Clean Energy Technologies Inc
For the period ended Dec 31, 2023. Filed Apr 17, 2024.
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FY2023 · Filed Apr 17, 2024
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Item 11. Executive Compensation
The following table sets forth the fiscal year 2022 and 2023 compensation for:
| ● | Kambiz Mahdi, our Chief Executive Officer |
The executive officers included in the Summary Compensation Table are referred to in this Form 10K as our named executive officers. A detailed description of the plans and programs under which our named executive officers received the following compensation can be found in the section entitled “Compensation Discussion and Analysis.”
Summary Compensation Table
| Name and Principal · Salary · Bonus · Stock Awards · Option Awards · Non-equity Incentive Plan Compensation · Change in Pension Value and Nonqualified Deferred Compensation Earnings · All Other Compensation · Total | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Position | Year | ($) | ($)(3) | ($)(4) | ($) | ($) | ($) | ($) | ($) | ||||||||
| Kambiz Mahdi (1) | 2023 | $275,000 | $137,500 | $ | $ | - | $ | - | $ | - | $ | - | $412,500 | ||||
| Chief Executive Officer | 2022 | $275,000 | $137,500 | $ | - | $ | - | $ | - | $ | - | $ | - | $412,500 | |||
| Calvin Pang (2) Chief Financial Officer | 2023 | $150,000 | $75,000 | $ | - | $ | - | $ | - | $ | - | $ | - | $191,858 | |||
| 1) | On October 18, 2018 we entered into an at will employment agreement with Mr. Mahdi, with an annual salary of $275,000. This agreement may be terminated at any time. |
| 2) | On March 24, 2023 we entered into an at will employment agreement with Mr. Pang, with an annual salary of $150,000. This agreement may be terminated at any time. |
| 3) | Mahdi is entitled to 50% of his salary in cash bonus, this bonus was approved by the board of directors for fiscal year 2022, 2023, and 2024. Mr. Pang is entitled to 50% of his salary in cash bonus, this bonus was approved by the board of directors for 2023, and 2024. |
Outstanding Equity Awards at 2023 Fiscal Year-End
There are no outstanding options or stock awards held by our named executive officers as of December 31, 2023.
Executive Employment Agreements
On October 18, 2018 we entered into an at-will employment agreement with Mr. Mahdi, with an annual salary of $275,000. This agreement may be terminated at any time. In addition, as part of the agreement Mr. Mahdi was to be issued 500,000 shares of our common stock, as additional compensation.
On March 24, 2023 we entered into an at will employment agreement with Mr. Pang, with an annual salary of $150,000. This agreement may be terminated at any time.
Potential Payments upon Termination or Change of Control
Severance Benefits
Mr. Mahdi will receive a severance benefit consisting of a single lump sum cash payment equal the salary that Mr. Mahdi would have been entitled to receive through the remainder or the Employment Period or One (1) year, whichever is greater.
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