Eos Energy Appoints New CFO, Michael Schaefer
Ticker: EOSE · Form: 8-K · Filed: Jul 30, 2024 · CIK: 1805077
Sentiment: neutral
Topics: executive-appointment, cfo, personnel-change
TL;DR
Eos Energy names Michael Schaefer as new CFO, starting Aug 5th. He gets $400k base + $100k bonus.
AI Summary
On July 25, 2024, Eos Energy Enterprises, Inc. announced the appointment of Michael D. Schaefer as Chief Financial Officer, effective August 5, 2024. Schaefer previously served as CFO for B. Riley Principal Merger Corp. II, which merged with Eos Energy. He will receive an annual base salary of $400,000 and a signing bonus of $100,000.
Why It Matters
The appointment of a new CFO can signal a strategic shift or a focus on financial stability and growth for the company.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $400,000 — Annual Base Salary (For the new Chief Financial Officer, Michael D. Schaefer.)
- $100,000 — Signing Bonus (For the new Chief Financial Officer, Michael D. Schaefer.)
Key Players & Entities
- Eos Energy Enterprises, Inc. (company) — Registrant
- Michael D. Schaefer (person) — Appointed Chief Financial Officer
- August 5, 2024 (date) — Effective date of appointment
- B. Riley Principal Merger Corp. II (company) — Previous employer of new CFO
- $400,000 (dollar_amount) — Annual base salary for new CFO
- $100,000 (dollar_amount) — Signing bonus for new CFO
FAQ
Who has been appointed as the new Chief Financial Officer of Eos Energy Enterprises, Inc.?
Michael D. Schaefer has been appointed as the new Chief Financial Officer.
When is Michael D. Schaefer's appointment as CFO effective?
His appointment is effective August 5, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael D. Schaefer is $400,000.
Did the new CFO receive a signing bonus?
Yes, Michael D. Schaefer received a signing bonus of $100,000.
What was the previous company affiliation of the new CFO?
Michael D. Schaefer previously served as CFO for B. Riley Principal Merger Corp. II.
Filing Stats: 1,141 words · 5 min read · ~4 pages · Grade level 15.8 · Accepted 2024-07-30 16:47:24
Key Financial Figures
- $0.0001 — ch registered Common stock, par value $0.0001 per share EOSE The Nasdaq Stock Mar
Filing Documents
- ea0210306-8k_eosener.htm (8-K) — 35KB
- ea021030601ex10-1_eosener.htm (EX-10.1) — 156KB
- 0001013762-24-002731.txt ( ) — 442KB
- eose-20240725.xsd (EX-101.SCH) — 4KB
- eose-20240725_def.xml (EX-101.DEF) — 26KB
- eose-20240725_lab.xml (EX-101.LAB) — 36KB
- eose-20240725_pre.xml (EX-101.PRE) — 25KB
- ea0210306-8k_eosener_htm.xml (XML) — 5KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
02(e): Material Compensatory Plan
ITEM 5.02(e): Material Compensatory Plan On July 25, 2024, the Board of Directors (the "Board") of Eos Energy Enterprises, Inc. (the "Company") approved an amendment and restatement of the Company's 2020 Amended and Restated Incentive Plan (the "Plan") to enact certain changes recommended by the Company's shareholders at the Company's 2024 annual meeting of shareholders. The changes to the Plan resulted from a comprehensive review by the Board in consultation with certain key shareholders, executive compensation consultants, and legal advisors to align the terms of the Plan with shareholder sentiment. In particular, the Plan was amended (i) to clarify that shares of common stock with respect to an award that is repurchased by the Company using stock option exercise proceeds will not again become available for issuance under the Plan and (ii) to specify that awards outstanding under the Plan would receive "modified double-trigger" treatment in the event of a change in control. With respect to change in control treatment, if awards under the Plan are assumed by the surviving entity, then the awards will remain outstanding and eligible to vest in accordance with their original schedule or upon an earlier qualifying termination within 12 months of such transaction (with awards subject to performance-based conditions vesting at the greater of target or actual performance through the closing). Awards held by non-employee directors or awards for which a surviving entity does not assume will generally accelerate on a single-trigger basis (with awards subject to performance-based conditions vesting at the greater of target or actual performance through the closing). The forgoing description of the changes in the Plan does not purport to be complete and is qualified in its entirety by reference to the full text of the Plan, a copy of which is file as Exhibit 10.1 hereto and incorporated by reference. On July 25, 2024, the Compensation Committee of the Board (the "Committee
01 Financial Statement and Exhibits
Item 9.01 Financial Statement and Exhibits. (d) Exhibits Exhibit Number Description of Document 10.1 Second Amended and Restated 2020 Incentive Plan 104 Cover page of this Current Report on Form 8-K formatted in Inline XBRL 1 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. EOS ENERGY ENTERPRISES, INC. Dated: July 30, 2024 By: /s/ Nathan Kroeker Name: Nathan Kroeker Title: Chief Financial Officer 2