MANITOWOC, Wis., July 01, 2025 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, electric vehicle charging station and maintenance service solutions, announced today that the Company authorized the following equity awards to Michael Ontrop, the Company's new Senior Vice President of Channel Sales: (i) 100,000 shares of restricted stock and (ii) a non-qualified stock option exercisable for 125,000 shares of the Company's Common Stock.
The equity awards were approved by Orion's Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) as a material inducement for Mr. Ontrop to accept the Company's offer of employment, and the underlying shares will not be drawn from Orion's 2016 Omnibus Incentive Plan.
Mr. Ontrop's restricted stock award will vest with respect to one-third of the restricted shares on each of the first three anniversaries of the grant date, provided that Mr. Ontrop is then still employed with the Company on the applicable vesting date.
Mr. Ontrop's stock option will vest as follows if the Company's per share price achieves the following levels over the three-year period after the grant date and provided Mr. Ontrop is then still employed by the Company on the applicable vesting date: (a) one-third at $3.00; (b) one-third at $4.00; and (c) one-third at $5.00, with achievement of the effective share prices to be determined based on a five trading day average closing price of the Company's Common Stock. Mr. Ontrop's stock option's effective grant date will be July 18, 2025, and its exercise price per share will be equal to the average closing price of the Company's Common Stock on 10 trading days preceding its effective grant date.
About Orion Energy Systems (www.orionlighting.com)
Orion provides energy efficiency and clean tech solutions, including LED lighting and controls, electrical vehicle (EV) charging solutions, and maintenance services. Orion specializes in turnkey design-through-installation solutions for large national customers, as well as projects through ESCO and distribution partners, with a commitment to helping customers achieve their business and environmental goals with healthy, safe and sustainable solutions that reduce their carbon footprint and enhance business performance.
Orion is committed to operating responsibly throughout all areas of our organization. Learn more about our Sustainability and Governance priorities, goals and progress here or visit our website at www.orionlighting.com.
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| Investor Relations Contacts | ||
| Per Brodin, CFO | William Jones; David Collins | |
| Orion Energy Systems, Inc. | Catalyst IR | |
| pbrodin@oesx.com | (212) 924-9800 or oesx@catalyst-ir.com | |
