On October 6, 2026, Clean Energy Fuels Corp. (NASDAQ: CLNE) announced the appointment of Jason J. Armstrong as Chief Financial Officer, effective immediately. Armstrong succeeds Robert M. Vreeland, who is departing the company. In his new role, Armstrong will also serve as the Company’s Principal Financial Officer and Principal Accounting Officer.
Armstrong has been with Clean Energy since 2014, initially serving as Director of SEC Reporting and Divisional Controller before advancing to Vice President and Corporate Controller in 2015. Prior to joining the company, he spent 11 years at the global accounting firm EY, working in assurance services for clients in the retail, technology, and manufacturing industries. He holds a B.S. in Accountancy and a Master of Accountancy from Brigham Young University and is a Certified Public Accountant.
Armstrong entered into an employment agreement effective October 6, 2026. The agreement has an initial term ending October 6, 2029, with automatic one-year renewals unless terminated by either party with at least 60 days' notice. Under the agreement, Armstrong is entitled to an annual base salary of $500,000, which may be increased at the discretion of the Compensation Committee. He is also eligible for an annual bonus of up to 100% of his base salary, based on performance objectives set by the Committee.
In connection with his appointment, the Compensation Committee approved an incremental equity grant of 35,000 time-vesting restricted stock units. These units will vest in three substantially equal annual installments on the first three anniversaries of the Transition Date, subject to Armstrong’s continued service. The agreement outlines severance terms; if the Company terminates Armstrong without cause or if he resigns for good reason, he is entitled to a lump sum payment equal to 150% of his current annual base salary plus 150% of his prior year’s actual bonus, along with the acceleration of all outstanding equity awards. If termination occurs within six months prior to or one year following a change in control, the cash severance multiple increases to 225%.
Regarding the departure of Robert Vreeland, the Company anticipates entering into a release agreement. Vreeland will receive accelerated equity award vesting and qualifying termination benefits under his previous employment agreement, as well as accelerated vesting of outstanding unvested time-based options, with a period to exercise vested options until their normal expiration date.
