BROADWIND ENERGY, INC. (NASDAQ:BWEN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

BROADWIND ENERGY, INC. (NASDAQ:BWEN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Story continues below

 On February 21, 2017, the Compensation Committee of the Board of Directors (the “Committee”) of Broadwind Energy, Inc. (the “Company”) granted, under the Company’s 2015 Equity Incentive Plan (the “Plan”), performance-based restricted stock units (the “PSUs”) to certain members of senior management (the “Grantees”), including the Company’s named executive officers (the “NEOs”) Stephanie K. Kushner, President, Chief Executive Officer and Chief Financial Officer, David W. Fell, Vice President, General Counsel and Secretary, and Erik W. Jensen, Vice President and Chief Human Capital Officer (the “Awards”). The performance period for the Awards commenced on January 1, 2017 and ends on December 31, 2019 (the “Performance Period”). The PSUs are earned by the Grantees if the Company achieves certain targeted performance index growth in each year of the Performance Period or cumulatively over the Performance Period. The performance index is measured annually on a per share basis taking into account a multiple of the Company’s consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) less average consolidated net debt. Upon completion of the Performance Period, each Grantee will receive one share of Company common stock (the “Common Stock”) for each PSU earned. The PSUs for each Grantee, if earned, vest on December 31, 2019, conditional upon the Grantee’s continued employment with the Company on the vesting date. The maximum opportunity for each NEO under his or her Award is as follows:  Ms. Kushner, 101,156 shares of Common Stock, and Messrs. Fell and Jensen, 7,313 and 16,574 shares of Common Stock, respectively. The Grantees are eligible to receive a pro-rated number of shares in the event that performance is above specified threshold levels but below the maximum levels of payout. Shares that are earned upon satisfaction of the applicable performance goals will be distributed as soon as reasonably practicable following the completion of the Performance Period and certification of performance by the Committee. The Awards are subject to such additional terms and conditions as are set forth in the Plan and the individual Award agreement. 

2


About BROADWIND ENERGY, INC. (NASDAQ:BWEN)

Broadwind Energy, Inc. provides technologically advanced products and services to energy, mining and infrastructure sector customers, primarily in the United States. The Company is engaged primarily in United States wind energy industry. The Company operates through two segments: Towers and Weldments, and Gearing. The Company’s Towers and Weldments segment manufactures towers for wind turbines, specifically the large and heavier wind towers that are designed for multiple megawatt (MW) wind turbines. The Company’s Gearing segment engineers, builds and remanufactures precision gears and gearing systems for oil and gas, wind energy, mining, steel and other industrial applications. Within the United States wind energy industry, it provides products and services to wind turbine manufacturers. It also provides precision gearing and specialty weldments to a range of industrial customers for oil and gas, mining, steel and other industrial applications.

BROADWIND ENERGY, INC. (NASDAQ:BWEN) Recent Trading Information

BROADWIND ENERGY, INC. (NASDAQ:BWEN) closed its last trading session up +0.06 at 5.21 with 82,536 shares trading hands.

An ad to help with our costs