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
On April 4, 2019, Ideal Power Inc. (the “Company”) entered into Award Forfeiture Agreements (“Forfeiture Agreements”) with Lon E. Bell, Chief Executive Officer, President and Chairman of the Board of Directors of the Company (the “Board”), R. Daniel Brdar, BTRAN Chief Commercial Officer and a member of the Board, Timothy W. Burns, Chief Financial Officer, and David B. Eisenhaure, a member of the Board. to the Forfeiture Agreements, these individuals voluntarily forfeited their equity award grants with a grant date prior to January 1, 2018.
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.
