Nocopi Technologies, Inc. disclosed on September 30, 2026, that Chief Operating Officer Terry Stovold has resigned effective October 1, 2026. The resignation is part of a transition agreement in which Mr. Stovold will remain with the company in a non-executive capacity through July 1, 2029.
During this transition period, Mr. Stovold will receive a monthly salary of $8,000 and will continue to participate in the company’s medical and dental benefit plans. He is also eligible for reimbursement of certain business expenses and will assist with the transfer of his duties.
Upon the completion of the transition period, Mr. Stovold is entitled to a lump-sum payment of $90,000, subject to applicable withholding and the execution of a general release of claims. The agreement stipulates that this payment is forfeited if his employment terminates for Cause prior to July 1, 2029.
The filing indicates that the Board of Directors intends to fill the vacancy but has not yet formally appointed a successor. Additionally, the agreement extends Mr. Stovold’s non-competition and non-solicitation obligations through July 1, 2031, and includes standard confidentiality and cooperation provisions.
