ENERGY FOCUS, INC. (NASDAQ:EFOI) 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.
(the Company) of his resignation from his position as the Chief
Financial Officer and Secretary of the Company effective March
17, 2017 to pursue other opportunities.
Port, the Companys Controller, to serve as the Companys Chief
Financial Officer and Secretary. In consideration for such
service, Mr. Port will receive an annual salary of $250,000 and
is eligible for a performance-based bonus of 50% of base salary
at target level. He also will be granted restricted stock units
(RSUs) having a grant date value of $65,000 and options equal to
1.5 times the number of RSUs that will vest over three years. Mr.
Port will also participate in the Companys Change in Control
Benefit Plan (the CIC Plan), which provides for a severance
payment to Mr. Port upon a qualifying termination occurring
within 24 months after a Change in Control (as defined in the CIC
Plan) equal to one times his base salary and annual target bonus,
a pro-rated portion of any current year bonus, 12 months of
continued benefits and full vesting of all outstanding equity
awards provided that he remains in compliance with
confidentiality, non-competition, non-solicitation and other
covenants.
July 2015 and served as Interim Chief Financial Officer and
Secretary from August to December 2016. From 2010 to July 2015,
Mr. Port was a consultant with Resources Global Professionals
(RGP), a multinational professional services firm, during which
time he filled roles such as Interim CFO, Controller and Director
of External Reporting for industrial and manufacturing customers,
including interim Controller of the Company from April to July
2015. Prior to joining Resources Global Professionals, Mr. Port
held various senior level executive positions at both private and
public companies, including Mork Process, Inc., an international
manufacturer of industrial cleaning equipment, Oglebay Norton
Company, a great lakes shipping and industrial minerals company
and Hitachi Medical Systems of America, a distributor of
diagnostic imaging products. He began his career at Ernst Young,
focusing on entrepreneurial growth companies. Mr. Port is CPA and
has an MBA from the Weatherhead School of Management at Case
Western Reserve and a BS in Business Administration from The Ohio
State University.
hereto as Exhibit 99.1.
|
Item 9.01
|
Financial Statements and Exhibits.
|
|
Exhibit
|
|||
|
Number
|
Description
|
||
|
99.1
|
Press release dated March 17, 2017
|
||
About ENERGY FOCUS, INC. (NASDAQ:EFOI)
Energy Focus, Inc. along with its subsidiaries is engaged in the design, development, manufacturing, marketing, installation and sale of lighting systems. The Company is engaged in developing and selling of light-emitting diode (LED) lighting products for military maritime market, and general commercial and industrial markets. It produces, sources and/or markets a range of lighting technologies to serve its primary end markets. It offers military maritime products, such as Military Intellitube, military globe lights and military berth light to serve the United States navy and allied foreign navies. It offers commercial products, such as direct-wire tubular LED (TLED) replacements for linear fluorescent lamps, LED dock lights, low-bay and high-bay lighting for high-intensity discharge applications and LED retrofit kits to serve general commercial and industrial markets. ENERGY FOCUS, INC. (NASDAQ:EFOI) Recent Trading Information
ENERGY FOCUS, INC. (NASDAQ:EFOI) closed its last trading session down -0.01 at 3.37 with 10,522 shares trading hands.