Ascent Solar Reports Inducement Grant to New Chief Executive Officer, Jeffrey Max
THORNTON, CO - (NewMediaWire) - September 27, 2022 - Ascent Solar Technologies, Inc. (“Ascent Solar”, “Ascent” or the “Company”) (NASDAQ: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, announced today that the compensation committee of Ascent’s board of directors have granted Mr. Jeffrey Max, the Company’s newly appointed Chief Executive Officer, an inducement grant of restricted stock units (“RSUs”) for an aggregate of 3,534,591 shares of Ascent Solar’s common stock, on September 21, 2022.
This RSUs grant was agreed to as an inducement, material to Mr. Max entering into an employment agreement with Ascent. The RSUs 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. Max’s employment for any reason other than (x) by the Company for cause or (y) by Mr. Max 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 September 30, 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. Max’s employment for any reason other than (x) by the Company for cause or (y) by Mr. Max without good reason. At the election of the Company or Mr. Max prior to each settlement date, the RSUs shall be “net settled” and the Company shall retain such number of shares for sale on behalf of Mr. Max 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. Max upon settlement of any RSUs.
For more information, please visit www.AscentSolar.com.
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine's 50 best inventions. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado. More information can be found at www.AscentSolar.com.
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.
Ascent Solar Technologies
Investor Relations: IR@AscentSolar.com