CETY.NASDAQClean Energy Technologies, INC
10-K/A: Clean Energy Technologies Files Amendment to 10-K to Include Clawback Policy
Sentiment:
Form 10-K/A (Amendment to Annual Report)
Clean Energy Technologies, Inc. files an amendment to its 2024 annual report to include the company's newly adopted clawback policy.
Summary
- Clean Energy Technologies, Inc. is filing an amendment to its Form 10-K for the year ended December 31, 2024.
- The purpose of the amendment is to include the company's Clawback Policy, which was adopted by the Board of Directors on or about April 15, 2025.
- The Clawback Policy is included as Exhibit 97.1 to the amended report.
- No other changes have been made to the original Form 10-K filed on April 14, 2025, which is incorporated by reference.
- The amendment also updates the Exhibit Index to reflect the inclusion of the Clawback Policy.
Sentiment
Score: 7
Explanation: The document is primarily procedural, focused on compliance and corporate governance. The inclusion of a clawback policy is generally viewed positively as it aligns management interests with those of shareholders.
Positives
- The company has adopted a Clawback Policy, demonstrating a commitment to integrity and accountability.
- The Clawback Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 and related SEC rules.
- The company is taking steps to ensure compliance with financial reporting requirements.
Industry Context
Clawback policies are becoming increasingly common in response to regulatory requirements and investor expectations for greater accountability.
Comparison to Industry Standards
- Many companies in the energy sector, such as ExxonMobil and Chevron, have adopted clawback policies to address potential financial misstatements.
- The specifics of Clean Energy Technologies' clawback policy, such as the look-back period of three years, are consistent with industry best practices.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Policy Adoption | Adoption of a Clawback Policy to recoup certain executive compensation in the event of an accounting restatement due to material noncompliance with financial reporting requirements. | April 15, 2025 (on or about) | Aims to reinforce a pay-for-performance compensation philosophy and enhance accountability. |
Stakeholder Impact
- Shareholders: The Clawback Policy is intended to protect shareholder interests by ensuring accountability for financial reporting.
- Executive Officers: The policy may impact executive compensation in the event of an accounting restatement.
Key Dates
| Date | Description |
|---|---|
| 2005-06-10 | Date of Form SB-2/A filing (Exhibit 3.1) |
| 2015-11-13 | Date of Certificate of Amendment of Articles of Incorporation (Exhibit 3.2) |
| 2016-06-30 | Date of Amended and Restated Articles (Exhibit 3.3) |
| 2017-08-23 | Date of Certificate of Amendment of Articles of Incorporation (Exhibit 3.4) |
| 2018-02-13 | Date of Voting Agreement (Exhibit 4.1) |
| 2019-07-26 | Date of Form of Certificate of Amendment of Articles of Incorporation (Exhibit 3.5) |
| 2021-08-20 | Date of Strategic Cooperation Framework Agreement (Exhibit 10.1) |
| 2022-05-06 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.3) and Convertible Promissory Note (Exhibit 10.4) |
| 2022-08-17 | Date of Convertible Promissory Note (Exhibit 10.6) |
| 2022-09-16 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.7) |
| 2022-09-23 | Date of Convertible Promissory Note (Exhibit 10.8) |
| 2022-10-25 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.9) and Promissory Note (Exhibit 10.10) |
| 2022-11-10 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.11) and Promissory Note (Exhibit 10.12) |
| 2022-12-05 | Date of Securities Purchase Agreement with 1800 Diagonal Lending, LLC (Exhibit 10.13) and Promissory Note (Exhibit 10.14) |
| 2022-12-14 | Date of Operating Agreement between CETY Capital LLC and Synergy Bioproducts Corporation (Exhibit 10.15) |
| 2022-12-26 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.16) and Convertible Promissory Note (Exhibit 10.17) |
| 2023-01-01 | Date of Concerted Action Agreement (Exhibit 10.18) and Agreement on the Termination of the Concerted Action Agreement (Exhibit 10.19) |
| 2023-01-09 | Date of Amendment to Articles of Incorporation (Exhibit 3.7) |
| 2023-01-19 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.20) and Convertible Promissory Note (Exhibit 10.21) |
| 2023-02-10 | Date of Securities Purchase Agreement with 1800 Diagonal Lending LLC (Exhibit 10.23) and Promissory Note (Exhibit 10.24) |
