North Coast Solar Stocks

November 11, 2009

Energy Conversion Devices Announces Final Results of Its Tender Offer

Filed under: ENER — Tags: , , , — Jason @ 4:57 pm

4:57 pm EST, Wednesday November 11, 2009

ROCHESTER HILLS, Mich., Nov. 11 /PRNewswire-FirstCall/ — Energy Conversion Devices, Inc. (ECD) (ENER), a leading global manufacturer of thin-film flexible solar laminate products for the building-integrated and commercial rooftop markets, today announced the final results of its tender offer (the “Offer”), which expired at 12:00 midnight ET on Tuesday, November 10, 2009.

Under the terms of the Offer, which commenced on October 14, 2009, employees were given the opportunity to exchange an aggregate of 97,724 outstanding restricted stock units granted to them in 2008 under ECD’s 2006 Stock Incentive Plan (the “Plan”) that were subject to the achievement of performance goals based on nameplate capacity expansion goals to be achieved by the end of fiscal 2012, along with associated gross margin goals (the “2012 RSUs”). The 2012 RSUs were convertible, on a one-for-one basis, into shares of ECD common stock, $0.01 par value.

A total of 62 employees participated in the Offer. Pursuant to the Offer, the Company has accepted for exchange 95,234 2012 RSUs, representing 97% of the total 2012 RSUs eligible for exchange in the Offer. The Company granted, under the Plan, new RSUs in exchange for the eligible RSUs tendered and accepted pursuant to the Offer. The new RSUs will remain substantially the same as the 2012 RSUs with shares vesting 100% on November 12, 2012, subject to continued employment with the company at such time. With the exception of the vesting conditions, the new RSUs will have other terms and conditions that are the same as those of the cancelled 2012 RSUs.

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