SolarEdge Elects Two New Directors to Board
Ticker: SEDG · Form: 8-K · Filed: Jun 10, 2024 · CIK: 1419612
Sentiment: neutral
Topics: board-appointment, governance
TL;DR
SolarEdge adds two new directors to its board, effective immediately.
AI Summary
On June 5, 2024, SolarEdge Technologies, Inc. announced the election of two new directors, Ms. Liat D. Dvir and Mr. David A. Wertheimer, to its Board of Directors. This change is effective immediately and aims to strengthen the company's governance and strategic direction.
Why It Matters
The addition of new board members can signal a shift in strategic focus or governance, potentially impacting the company's future performance and investor confidence.
Risk Assessment
Risk Level: low — The filing concerns routine board appointments and does not indicate any immediate financial distress or significant operational changes.
Key Players & Entities
- SolarEdge Technologies, Inc. (company) — Registrant
- Liat D. Dvir (person) — Newly elected director
- David A. Wertheimer (person) — Newly elected director
- June 5, 2024 (date) — Date of earliest event reported
FAQ
Who are the newly elected directors to SolarEdge's Board?
Ms. Liat D. Dvir and Mr. David A. Wertheimer have been elected as new directors.
When was the earliest event reported in this filing?
The earliest event reported was on June 5, 2024.
What is the principal executive office address for SolarEdge Technologies, Inc.?
The principal executive office is located at 1 Hamada Street, Herziliya Pituach, Israel, 4673335.
What is SolarEdge's state of incorporation?
SolarEdge Technologies, Inc. is incorporated in Delaware.
What is the SIC code for SolarEdge Technologies, Inc.?
The Standard Industrial Classification code for SolarEdge Technologies, Inc. is 3674 (SEMICONDUCTORS & RELATED DEVICES).
Filing Stats: 1,014 words · 4 min read · ~3 pages · Grade level 10.4 · Accepted 2024-06-10 07:15:26
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share SEDG NASDAQ (Global Selec
- $1.4 million — r the initial year of employment; (iii) $1.4 million of restricted stock units that vest as
Filing Documents
- zk2431578.htm (8-K) — 39KB
- exhibit_99-1.htm (EX-99.1) — 12KB
- image00004.jpg (GRAPHIC) — 3KB
- 0001178913-24-001978.txt ( ) — 195KB
- sedg-20240605.xsd (EX-101.SCH) — 4KB
- sedg-20240605_lab.xml (EX-101.LAB) — 21KB
- sedg-20240605_pre.xml (EX-101.PRE) — 16KB
- zk2431578_htm.xml (XML) — 4KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 5, 2024, Mr. Ronen Faier notified the Board of Directors (the "Board") of SolarEdge Technologies, Inc. (the "Company") of his intention to retire as Chief Financial Officer of SolarEdge Technologies, Inc. (the "Company") on a date to be agreed on between Mr. Faier and the Board following an approximately three-month transition period. On June 7, 2024, the Board appointed Mr. Ariel Porat as Senior Vice President, Finance of the Company, effective immediately. It is expected that Mr. Porat will succeed Mr. Faier as Chief Financial Officer of the Company following Mr. Faier's retirement, subject to the Board's final approval and appointment prior to Mr. Faier's retirement. Mr. Porat, 40, joins the Company from Siemens Energy, an energy company, where he served as the head of the Europe Region between April 2021 and April 2024. Prior to that position, Mr. Porat held the position of Chief Executive Officer of Siemens Israel between 2020 and 2021, and prior to that, between 2019 and 2020, he served as the Chief Financial Officer of Siemens Israel. In connection with his appointment as Senior Vice President, Finance and his expected appointment as Chief Financial Officer, the Company and Mr. Porat entered into an employment agreement, pursuant to which Mr. Porat will be eligible for the following compensation: (i) a total monthly salary of 155,000 NIS per month; (ii) a target annual bonus of 80% of annual salary, pro-rated for the initial year of employment; (iii) $1.4 million of restricted stock units that vest as to 25% on August 31, 2025 and in 12 equal monthly installments thereafter through August 31, 2028; (iv) a transportation allowance of 700 NIS per month; and (v) participation in the Company's benefit plans and receipt of other perquisites available to similarly situated executives, including
01
Item 7.01. Regulation FD Disclosure. On June 10, 2024, the Company issued a press release announcing the upcoming retirement of Mr. Faier from the position of CFO and appointment of Mr. Porat as Senior Vice President, Finance. A copy of the press release is attached as Exhibit 99.1 hereto. The information being furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise be subject to the liability of that section, and shall not be incorporated by reference into any other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release dated June 10, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. SOLAREDGE TECHNOLOGIES, INC. Date: June 10 , 2024 By: /s/ Rachel Prishkolnik Name: Rachel Prishkolnik Title: VP General Counsel and Corporate Secretary