UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
2021 Long Term Incentive Plan
Background
On February 1, 2021, the Compensation Committee of the Board of Directors of Advanced Energy Industries, Inc. (the “Company”) approved the 2021 Long Term Incentive Plan (the “LTI Plan”) as an equity sub-plan consisting of awards made under the Company’s 2017 Omnibus Incentive Plan, as amended (the “2017 Plan”), to executive officers of the Company. The LTI Plan consists of three award components as follows: (a) 50% of the LTI Plan award value in the form of time-vesting restricted stock units that vest ratably over a three (3) year period with 1/3rd vesting on each anniversary date of the grant date, subject to continued service, (b) 35% of the LTI Plan award value in the form of performance stock units that vest based on relative total shareholder return, subject to continued service and as more fully described below and (c) 15% of the LTI Plan award value in the form of performance stock units that vest based on the achievement of strategic goals. Each of the award components is subject to the terms and conditions of the LTI Plan, the 2017 Plan and an award agreement.
The use of relative total shareholder return as a performance measure is authorized by the 2017 Plan but represents a change from the use of revenue and non-GAAP earnings per share as the performance measures under the Company’s 2019 Long Term Incentive Plan as disclosed in the Company’s Definitive Proxy Statement on Schedule 14A as filed with the Securities and Exchange Commission on March 11, 2020. The foregoing description of the LTI Plan is a summary only and is qualified by the Form of Long Term Incentive Plan that is filed herewith as Exhibit 10.1
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number |
| Description |
10.1 | ||
104 | The cover page from Advanced Energy Industries, Inc. Current Report on Form 8-K, formatted in Inline XBRL |
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.
/s/ Thomas O. McGimpsey | |
Date: February 4, 2021 | Thomas O. McGimpsey |
Executive Vice President & Chief Administrative Officer | |