American Superconductor Corporation (NASDAQ:AMSC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 4, 2018, American Superconductor Corporation (the “Company”) and James F. Maguire, a former executive officer who was a named executive officer in our Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on June 16, 2017, agreed to certain changes to Mr. Maguire’s responsibilities and compensation. Mr. Maguire will no longer be directly responsible for worldwide engineering and strategic marketing but will remain as Executive Vice President, Technology, of the Company, in which capacity he will serve as a senior advisor to the leadership team and manage strategic projects and new technologies. In light of Mr. Maguire’s new role, the Company and Mr. Maguire also have agreed to reduce his compensation to a rate of $225,000 per year (on the basis of an 80% schedule) effective April 23, 2018 and his target annual incentive award to 40% of his base salary effective for the Company’s fiscal year ending March 31, 2019.
In addition, the Company and Mr. Maguire entered into the First Amendment to Amended and Restated Executive Severance Agreement (the “Amendment”). The Amendment amends Mr. Maguire’s existing Amended and Restated Executive Severance Agreement, dated as of September 20, 2013 (the “Maguire Agreement”), which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 25, 2013 and is incorporated herein by reference.
Under the terms of the Amendment, Mr.Maguire’s severance will remain at eighteen (18) months of base salary, less all applicable taxes and withholdings, until March 31, 2020, and will be reduced to twelve (12) months of base salary, less all applicable taxes and withholdings, thereafter. All other terms of the Maguire Agreement remain unchanged.
About American Superconductor Corporation (NASDAQ:AMSC)
American Superconductor Corporation (AMSC) is a provider of megawatt-scale solutions. The Company operates through two segments: Wind and Grid. Through the Company’s Windtec Solutions brand, the Wind business segment enables manufacturers to field wind turbines. Through the Company’s Gridtec Solutions, the Grid business segment enables electric utilities and renewable energy project developers to connect, transmit and distribute power. AMSC supplies power electronics and control systems, licenses its engineered wind turbine designs and provides customer support services to wind turbine manufacturers. The Company provides a range of power electronics and software-based control systems. AMSC provides transmission planning services that enable it to identify power grid congestion and other risks. The Company also sells grid interconnection solutions for wind farms and solar power plants, power quality systems, and transmission and distribution cable systems.
