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 OfficersItem 5.02
On December 18, 2017, Mark L. Baum notified Ideal Power Inc. (the “Company”) of his resignation from his positions as a member of the Board of Directors of the Company (the “Board”), chairman of the Audit Committee of the Company (the “Audit Committee”), member of the Compensation Committee of the Company, and member of the Nominating and Corporate Governance Committee of the Company (the “Nomination Committee”), in each case effective December 31, 2017. He is resigning without dispute or disagreement with the Company.
On December 18, 2017, the Board appointed Michael Turmelle to serve as a member of the Board, chairman of the Audit Committee, member of the Compensation Committee and member of the Nominating Committee. There are no family relationships between Mr. Turmelle and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K. Mr. Turmelle will receive cash compensation of $25,000 for his service during the fourth quarter of the Company’s fiscal year 2017. For each year of service following the fourth quarter of 2017, Mr. Turmelle will receive $40,000 in cash compensation as well as options to purchase shares of Company common stock having a grant date fair value of $30,000, which will vest in equal quarterly installments over the one year period following the date of grant, subject to continued service to the Company.
On December 18, 2017, the Board approved reduced annual compensation to be paid to the independent directors, effective January 1, 2018, as follows: each of the independent directors shall receive cash compensation of $40,000 and options to purchase shares of Company common stock having a grant date fair value of $30,000, which will vest in equal quarterly installments over the one year period following the date of grant, subject to continued service to the Company.
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.