Acorn Energy Extends Consulting Agreement with CEO Jan H. Loeb

On January 6, 2025, Acorn Energy, Inc. (OTCMKTS:ACFN) entered into a new consulting agreement with Jan H. Loeb, the President and CEO of the company. The agreement, known as the “Loeb Consulting Agreement,” extends the compensation arrangements for Mr. Loeb in his roles as President and CEO of Acorn Energy and as the acting CEO of the company’s OmniMetrix subsidiary. It is notable that Mr. Loeb serves as a consultant to the company and not as an employee.

According to the terms of the agreement, Mr. Loeb will receive a monthly cash compensation of $16,780 for his services as President and CEO of Acorn Energy. In addition, he will receive an additional $10,000 per month for his role as the Acting CEO of OmniMetrix. Furthermore, Mr. Loeb was granted options on January 6, 2025, to purchase 2,200 shares of Acorn Energy’s common stock. These options have an exercise price of $17.50 per share, based on the closing price of the stock on January 3, 2025.

The options granted to Mr. Loeb will vest gradually, with 25% vested immediately, and the remaining options vesting in three equal increments on April 1, 2025, July 1, 2025, and October 1, 2025. The terms and conditions of these options are substantially similar to those granted to outside directors of Acorn Energy. The Loeb Consulting Agreement is set to expire on December 31, 2025, unless terminated earlier as outlined in the agreement.

In other related news, Acorn Energy did not report any material departure of directors or appointment of officers beyond the extension of the consulting agreement with Mr. Loeb in its recent filing.

The company Acorn Energy, Inc., is committed to ensuring transparency in its executive compensation arrangements and maintaining a solid framework for its leadership team. Investors and stakeholders keen on executive management updates and corporate governance can find further details in the filed 8-K form on the company’s investor relations website.

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

About Acorn Energy

Acorn Energy, Inc, together with its subsidiaries, develops and markets wireless remote monitoring and control systems for various markets in the United States and internationally. It operates in two segments, Power Generation (PG) Monitoring and Cathodic Protection (CP) Monitoring. The PG segment provides wireless remote monitoring and control systems, and services for critical assets, which include stand-by power generators, pumps, pumpjacks, light towers, turbines, compressors, fire pumps, and other industrial equipment; and Internet of Things applications.