IDEAL POWER INC. (NASDAQ:IPWR) 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.
Company), and Ryan OKeefe, a named executive officer of the
Company, mutually agreed to terminate Mr. OKeefes employment with
the Company as Senior Vice President, Business Development,
effective immediately.
OKeefe entered into a Separation Agreement and General Release of
All Claims, effective June 2, 2017 (the Separation Agreement).
Mr. OKeefe has the right to revoke the Separation Agreement
within seven days of the execution date. Under the terms of the
Separation Agreement, the Company will pay Mr. OKeefe $58,875,
less applicable withholding taxes and deductions, which is the
equivalent of three months base salary, in equal installments
over three months in accordance with the Companys established
payroll practices. The Company will also pay to Mr. OKeefe a
lump-sum bonus payment of $19,625, less applicable withholding
taxes and deductions. In addition, the Company will pay Mr.
OKeefes COBRA premiums through the earlier of August 31, 2017,
and the date when Mr. OKeefe either elects to discontinue COBRA
benefits or becomes eligible for health insurance coverage
through another employer. The Separation Agreement contains
customary confidentiality provisions and a mutual release of
claims between the Company and Mr. OKeefe.
general description and is qualified in its entirety by reference
to the Separation Agreement. A copy of the Separation Agreement
is attached hereto as Exhibit 10.1 and is incorporated by
reference herein.
Board) elected Dr. Lon Bell as Chairman of the Board, effective
immediately. Dr. Bell has been a director of the Company since
November 2012 and has served as interim Chairman of the Board
since March 9, 2017. The Board believes that Dr. Bells experience
in commercializing inventions and his tenure as a director of the
Company will make him an effective Chairman.
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Exhibit No.
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Description
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10.1
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Separation Agreement and General Release of All Claims,
dated June 2, 2017, between the Company and Ryan OKeefe. |
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About IDEAL POWER INC. (NASDAQ:IPWR)
Ideal Power Inc. (Ideal Power) designs, markets and sells electrical power conversion products using its Power Packet Switching Architecture (PPSA) technology. The Company’s PPSA is a power conversion technology that utilizes standardized hardware with application specific embedded software. It sells products to systems integrators for integration into their system, which enable end users to manage their electricity consumption by reducing demand charges or fossil fuel consumption, integrating renewable energy sources and form their own microgrid. It focuses on licensing PPSA-based product designs to original equipment manufacturers (OEMs) within its target markets. Its products use multiple insulated gate bipolar transistors (IGBTs), which switch power in a direction, including direct current (DC) to alternating current (AC), or AC to DC. The PPSA uses indirect power flow in which power flows through input switches, and is temporarily stored in its AC link inductor.
