Energy Conversion Devices Discloses Executive Compensation
AUBURN HILLS, Mich.–Energy Conversion Devices, Inc. (ECD) ENER-15.85%, a leading global provider of lightweight, flexible solar products and systems for the building-integrated and commercial rooftop market, filed a Current Report on Form 8-K with the Securities and Exchange Commission regarding the appointment, effective December 5, 2011, of Julian Hawkins as Chief Executive Officer and President and Member of its Board of Directors and disclosing certain executive compensation information.
Per the listing requirements of The NASDAQ Stock Market, the company has disclosed that Mr. Hawkins will receive a restricted stock unit award as an inducement for entering into employment with the Company, under terms evidenced in an award agreement, which will include terms substantially similar to the Company’s 2010 Omnibus Incentive Compensation Plan. The number of shares subject to the restricted stock unit award will be 1,599,335 (equal to approximately 3% of the outstanding shares of common stock of the Company as of June 30, 2011). Fifty percent (50%) of the restricted stock unit award will vest on June 5, 2012, provided Mr. Hawkins remains employed by the Company on that date. The remaining 50% will vest on December 5, 2012, provided Mr. Hawkins remains employed by the Company on that date. The restricted stock unit award will be cancelled, and no portion of the restricted stock unit award will vest, if, and only if, during the 90-day period beginning on the December 5, 2011, the Company enters into a binding agreement to enter into a transaction or series of transactions that would constitute a Change of Control as defined in the Company’s 2010 Omnibus Incentive Compensation Plan.
About Energy Conversion Devices
Energy Conversion Devices (ECD) ENER-15.85% has a renowned 51 year history since its formation in Detroit, Michigan and has been a pioneer in materials science and renewable energy technology development. The company has been awarded over 500 U.S. patents and international counterparts for its achievements. ECD’s United Solar wholly owned subsidiary has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to clean, renewable energy using proprietary technology. UNI-SOLAR(R) brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. ECD’s technology portfolio also includes the Ovonic Battery Company, the inventor and worldwide licensor of nickel-metal-hydride battery technology and the developer of proprietary advanced lithium-ion cathode materials, along with other emerging energy storage technologies. ECD’s Ovonyx joint venture is the inventor and worldwide licensor of phase change memory (PCM) technology. For more information, please visit ECD on the web at energyconversiondevices.com and on Facebook, and follow ECD on Twitter @ECD_ENER.
Tags: binding agreement, chief executive officer, common stock, counte, current report, energy conversion devices, energy conversion devices inc, energy technology development, executive compensation, incentive compensation, leading global provider, renewable energy technology, restricted stock unit, securities and exchange commission, solar, solar products, unisolar
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