ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX) 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 September 21, 2020, William T. Hull, the Chief Financial Officer, Executive Vice President, Chief Accounting Officer and Treasurer of Orion Energy Systems, Inc. (the “Company”), informed the Company’s Chief Executive Officer that he intends to retire from his positions with the Company upon the successful filing of the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2020 with the Securities and Exchange Commission (such filing date, the “Retirement Date”). The Company is currently pursuing an external search for a new Chief Financial Officer.

Effective as of the Retirement Date, Mr. Hull voluntarily resigns, and will cease to serve, as an officer of the Company and each subsidiary of the Company. Until the Retirement Date, Mr. Hull will continue to serve the Company on a full time basis in his current officer position and will receive from the Company his normal salary and other compensation and benefits otherwise due to him, through the Retirement Date, under his Amended and Restated Executive Employment and Severance Agreement, dated as of June 1, 2020.

In connection with his retirement and in order to facilitate an amicable retirement process to help ensure a smooth and seamless transition of his duties and responsibilities, the Company and Mr. Hull entered into a Voluntary Retirement Agreement and Release on September 21, 2020 (the “Retirement Agreement”). to the Retirement Agreement, the Company will provide to Mr. Hull certain retirement benefits and payments, including providing a fiscal 2021 bonus payment to Mr. Hull of $15,000; vesting of a 10,000-share portion of the restricted stock award granted to Mr. Hull by the Company on June 7, 2018, which would have vested June 7, 2021 if Mr. Hull would have remained employed by the Company on such date (and forfeiture of all other unvested restricted stock and any related awards as of his Retirement Date); continuation of certain medical insurance benefits; and certain other benefits.

The foregoing description of the Retirement Agreement is qualified in its entirety by reference to the full text of the Retirement Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.

On September 23, 2020, the Company issued a press release announcing Mr. Hull’s impending retirement. The Company is furnishing a copy of such press release as Exhibit 99.1 hereto, which is incorporated by reference herein.

   Press Release of Orion Energy Systems, Inc.


ORION ENERGY SYSTEMS, INC. Exhibit
EX-10.1 2 d36004dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 VOLUNTARY RETIREMENT AGREEMENT AND RELEASE This Voluntary Retirement Agreement and Release (“Agreement”) is between Orion Energy Systems,…
To view the full exhibit click here

About ORION ENERGY SYSTEMS, INC. (NASDAQ:OESX)

Orion Energy Systems, Inc. is a designer and manufacturer of lighting platforms. The Company researches, develops, designs, manufactures, markets, sells and implements energy management systems consisting primarily of commercial and industrial interior and exterior lighting systems, and related services. The Company operates through three segments: Orion U.S. Markets Division (USM), Orion Engineered Systems Division (OES) and Distribution Services Division (ODS). The USM division develops and sells its commercial lighting systems and energy management systems to the wholesale contractor markets. The OES division develops and sells lighting products, and provides construction and engineering services for its commercial light emitting diode (LED) and high intensity fluorescent (HIF) lighting and energy management systems. The ODS division focuses on selling its lighting products through manufacturer representative agencies and a network of broadline North American distributors.