Fluence Energy Agrees To Pay Former Product Chief $593,750 Plus Accelerated Stock Vesting
An 8-K shows Peter Williams also gets faster vesting on 12,184 RSUs and 11,347 PSUs and twelve months of COBRA reimbursement.
Fluence Energy and Peter Williams, its former Senior Vice President and Chief Product Officer, signed a separation agreement under which he will receive a $593,750 lump sum, according to an 8-K the company filed Friday. The agreement is dated Thursday, and it also speeds up the vesting of his stock awards.
What the 8-K says
The filing, under Item 5.02 (the section for officer departures and pay arrangements), says Williams will get the lump sum less standard payroll deductions and withholdings.
His equity vests on an accelerated basis for 12,184 restricted stock units (RSUs, shares granted over time) and 11,347 performance stock units (PSUs, shares tied to performance goals).
Fluence will also reimburse COBRA premiums, the cost of continuing company health coverage after leaving a job, at the applicable employee rates for twelve months. That applies only to the extent Williams is eligible for COBRA and timely elects it.
The 8-K describes the document as a separation agreement and release of claims, and files the full text as Exhibit 10.1.
What it changes
For Fluence, the cost is a cash payment plus equity that would otherwise have stayed unvested. For Williams, the package is conditional: the payments and benefits depend on his signing, and not revoking, a release of claims.
The release also carries confidentiality, mutual non-disparagement and cooperation obligations, per the filing.
At Friday's close, Fluence shares were at $7.43 (market data), and they were unchanged at $7.43 in Friday after-hours trading. That reading came before the filing was accepted at 4:29 p.m. ET, so it is not a reaction to the news.
What to watch
The payments and benefits take effect only once Williams executes the release and does not revoke it. Vincent Mathis, Fluence's Senior Vice President and Chief Legal and Compliance Officer and Secretary, signed the 8-K.
Until the release is signed and left unrevoked, the $593,750, the accelerated RSUs and PSUs and the twelve months of COBRA reimbursement remain conditional.
Sources
- 8-K Filing — Fluence Energy, Inc. (FLNC) — SEC EDGAR
