Advanced Energy Industries Inc 8-K, filed Jun 16, 2022
Advanced Energy Industries Inc (AEIS)
About this 8-K
Advanced Energy Industries Inc filed this 8-K on June 16, 2022, reporting on events of June 15, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Election of Mr. Brian Shirley to the Board of Directors
On June 15, 2022, the Board of Directors (the “Board”) of Advanced Energy Industries, Inc. (the “Company”) elected Mr. Brian Shirley to serve as a member of the Board effective immediately. Mr. Shirley will stand for re-election at the 2023 Annual Meeting of Stockholders. The Board anticipates appointing Mr. Shirley to one or more committees of the Board at a later date.
Brian Shirley retired from Micron Technology as senior vice president DRAM and Emerging Memory Engineering in December 2019. He joined Micron as a product engineer in 1988, and held positions of increasing responsibility across product design, engineering, and business unit management. Mr. Shirley is listed as an inventor on 82 U.S. patents and helped drive Micron’s expansion into specialized memory for servers, mobile and networking solutions, in addition to maintaining a focus on cost leadership and power reduction. After retirement from Micron, Mr. Shirley has consulted for various U.S. government departments, advising on the semiconductor geopolitical landscape, supply chain resilience, and national security. Mr. Shirley holds a Bachelor of Science degree in electrical engineering from Stanford University.
There is no arrangement or understanding between Mr. Shirley and any other persons pursuant to which he was selected as a director of the Company. Additionally, there is no transaction between Mr. Shirley and the Company that would require disclosure under Item 404(a) of Regulation S-K. The Board has determined that Mr. Shirley is independent under the listing standards of the NASDAQ Global Select Market.
Mr. Shirley will be entitled to receive compensation for his service on the Board in accordance with the Company’s standard compensatory arrangement for non-employee directors. In addition, in connection with his election to the Board, Mr. Shirley will receive restricted common stock units in the Company with a value of approximately $183,337, which represents a pro-rated portion of the value of the restricted stock units granted to other directors on May 9, 2022 based on the effective date of his election. The restricted common stock units are granted under the Company’s 2017 Omnibus Incentive Plan, as amended (the “2017 Plan”), and such restricted common stock units will vest on May 9, 2023. A copy of the 2017 Plan was filed as Exhibit 10.15 to the Company’s Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2022.
Also, in connection with his election to the Board, Mr. Shirley and the Company will execute the Company’s standard form of director indemnification agreement that provides, among other things, that the Company will indemnify and hold Mr. Shirley harmless for losses and expenses resulting from claims arising out of, or related to, the fact that he is a director of the Company. The form of director indemnification agreement was filed as Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on December 14, 2009.
Item 8.01 Other Events.
On June 16, 2022, the Company issued a press release entitled “Advanced Energy Appoints Brian Shirley to Board of Directors.” Attached hereto as Exhibit 99.1 and incorporated herein by reference, is a copy of the press release.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number | Description |
99.1 | |
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104 | The cover page from Advanced Energy Industries, Inc. Current Report on Form 8-K, formatted in Inline XBRL. |
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SIGNATURES
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.
| ADVANCED ENERGY INDUSTRIES, INC. |
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| /s/ Elizabeth K. Vonne |
Date: June 16, 2022 | Elizabeth K. Vonne |
| Executive Vice President, General Counsel & Corporate Secretary |
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Advanced Energy Appoints Brian Shirley to Board of Directors
DENVER, Colo., June 16, 2022 — Advanced Energy Industries, Inc. (NASDAQ: AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced the appointment of Brian Shirley to its board of directors. Mr. Shirley brings decades of experience in semiconductor product technologies and an extensive track record of advancing innovation and global growth.
“As a recognized leader in the semiconductor industry, Brian will be a valuable asset to our board,” said Grant Beard, chairman of the board of Advanced Energy. “I welcome Brian to our board and look forward to his contributions.”
“Brian’s technical acumen and deep knowledge of the semiconductor industry make him a great fit for Advanced Energy,” said Steve Kelley, president and CEO of Advanced Energy.
Brian Shirley retired from Micron Technology as senior vice president DRAM and Emerging Memory Engineering in December 2019. He joined Micron as a product engineer in 1988, and held positions of increasing responsibility across product design, engineering, and business unit management. Mr. Shirley is listed as an inventor on 82 U.S. patents and helped drive Micron’s expansion into specialized memory for servers, mobile and networking solutions, in addition to maintaining a focus on cost leadership and power reduction. After retirement from Micron, Mr. Shirley has consulted for various U.S. government departments, advising on the semiconductor geopolitical landscape, supply chain resilience, and national security. Mr. Shirley holds a Bachelor of Science degree in electrical engineering from Stanford University.
About Advanced Energy
Advanced Energy (Nasdaq: AEIS) is a global leader in the design and manufacturing of highly engineered, precision power conversion, measurement and control solutions for mission-critical applications and processes. AE’s power solutions enable customer innovation in complex applications for a wide range of industries including semiconductor equipment, industrial, manufacturing, telecommunications, data center computing and healthcare. With engineering know-how and responsive service and support around the globe, the company builds collaborative partnerships to meet technology advances, propel growth for its customers and innovate the future of power. Advanced Energy has devoted more than three decades to perfecting power for its global customers and is headquartered in Denver, Colorado, USA. For more information, visit www.advancedenergy.com.
Advanced Energy | Precision. Power. Performance.
Advanced Energy Industries, Inc.
1595 Wynkoop Street, Suite 800 | Denver, CO 80202 | USA | +1 (970) 221-4670 | advanced-energy.com
For more information, contact:
Edwin Mok
Advanced Energy Industries, Inc.
970-407-6555
ir@aei.com
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Advanced Energy Industries, Inc.
1595 Wynkoop Street, Suite 800 | Denver, CO 80202 | USA | +1 (970) 221-4670 | advanced-energy.com