Gevo Announces a Strategic Hire for its Executive Team
Reports an Equity Grant Under NASDAQ Listing Rule 5635(c)(4)
ENGLEWOOD, Colo. - March 19, 2013 - Gevo, Inc. (NASDAQ: GEVO) today announced that it has expanded its executive team to include Dr. Stephen P. Toon as its Executive Vice President of Operations and Process Development. In his new role at Gevo, Dr. Toon will report to Christopher Ryan, Ph.D., President, Chief Operating Officer, and Chief Technology Officer, and will have overall responsibility for Gevo's Luverne, Minn. facility from startup through to commercial operation.
"Steve is a veteran of many new technology startups. He brings together a rare combination of expertise, combining industrial fermentation, plant startups, and operations," said Dr. Ryan. "Our whole organization will benefit from him joining Gevo."
Prior to joining Gevo, Dr. Toon served as Vice President of Engineering and Operations at OPX Biotechnologies and Vice President of Manufacturing and Engineering at Verenium Corporation. He spent ten years as a senior scientist at Cargill and was previously a scientist and doctoral fellow at the National Renewable Energy Lab. Dr. Toon holds a Ph.D. in Biology from the University of Denver, and an M.S. in Botany and a B.S. in Microbiology, both from the University of Arkansas.
On March 15, 2013, the compensation committee of Gevo's board of directors approved a stock option award to Dr. Toon for an aggregate of 100,000 shares of common stock in accordance with NASDAQ Listing Rule 5635(c)(4). The stock options were granted to induce Dr. Toon to accept employment with Gevo. The stock options vest one third on the anniversary of the grant the remaining vesting monthly over the following 24 months, subject to Dr. Toon remaining employed through the relevant vesting date. The stock options have an exercise price of $1.89 per share, which was the closing price of Gevo's common stock on March 15, 2013. The option grant generally expires shortly after Dr. Toon terminates employment, but in no event later than March 15, 2023.
Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo's patent-protected, capital-light business model converts existing ethanol plants into biorefineries to make isobutanol. This versatile chemical can be directly integrated into existing chemical and fuel products to deliver environmental and economic benefits. Gevo started up its first commercial isobutanol facility in Luverne, Minn. and has a marquee list of partners including Coca-Cola, Sasol, and LANXESS, among others. Gevo is committed to a sustainable biobased economy that meets society's needs for plentiful food and clean air and water. For more information, visit www.gevo.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as "intend," "expect," "plan," "estimate," "future," "strive" and similar words. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for
the year ended December 31, 2011, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by Gevo.
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