Nocopi Technologies: COO resigns, remains during transition through Jul 1, 2029

What happened The filing says Nocopi Technologies entered into a letter agreement with Terry Stovold on Sep 30, 2026 pursuant to which he resigned as Chief Operating Officer, effective Oct 1, 2026. Following the Retirement Date, Mr. Stovold will remain employed as a non-executive employee in a limited transitional capacity through Jul 1, 2029.

Key details

• During the transition period Mr. Stovold will receive $8,000 per month, continue to participate in the company’s medical and dental benefit plans, and be eligible for reimbursement of certain business expenses.
• Upon completion of the transition period he will be entitled to a lump-sum payment of $90,000, subject to applicable withholding and his execution and non-revocation of a general release of claims; if his employment terminates before Jul 1, 2029 for any reason other than for Cause he remains entitled to the $90,000, and if terminated for Cause his compensation and benefits will cease and he will not be entitled to the lump-sum payment.
• The letter agreement extends his existing post-employment non-competition and non-solicitation obligations through Jul 1, 2031 (or, if earlier, the termination of his employment) and includes customary continuing confidentiality, cooperation and mutual non-disparagement obligations.
• Except as expressly modified by the letter agreement, his employment agreement dated Apr 1, 2011 remains in effect. The filing says the board expects to fill the vacancy created by his resignation but has not appointed a successor as of the filing date.

Why it may matter

• This report was made under Item 5.02 (departure of directors or certain officers); Item 5.02 covers changes in officers or directors and related agreements. The filing does not show why the insider traded or why the company acted.