Title
Resolution - Approval of Employment Agreement - E Pataki
Other Info
Submitted By: Andrea Stover on behalf of Emily Pataki
Department: General Counsel
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session and the confidential term sheet.
Discussion
Pursuant to its Articles of Incorporation, Bylaws, and Authorities and Responsibilities Policies, the Pedernales Electric Cooperative, Inc. (“PEC” or “Cooperative”) Board of Directors (“Board”) has the authority and responsibility to hire, direct, compensate, and evaluate a competent Chief Executive Officer (“CEO”). PEC’s current CEO, Julie Parsley, has submitted her notice of resignation.
In light of Ms. Parsley’s resignation, the Board has undertaken a thorough evaluation of candidates to replace Ms. Parsley, including conducting interviews, reviewing materials, and meeting to deliberate and discuss those candidates. Ultimately, the Board selected a final candidate and authorized the Board President to negotiate a contract with that candidate. The final employment agreement (“Employment Agreement”), as negotiated between the Board President and the candidate, and approved by the candidate, has been reviewed by the Board during executive session.
Body
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Employment Agreement for the new CEO has reasonable terms and its execution and hiring of the candidate is in the best interest of the Cooperative as discussed Executive Session and the confidential term sheet; and
BE IT FURTHER RESOLVED that the Board President, or designee, is authorized to execute the Employment Agreement as presented in Executive Session and take all such actions as needed to implement this resolution.