UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of The Securities Exchange Act of 1934
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Termination of Employment of Chief Revenue Officer and Furlough of Chief Accounting Officer
Pursuant to a plan of Capstone Green Energy Corporation (the Company”) to reduce its cash use (the “Expense Reduction Plan”), the employment of James Crouse, the Chief Revenue Officer of the Company, will terminate effective April 1, 2022.
On February 25, 2022, pursuant to the Expense Reduction Plan, the Company also furloughed Neshan “Nino” Tavitian, the Company’s Chief Accounting Officer, effective February 28, 2022, for 120 days. In his absence, Mr. Frederick S. Hencken III has assumed the role of Chief Accounting Officer. Mr. Hencken will also continue in his role as Chief Financial Officer of the Company.
Reduction in Base Salary of Executive Officers
On February 28, 2022, pursuant to the Expense Reduction Plan, each of Mr. Darren R. Jamison, the Company’s Chief Executive Officer and Frederick S. Hencken III, the Company’s Chief Financial Officer, voluntarily agreed to accept 25% reductions to their base salaries. These reductions, which were effective as of February 28, 2022, will remain in effect for a period of 120 days thereafter.
Item 7.01Regulation FD Disclosure.
On March 3, 2022, the Company published a press release discussing the Expense Reduction Plan, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01Other Events.
On March 3, 2022, the Company announced that, pursuant to the Expense Reduction Plan, it furloughed or reduced the pay of approximately 55% of its direct workforce beginning on February 28, 2022. The employees that will receive reduced pay will continue to be employees of the Company and receive employee benefits, including medical benefits. The furloughed employees will not receive direct compensation from the Company during the furlough period, which will last 120 days, depending on employee, but will be immediately eligible for unemployment benefits.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit |
| Description |
99.1 | Press Release of Capstone Green Energy Corporation, dated March 3, 2022 (furnished herewith) |
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CAPSTONE GREEN ENERGY CORPORATION | ||
Date: March 3, 2022 | By: | /s/ Frederick S. Hencken III |
Name: Frederick S. Hencken III | ||
Title: Chief Financial Officer (Principal Financial Officer) | ||