Summary by Moomoo AI
Global Gas Corporation reported the termination of its Chief Executive Officer, William Bennet Nance, Jr., effective June 17, 2024. The termination was for 'Cause' as defined in the Employment Agreement with Global Hydrogen Energy LLC, a subsidiary of Global Gas. The company had previously sent a notice to Mr. Nance on June 8, 2024, outlining acts or omissions that constituted gross misconduct, breach of fiduciary duty, and actions that potentially damaged the company's financial condition and reputation. Mr. Nance was given a 30-day period to address the issues, which he rejected on June 10, 2024, claiming he was resigning for 'Good Reason' as per the Employment Agreement. Following further violations by Mr. Nance, the company proceeded with the termination. This also resulted in Mr. Nance's automatic resignation from his director position at Global Gas. The announcement was signed by Carter Glatt, Chairman of the Board, on June 21, 2024.
