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) adopted the Energy Focus, Inc. Executive Bonus Plan
(the Plan), effective as of January 1, 2017, which provides for
the payment of a bonus to executive officers of the Company, as
defined under Rule 16a-1 of the Securities Exchange Act
(Officers) based on the achievement of business and individual
performance objectives established by the Compensation Committee
of the Board of Directors with respect to each performance period
commencing on January 1 and ending on December 31 of each year
(Plan Year).
under the Plan as a percentage of his or her salary, which will
be determined as to 70% of such amount based on Company
performance and as to 30% of such amount on individual
performance. The Company performance metrics selected for the
2017 Plan Year are revenue and adjusted EBITDA. Depending on the
level of the Company or individual performance component
achieved, the Officers are eligible to receive the following
percentages of salary with respect to achieving minimum, target,
and maximum performance levels: (a) Chief Executive Officer: 50%,
50%, and 150%, respectively, and (b) Chief Financial Officer:
15%, 50%, and 50%, respectively.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit
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Number
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Description
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10.1
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Energy Focus, Inc. Executive Bonus Plan
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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 3.14 with 17,418 shares trading hands.