CAPSTONE TURBINE CORPORATION (NASDAQ:CPST) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
-
0
CAPSTONE TURBINE CORPORATION (NASDAQ:CPST) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

CAPSTONE TURBINE CORPORATION (NASDAQ:CPST) 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

(c)Appointment of Chief Financial Officer

On December 3, 2019, the Board of Directors (the “Board”) of Capstone Turbine Corporation (the “Company”) appointed Frederick S. Hencken III, the Company’s current Interim Chief Financial Officer, to the position of Chief Financial Officer, effective as of January 1, 2020 (the “Effective Date”). Mr. Hencken will continue to serve as the Company’s Chief Accounting Officer, and principal financial officer and principal accounting officer of the Company. The full biography and other information for Mr. Hencken required by Item 5.02(c) of Form 8-K are included in the Company’s Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 30, 2019 (as amended by the Form 8-K/A filed with the SEC on September 12, 2019), and such biography and information are incorporated by reference into this Item 5.02.

In connection with Mr. Hencken’s appointment, the Compensation Committee of the Board (the “Compensation Committee”) approved a $45,000 salary increase for Mr. Hencken, for a total annual base salary of $270,000, as well as an increase to his annual target bonus incentive of 45% of base salary, effective as of the Effective Date.

In addition, in recognition of his performance, the Compensation Committee approved a grant to Mr. Hencken of 20,000 restricted stock units that will vest over three years, effective as of the Effective Date. 

There are no arrangements or understandings between Mr. Hencken and any other persons in connection with his appointment, nor are there any family relationships between Mr. Hencken and any of the Company\’s directors or executive officers. Additionally, there are no transactions involving Mr. Hencken that are required to be disclosed to Item 404(a) of Regulation S-K under the Securities Act of 1933, as amended.

Item 9.01Financial Statements and Exhibits.

     

(d)  Exhibits.    

 

CAPSTONE TURBINE Corp Exhibit
EX-99.1 2 ex-99d1.htm EX-99.1 cpst_Ex99_1 EXHIBIT 99.1   Capstone Announces the Appointment of Eric Hencken as Chief Financial Officer VAN NUYS,…
To view the full exhibit click here

About CAPSTONE TURBINE CORPORATION (NASDAQ:CPST)

Capstone Turbine Corporation (Capstone) develops, manufactures, markets and services microturbine technology solutions for use in stationary distributed power generation applications, including cogeneration (combined heat and power), integrated combined heat and power (ICHP), and combined cooling, heat and power (CCHP), renewable energy, natural resources and critical power supply. The Company’s microturbines are used as battery charging generators for hybrid electric vehicle applications. Capstone offers micro turbines for commercial, industrial and utility users with product offerings ranging from 30 kilowatts (kW) to 1 megawatt in electric power output. The Company sells complete microturbine units, subassemblies, components and various accessories. It also remanufactures micro turbine engines and provides after-market parts and services. Its products include C30, C65, TA100, C200, C600, C800, C1000 and waste heat recovery generator. It also offers C65 and C200 ICHP systems.