| 2023-03-06 | Date of Promissory Note to 1800 Diagonal Lending LLC (Exhibit 10.29) and Securities Purchase Agreement with 1800 Diagonal Lending LLC (Exhibit 10.30) |
| 2023-03-08 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.26) and Convertible Promissory Note (Exhibit 10.27) |
| 2023-07-18 | Date of Securities Purchase Agreement with Mast Hill Fund, L.P. (Exhibit 10.31) and Convertible Promissory Note (Exhibit 10.32) |
| 2023-11-08 | Date of Exchange Agreement between Clean Energy Technologies, Inc. and Mast Hill Fund, L.P. (Exhibit 10.33) |
| 2023-12-21 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and 1800 Diagonal Lending LLC (Exhibit 10.34) |
| 2023-12-23 | Date of Amendment to Promissory Note by Clean Energy Technologies, Inc. and Coventry Enterprises LLC (Exhibit 10.73) |
| 2024-01-03 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and FirstFire Global Opportunities Fund, LLC (Exhibit 10.35) |
| 2024-02-02 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and Coventry Enterprises LLC (Exhibit 10.36) and Convertible Promissory Note (Exhibit 10.37) |
| 2024-03-04 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and FirstFire Global Opportunities Fund, LLC (Exhibit 10.38) and Convertible Promissory Note (Exhibit 10.39) |
| 2024-03-15 | Date of Subscription Agreement between Clean Energy Technologies, Inc. and certain investors (Exhibit 10.40) |
| 2024-06-18 | Date of Subscription Agreement between Clean Energy Technologies, Inc. and certain investors (Exhibit 10.41) |
| 2024-06-21 | Date of Loan Agreement between Vermont Vermont Renewable Gas LLC, FPM Development LLC and Evergreen Credit Facility I LLP (Exhibit 10.42), Corporate Guarantee (Exhibit 10.43), and Right to Conversion Agreements (Exhibits 10.44 and 10.45) |
| 2024-06-28 | Aggregate market value of common stock held by non-affiliates was calculated. |
| 2024-08-22 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and 1800 Diagonal Lending LLC (Exhibit 10.46) and Convertible Promissory Note (Exhibit 10.47) |
| 2024-09-02 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and Coventry Enterprises LLC (Exhibit 10.48) and Convertible Promissory Note (Exhibit 10.49) |
| 2024-09-10 | Date of Amendment #1 to Note between Clean Energy Technologies, Inc. and Mast Hill Fund, L.P. (Exhibit 10.50), Securities Purchase Agreement (Exhibit 10.51), and Convertible Promissory Note (Exhibit 10.52) |
| 2024-09-30 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and 1800 Diagonal Lending LLC (Exhibit 10.53) and Convertible Promissory Note (Exhibit 10.54) |
| 2024-10-15 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and 1800 Diagonal Lending LLC (Exhibit 10.55) and Convertible Promissory Note (Exhibit 10.56) |
| 2024-11-08 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and Coventry Enterprises LLC (Exhibit 10.57) and Convertible Promissory Note (Exhibit 10.58) |
| 2024-11-29 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and Lucas Ventures, LLC (Exhibit 10.59) and Convertible Promissory Note (Exhibit 10.60) |
| 2024-12-05 | Date of Equity Purchase Agreement between Clean Energy Technologies, Inc. and Mast Hill Fund, L.P. (Exhibit 10.61), Common Stock Purchase Warrant (Exhibit 10.62), and Registration Rights Agreement (Exhibit 10.63) |
| 2024-12-11 | Date of Amendment #2 to Note between Clean Energy Technologies, Inc. and Mast Hill Fund, L.P. (Exhibit 10.64) |
| 2024-12-12 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and 1800 Diagonal Lending LLC (Exhibit 10.65) and Convertible Promissory Note (Exhibit 10.66) |
| 2024-12-31 | End of fiscal year |
| 2025-01-16 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and Mast Hill Fund, L.P. (Exhibit 10.67), Convertible Promissory Note (Exhibit 10.68), and Common Stock Purchase Warrant (Exhibit 10.69) |
| 2025-02-27 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and Mast Hill Fund, L.P. (Exhibit 10.70), Convertible Promissory Note (Exhibit 10.71), and Common Stock Purchase Warrant (Exhibit 10.72) |
| 2025-04-04 | Date of Securities Purchase Agreement between Clean Energy Technologies, Inc. and Pacific Pier Capital II, LLC (Exhibit 10.74) and Promissory Note (Exhibit 10.75) |
| 2025-04-13 | Number of shares of common stock outstanding was recorded. |
| 2025-04-15 | Date of signatures on the report, adoption date of the Clawback Policy. |
Keywords
Clawback Policy, Form 10-K/A, Amendment, Financial Reporting, Clean Energy Technologies, CETY
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