Luna Innovations Incorporated (NASDAQ:LUNA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The compensation committee (the “Committee”) of the Board of Directors of Luna Innovations Incorporated (the “Company”) has recently undertaken a thorough review of the Company’s executive compensation programs, including salary, cash bonus, and equity-based incentive compensation. After completing this review, on January 14, 2019, the Committee approved equity awards for the Company’s executive officers reflecting a revised approach for annual grants of equity compensation (the “2019 Grants”). Beginning with the 2019 Grants, the Committee intends to provide for annual grants of equity compensation comprising a combination of service-based restricted stock units, which will vest over time, and performance-based restricted stock units that will vest based on the Company’s achievement of long-term performance goals. With respect to the 2019 Grants, the service-based restricted stock units are scheduled to vest in three equal annual installments and the performance-based restricted stock units are scheduled to vest, if at all, based on the Company’s levels of 2021 revenue and operating income, in each case subject to the executive officer’s continuous service through vesting. The performance-based awards establish threshold, target and maximum vesting amounts based on pre-defined levels of each of 2021 revenue and operating income, subject to the overall achievement of a minimum level of operating income for the year ending December 31, 2021.
Set forth below is a table summarizing the 2019 Grants by executive officer:
|
Time-Based Restricted Stock Units |
Performance-Based Restricted Stock Units |
|||
|
Threshold |
Target |
Maximum |
||
|
Scott A. Graeff, President and Chief Financial Officer |
92,000 |
11,500 |
23,000 |
34,500 |
|
Dale E. Messick, Chief Financial Officer |
20,000 |
2,500 |
5,000 |
7,500 |
The restricted stock units described above were issued under the Company’s 2016 Equity Incentive Plan, to Restricted Stock Unit Award Agreements in the form filed herewith as Exhibit 4.1 to this report, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
LUNA INNOVATIONS INC Exhibit
EX-4.1 2 exhibit41formofrestricteds.htm EXHIBIT 4.1 Exhibit Exhibit 4.1LUNA INNOVATIONS INCORPORATED RESTRICTED STOCK UNIT GRANT NOTICE (2016 EQUITY INCENTIVE PLAN)Luna Innovations Incorporated (the “Company”),…
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About Luna Innovations Incorporated (NASDAQ:LUNA)
Luna Innovations Incorporated develops, manufactures and markets fiber optic sensing and test, and measurement products. The Company is focused on bringing technology solutions to measure and monitor processes in the aerospace, automotive, energy, composite, telecommunications and defense industries. The Company operates in two business segments: Products and Licensing, and Technology Development. The Products and Licensing segment develops, manufactures and markets its suite of products, including high-speed optical receiver (HSOR), custom optoelectronic subsystems (Optoelectronics), and Terahertz (THz) products, and fiber optic sensing, as well as test and measurement products. The Technology Development segment performs applied research principally in the areas of sensing and instrumentation, advanced materials and health sciences. The Company’s HSOR transmission products are deployed in the Internet communications equipment infrastructure for high-speed bandwidth.
