Company: VGASW
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001628280-25-020032
Chunk: 38

Company: Verde Clean Fuels, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 38
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 (i) a cash severance payment equal to 1.5 times his then-current base salary, payable in substantially equal installments

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over a period of 18 months; and (ii) a cash severance payment equal to 2.25 times his then-current base salary, payable in a lump sum within 60 days following the termination date, if such qualifying termination occurs within 24 months following a change in control (as defined in the Plan).

The Burdette Agreement provides for, among other things, (i) an annualized base salary of $400,000, (ii) eligibility to receive an Annual Cash Bonus, (iii) participation in the Company’s employee benefit and welfare plans, and (iv) the 2024 Burdette Option Award. Pursuant to the Burdette Agreement, if Mr. Burdette’s employment is terminated by the Company during the Initial Term without “cause” (and other than as a result of his death or disability) or if Mr. Burdette resigns for “good reason” (each as defined in the Burdette Agreement), Mr. Burdette will receive, subject to his execution and non-revocation of a release of claims against the Company and his continued compliance with restrictive covenants: (i) a cash severance payment equal to 1.5 times his then-current base salary, payable in substantially equal installments over a period of 18 months; and (ii) a cash severance payment equal to 2.25 times his then-current base salary, payable in a lump sum within 60 days following the termination date, if such qualifying termination occurs within 24 months following a change in control (as defined in the Plan).

Following the expiration of the Initial Term, the employment relationship will continue on an “at-will” basis, and the Company will have no obligation to provide the severance benefits described above upon any termination of employment. Additionally, the Agreements contain certain restrictive covenants regarding confidential information, non-competition, non-solicitation, and non-disparagement.

Incentive Compensation Awarded by Holdings. In 2020, Messrs. Miller and Doyle received compensation from Holdings prior to the Business Combination (as defined below) with the Company which was restructured as part of the closing of the Business Combination and is described in the section entitled “ Certain Relationships and Related Party Transactions – Compensation Payable by Holdings to Two of Our Named Executive Officers