SUNWORKS, INC. (NASDAQ:SUNW) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
On March 28, 2017, Sunworks, Inc. (the Company) issued a press
release announcing its fourth quarter and full-year 2016 results.
A copy of the Companys press release is attached as Exhibit 99.1
to this current report on Form 8-K.
The information disclosed under this Item 2.02, including Exhibit
99.1 hereto, is being furnished and shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, nor shall it be incorporated by reference into any
registration statement or other document to the Securities Act of
1933, as amended, except as expressly set forth in such filing.
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
On March 23, 2017, the Board of Directors of the Company approved
the appointment of Charles F. Cargile as the Companys Chief
Executive Officer, which appointment will take effect on April 3,
2017. James Nelson, the Companys Chief Executive Officer will
continue to serve in his capacity as Chairman of the Company.
Mr. Cargile, age 52, has served as a Director of the Company
since September 2016. From July, 2016, Mr. Cargile served an
Executive Advisor to MKS Industries which acquired Newport
Corporation (Newport) in April 2016. Prior to that, since 2000,
Mr. Cargile served in various capacities at Newport including
Chief Financial Officer, Vice President and Senior Vice
President. In addition, Mr. Cargile served as Treasurer of
Newport from April 2013 until Newports acquisition and previously
from February 2005 until April 2010. Prior to joining Newport,
Mr. Cargile served in various capacities at York International
Corporation (now a division of Johnson Controls, Inc.) since 1998
including Vice President, Finance and Corporate Development and
Corporate Controller and Chief Accounting Officer. From February
1995 to November 1998 Mr. Cargile served as Corporate Controller
and Chief Accounting Officer of Flowserve Corporation (Flowserve)
and was employed by Flowserve in various other capacities prior
to February 1995. Mr. Cargile currently serves on the board of
directors of Netlist, Inc. (Netlist) and is also the Lead
Independent Director and Chairman of the audit committee of
Netlist
Mr. Cargile will receive a base salary of $300,000 per year and a
discretionary bonus, provided, however, for the fiscal year
ending December 31, 2017, Mr. Cargile shall be entitled to a
minimum bonus equal to 3% of the operating earnings of the
Company but shall receive a bonus that is not less than the bonus
paid to next highest executive of the Company. Mr. Cargile will
receive a restricted stock grant of 500,000 shares, one third of
which shall vest on the one year anniversary of the grant, and
the balance of which shall vest in twenty-four equal monthly
installments commencing on the one year anniversary of the grant.
On March 29, the Company released a press release to disclose Mr.
Cargiles appointment as Chief Executive Officer, a copy of which
is attached hereto as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release dated March 29, 2017 |
| 99.2 | Press Release dated March 29, 2017 |
About SUNWORKS, INC. (NASDAQ:SUNW)
Sunworks, Inc., formerly Solar3D, Inc., provides photo voltaic (PV) based power systems for the residential, commercial and agricultural markets in California and Nevada. The Company, through its operating subsidiaries, designs, arranges financing, integrates, installs and manages systems ranging in size from 2 kilowatt (KW) for residential loads to multi megawatts (MW) systems for larger commercial projects. The Company’s commercial installations include office buildings, manufacturing plants, warehouses and agricultural facilities, such as farms, wineries and dairies. The Company provides a range of installation services to its solar energy customers, including design, system engineering, procurement, permitting, construction, grid connection, warranty, system monitoring and maintenance. The Company has installed over 850 systems in California and Nevada. SUNWORKS, INC. (NASDAQ:SUNW) Recent Trading Information
SUNWORKS, INC. (NASDAQ:SUNW) closed its last trading session down -0.02 at 1.38 with 36,998 shares trading hands.
