Electrodynamic Combustion Control (ECC) platform technologies are used to manage the performance of combustion systems in a range of markets, including the refinery, petrochemical, chemical, power and commercial boiler industries. The Duplex burner technology typically consists of a traditional industrial burner and a porous ceramic tile. The ECC technology includes various components, such as a computer, standard software delivering algorithms to a power amplifier (resident outside the combustion chamber) and electrodes inside the combustion chamber. The ECC technology introduces a computer-controlled high voltage electric field into a combustion volume in order to control gas-phase chemical reactions. CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR) Recent Trading Information
CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR) closed its last trading session up +0.15 at 3.75 with 139,356 shares trading hands.

The post CLEARSIGN COMBUSTION CORPORATION (NASDAQ:CLIR) Files An 8-K Entry into a Material Definitive Agreement appeared first on Market Exclusive.

© Market Exclusive 2017, source Market Exclusive

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Managers
NameTitle
Stephen E. Pirnat Chairman, President & Chief Executive Officer
Roberto Ruiz Chief Operating Officer
James N. Harmon Chief Financial Officer, Secretary & Treasurer
Joseph Colannino Senior Vice President-Engineering
Donald W. Kendrick Chief Technology Officer
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