Orion Energy Systems authorized equity awards for new SVP Michael Ontrop, including restricted stock and stock options.
Quiver AI Summary
Orion Energy Systems, Inc. has announced the approval of equity awards for its new Senior Vice President of Channel Sales, Michael Ontrop. The awards include 100,000 shares of restricted stock and a non-qualified stock option for 125,000 shares of the company’s common stock, aimed at incentivizing Mr. Ontrop’s acceptance of the job. These awards were authorized by the Board of Directors and will not be sourced from the company's existing incentive plan. The restricted stock will vest over three years, while the stock option will vest based on achieving specific stock price milestones within that same period. Orion, a provider of energy-efficient solutions, emphasizes its commitment to sustainability and helping customers reduce their carbon footprints.
Potential Positives
- Authorization of significant equity awards for Michael Ontrop may enhance talent acquisition and retention, reflecting the company's commitment to attracting experienced leadership.
- The equity awards are tied to company performance metrics, which can align Mr. Ontrop's interests with shareholder value, potentially driving company growth.
- By not drawing from the 2016 Omnibus Incentive Plan, Orion Energy Systems demonstrates its ability to structure compensation responsibly without impacting existing equity reserve plans.
Potential Negatives
- Authorization of substantial equity awards to a new executive may raise concerns about compensation practices, especially if investors perceive it as disproportionate to company performance.
- The press release highlights that the equity awards are being made as a material inducement for Mr. Ontrop to join the company, which could suggest difficulties in attracting talent without significant financial incentives.
- The performance-based vesting of stock options tied to specific share price targets may indicate current stock price vulnerabilities, potentially reflecting challenges the company faces in market competitiveness.
FAQ
What equity awards were granted to Michael Ontrop?
Michael Ontrop received 100,000 shares of restricted stock and a non-qualified stock option for 125,000 shares.
Why were the equity awards approved?
The awards were approved as a material inducement for Mr. Ontrop to accept the position of Senior Vice President of Channel Sales.
How will Mr. Ontrop's restricted stock vest?
The restricted stock will vest in one-third increments on each of the first three anniversaries of the grant date, contingent on his employment status.
What are the vesting conditions for the stock options?
The stock options will vest based on the company's share price reaching specific levels: $3.00, $4.00, and $5.00 over three years.
When is the effective grant date for the stock option?
The effective grant date for the stock option is July 18, 2025, with an exercise price based on the average closing price prior to this date.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OESX Insider Trading Activity
$OESX insiders have traded $OESX stock on the open market 10 times in the past 6 months. Of those trades, 10 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $OESX stock by insiders over the last 6 months:
- ELLEN B RICHSTONE has made 5 purchases buying 56,874 shares for an estimated $48,940 and 0 sales.
- HEATHER L WISHART-SMITH purchased 7,000 shares for an estimated $5,598
- MICHAEL H JENKINS (Chief Executive Officer) purchased 5,682 shares for an estimated $4,999
- ANTHONY L. OTTEN purchased 5,000 shares for an estimated $4,149
- SALLY A. WASHLOW has made 2 purchases buying 2,000 shares for an estimated $1,832 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OESX Hedge Fund Activity
We have seen 10 institutional investors add shares of $OESX stock to their portfolio, and 11 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ACUITAS INVESTMENTS, LLC removed 654,738 shares (-64.4%) from their portfolio in Q1 2025, for an estimated $472,131
- CITADEL ADVISORS LLC added 222,982 shares (+4048.3%) to their portfolio in Q1 2025, for an estimated $160,792
- TIETON CAPITAL MANAGEMENT, LLC removed 159,430 shares (-6.0%) from their portfolio in Q1 2025, for an estimated $114,964
- CONNORS INVESTOR SERVICES INC removed 102,761 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $74,100
- CIBC PRIVATE WEALTH GROUP LLC removed 100,000 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $80,010
- THOMPSON DAVIS & CO., INC. added 91,905 shares (+inf%) to their portfolio in Q1 2025, for an estimated $66,272
- GEODE CAPITAL MANAGEMENT, LLC added 61,071 shares (+19.6%) to their portfolio in Q1 2025, for an estimated $44,038
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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 | |
| [email protected] | (212) 924-9800 or [email protected] | |
