SETTLEMENT AGREEMENT AND RELEASESettlement Agreement and Release • April 24th, 2018 • Energy Recovery, Inc. • Special industry machinery, nec • California
This Settlement Agreement and Release (hereinafter "Release") is freely entered into by Joel Gay ("Gay") and Energy Recovery, Inc. ("Company"). Although Gay is not entitled to severance under his April 22, 2015 agreement which he executed on April 24, 2015 "in the event that you voluntarily resign (other than under the circumstances described in the Change in Control Severance Plan) or are terminated by ERI for Cause", Gay and the Company wish to enter into this Release in exchange for the commitments set forth below following Gay's voluntary resignation effective, February 25, 2018.
