IDEAL POWER INC. (NASDAQ:IPWR) Files An 8-K Other EventsItem 8.01 Other Events.
On November 7, 2017, Bill Alexander’s employment as the Chief Technologist of Ideal Power Inc., a Delaware corporation (the “Company”), was terminated for cause to the terms of his employment agreement dated September 16, 2014. The Company recently discovered that Mr. Alexander, at the time that he was an executive officer and director of the Company, pledged shares of common stock as collateral for a personal loan in violation of the Company’s insider trading policy and code of conduct. Under the terms of his employment agreement, Mr. Alexander will not be paid any severance in connection with the termination of his employment for cause.
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.
