Orion Energy Systems to Make Investor-Friendly Changes to Certain Executive Compensation Plans

Orion Energy Systems, Inc. a provider of energy-efficient LED lighting, control and IoT systems, including turnkey project implementation, program management and system maintenance, announced that the Compensation Committee of its Board of Directors, after careful consideration, has determined to make certain investor-friendly changes to some of its executive compensation plans.

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Specifically, Orion and its Chief Executive Officer and Board Chair, Mike Altschaefl, agreed to amend Mr. Altschaefl’s so-called “single-trigger” change in control severance arrangement to a so-called “double-trigger” arrangement. Also, Orion’s Compensation Committee has decided to change the structure of its annual grant of restricted stock awards to its executives, which occurs shortly after Orion announces its fiscal year-end financial results. Instead of awarding restricted stock that vests solely based on continued employment over a three-year period, the awards this coming fiscal year will be allocated between those that vest based on time and those that vest based on three-year performance criteria.

Orion’s Chief Executive Officer and Board Chair commented, “In keeping with executive compensation best practices, our Compensation Committee decided that it was in the best interests of our Company and its shareholders to make certain of its executive compensation practices more investor-friendly. These changes are in addition to our Board’s decision last December to allow our shareholder rights plan to expire on its own terms upon our plan’s natural expiration date this past January.”

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