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.
Correction to Disclosure Contained in Form 8-K Filed by Energy Focus, Inc. on February 26, 2019
Energy Focus, Inc. (the “Company”) filed a Current Report on Form 8-K with the Securities and Exchange Commission (the “SEC”) on February 26, 2019 (the “February 26th>8‑K”) in which it reported, among other things, that, the board of directors of the Company (the “Board”) had approved certain compensation amounts for the Company’s non-employee directors, including the then new directors, Jennifer Y. Cheng and Geraldine McManus. With respect to such compensation amounts, the February 26th>8-K incorrectly stated that non-employee directors would each receive restricted stock units having an annual grant date value of $33,300 vesting over a one-year period, pro-rated for service of a partial term. The Board had actually only approved an annual grant date value of $30,000 vesting over a one-year period, pro-rated for service of a partial term.
Except as stated above, this Form 8-K/A does not amend or update any of the other information contained in the February 26th>8-K.
Supplemental Disclosure Relating to the Form 8-K filed by the Company on June 28, 2019
As previously reported by the Company on a Current Report on Form 8-K filed with the SEC on June 28, 2019 (the “June 28th>8-K”), the Company approved the appointment of Tod A. Nestor as President, Chief Financial Officer and Secretary of the Company effective July 1, 2019 (the “Appointment”). The supplemental disclosure below is being made to Instruction 2 to Item 5.02 of Form 8-K as an amendment to the June 28th Form 8-K to add information related to an equity award that Mr. Nestor received in connection with the Appointment that was not determined at the time of the filing of the June 28th>8-K. Except as stated below, this Form 8-K/A does not amend or update any of the other information contained in the June 28th>8-K.
In connection with the Appointment, on July 16, 2018, Mr. Nestor received an equity award consisting of options to purchase 150,000 shares of the Company’s common stock with an exercise price of $0.42 per share, to the Company’s 2014 Stock Incentive Plan, as amended. One-fourth of the options vest on July 16, 2020, and the remainder vest in monthly installments thereafter over a three-year period.
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.
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