Clean Diesel Technologies Inc. says its chief technology officer was among 14 employees recently laid off as the Bridgeport company struggles with fallen demand for its emissions-control products.
Walter G. Copan, who was formerly an executive vice president, will receive a separation package that continues his $18,750-per-month salary and benefits for up to a year, according to a company filing with the Securities and Exchange Commission.
Copan also is entitled to acquire for up to two years 61,333 shares of Clean Diesel common stock at exercise prices ranging from $2.705 to $19.125, the filing said.
The company said in the filing that Copan’s post was eliminated and that he was terminated “with regret.”
Clean Diesel, which lost $1.1 million in the second quarter, said it has 14 remaining workers and four consultants.
