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CVD EQUIPMENT CORPORATION

(CVV)
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CVD EQUIPMENT CORP : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

07/21/2021 | 04:17pm EDT

Item 1.01 Entry Into A Material Agreement.

Effective as of July 16, 2021 (the "Separation Date"), Steven Aragon, the Chief Operating Officer of CVD Equipment Corporation (the "Company"), resigned from all positions that he held with the Company. In connection with Mr. Aragon's resignation, the Company and Mr. Aragon entered into a Separation Agreement and General Release, dated as of July 20, 2021 (the "Agreement").

The following is a brief description of the material terms and conditions of the Agreement:

(i) The Company shall pay Mr. Aragon three months of severance at his regular base salary in the total gross amount of $46,250.00, to be paid in 13 equal weekly installments;

(ii) The Company shall accelerate and pay to Mr. Aragon his annual bonus, consisting of (x) a payment of $12,500.00, and (y) issuance of restricted stock on an amount equal to $12,500.00 valued as of the Separation Date;

(iii) The Company shall pay the premium for Mr. Aragon's existing health insurance benefits through October 31, 2021, or until he becomes eligible for other health insurance coverage, whichever is sooner;

(iv) To the extent reasonably possible, the Company will remove all Company-imposed restrictions and corresponding restrictive legends from Mr. Aragon's existing and newly issued Company stock certificates;

(v) The Agreement provides for a customary general release and waiver of claims, as well as confidentiality, non-disparagement, and non-solicitation provisions.

The foregoing is a brief description of the terms of the Agreement and is qualified in its entirety by reference to the full text of the Agreement, which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 5.02 Departure of Directors or Principal Officers; Election of Directors;

          Appointment of Principal Officers



The information set forth in Item 1.01 above is incorporated by reference into this Item 5.02.

Item 9.01 Financial Statements and Exhibits




(d)     Exhibits


The following documents are furnished herewith as exhibits to this report:

Exhibit Number Description of Exhibit

10.1             Separation Agreement and General Release, dated July 20, 2021.




                                       2

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© Edgar Online, source Glimpses

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