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EX-10.1 - EX-10.1 - ENERGY CONVERSION DEVICES INC | k50565exv10w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 Or 15(d) of the
Securities Exchange Act of 1934
Securities Exchange Act of 1934
Date of Report (date of earliest event reported) July 6, 2011
ENERGY CONVERSION DEVICES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware | 1-8403 | 38-1749884 | ||
(State or Other Jurisdiction | (Commission | (IRS Employer | ||
of Incorporation) | File Number) | Identification No.) |
3800 Lapeer Road, Auburn Hills, MI | 48326 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code (248) 293-0440
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provision (see General Instruction A.2
below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Energy Conversion Devices, Inc., (the Company) entered into a Transition Agreement (the
Agreement) with Subhendu Guha, its Executive Vice PresidentPV Technology and Chairman of its
wholly owned subsidiary, United Solar Ovonic, pursuant to the terms of which Dr. Guha
will assume the position of Chairman Emeritus, United Solar Ovonic, effective July 15, 2011. In
his new role, Dr. Guha will focus his attention on research and development activities to advance
the companys technology roadmap. A copy of the Agreement is attached hereto as Exhibit 10.1 and
is incorporated herein by reference.
The Agreement implements substantially the terms applicable to Dr. Guha under the Companys
Executive Severance Plan (the Plan), as well as his obligations under the Plans restrictive
covenants, including, in the case of the non-compete and non-solicitation covenants, for one year
after termination of his new role as Chairman Emeritus of United Solar Ovonic. Under the terms of
the Agreement, Dr. Guha will receive an annual compensation of $150,000 in his new position as
Chairman Emeritus and will be entitled to health insurance benefits.
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Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
10.1
|
Transition Agreement, dated June 29, 2011 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ENERGY CONVERSION DEVICES, INC. |
||||
By: | /s/ Jay B. Knoll | |||
Jay B. Knoll | ||||
Interim President | ||||
Date: July 12, 2011
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EXHIBIT INDEX
Exhibit No. | Description | |
10.1
|
Transition Agreement, dated June 29, 2011 |
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