More Topics:
A123 Boosts Compensation as Stock Bottoms Out - cbl
Posted February 14, 2012
We Recommend...
David Vieau
By Richard Rabicoff
WALTHAM, Mass. -- Battery producer A123 Systems, Inc. (AONE), with its stock wallowing in the $2 range, announced in an SEC filing that it adjusted base salaries, bonus targets and retention agreements for key executives.
The following received 2012 base salary increases:
• Jason Forcier, VP of Automotive Systems Group, $350,000
• Robert Johnson, VP of Energy Solutions Group and Gen. Manager. of Energy Solutions Group, $400,000
• David Prystash , Chief Financial Officer, $380,000
The company also awarded restricted stock units to executives, as follows: David Vieau, President and CEO, 400,000; Edward Kopkowski, Chief Operating Officer, 100,000; Prystash 200,000;150,000; Johnson, 300,000; and Louis Golato, VP of Operations, 60,000. Finally, all of the executives received amended retention incentives of accelerated vesting of unvested stock option and restricted stock awards equal to 100 percent of the unvested amounts, if the company changes control.
The boost in executive compensation follows a series of setbacks, mostly focused on Fisker Automotive, a major client.
Last December, Fisker Automotive recalled 239 Karmas due to a possible defect in batteries made by A123 Systems. The previous month, A123 reduced its full-year revenue outlook after Fisker unexpectedly cut orders. Earlier this month, Wunderlich downgraded A123 to sell from buy because Fisker did not receive anticipated funding from the US Department of Energy (DOE).
Yet Seeking Alpha commentator Jeremy Richards on Monday heralded A123's "700 percent upside potential" over the next three years. He cited the company's investment from Kleiner Perkins, Palo Alto Investors and the Qatar Investment Authority, industry leadership, proven technology, path to profitability and liquidity for growth.
Richards predicted the company would reach a yearly high of $10 by the end of the year, but on Tuesday A123 shares closed at $2.13. The 52-week high has been $10.03.
SEC filing: http://tinyurl.com/8a2dac5
To find out more about the company in this article and to see if you
have business connections, click below:
blog comments powered by