Ascent Solar Reports Inducement Grant to New CFO Paul Warley Jr.
13 December 2022 - 08:00AM
Business Wire
Ascent Solar Technologies, Inc. (NASDAQ: ASTI) today announced
that its board of directors compensation committee has granted Paul
Warley Jr., the company’s newly appointed chief financial officer,
an inducement grant of restricted stock units (RSUs) for an
aggregate of 700,000 shares of Ascent Solar’s common stock.
This RSU grant was agreed to as an inducement material to Mr.
Warley entering into an employment agreement with Ascent Solar. The
RSU grant was agreed to and granted in accordance with Nasdaq
Listing Rule 5635(c)(4). Twenty percent (20%) of the RSUs are fully
vested upon grant. The remaining eighty percent (80%) of the RSUs
shall vest in equal monthly increments over the next thirty-six
(36) months. Any outstanding and unvested RSUs will accelerate and
fully vest upon the earlier of (i) a change of control and (ii) the
termination of Mr. Warley’s employment for any reason other than
(x) by Ascent Solar for cause or (y) by Mr. Warley without good
reason.
The RSUs shall be settled in eight (8) equal increments on the
last business day of each calendar quarter beginning with the
initial settlement date of December 31, 2024. Notwithstanding the
foregoing, any RSUs that are then outstanding and vested will
accelerate and be settled upon the earlier of (i) a change of
control and (ii) the termination of Mr. Warley’s employment for any
reason other than (x) by Ascent Solar for cause or (y) by Mr.
Warley without good reason. At the election of Ascent Solar or Mr.
Warley prior to each settlement date, the RSUs shall be “net
settled” and Ascent Solar shall retain such number of shares for
sale on behalf of Mr. Warley at a price equal to the fair market
value of the shares on the settlement date as will be sufficient
for the payment of withholding tax liability to satisfy the
obligation of Mr. Warley upon settlement of any RSUs.
About Ascent Solar Technologies, IncAbout Ascent Solar
Technologies, Inc.
With 40 years of R&D, 15 years of manufacturing, numerous
awards, and a comprehensive IP and patent portfolio, Ascent Solar
is a leading provider of CIGS solar technology and manufacturer of
innovative, high performance, flexible thin-film solar panels for
both existing and emerging agrivoltaics, space and aerospace
applications. Ascent Solar’s patented, monolithic integration
process enables remarkable levels of flexibility, efficiency,
durability and weight savings – revolutionizing the way solar power
can be used in everyday life. Ascent Solar’s research and
development center and 5-MW nameplate production facility are in
Thornton, Colorado. To learn more, visit
https://www.ascentsolar.com
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements."
Such forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the
company's actual operating results to be materially different from
any historical results or from any future results expressed or
implied by such forward-looking statements. In addition to
statements that explicitly describe these risks and uncertainties,
readers are urged to consider statements that contain terms such as
"believes," "belief," "expects," "expect," "intends," "intend,"
"anticipate," "anticipates," "plans," "plan," to be uncertain and
forward-looking. No information in this press release should be
construed as any indication whatsoever of our future revenues,
stock price, or results of operations. The forward-looking
statements contained herein are also subject generally to other
risks and uncertainties that are described from time to time in the
company's filings with the Securities and Exchange Commission.
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