UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 10, 2022, the Board of Directors (the “Board”) of Ideal Power Inc. (the “Company”) appointed Drue Freeman and Greg Knight to the Board, effective April 4, 2022.
Messrs. Freeman and Knight are expected to be appointed to one or more Board committees in April 2022. As compensation for their service on the Board, Messrs. Freeman and Knight will each receive the Company’s standard compensation for non-employee directors, including an annual equity award. There are no understandings or arrangements with any person pursuant to which either Mr. Freeman or Mr. Knight was selected as a director, and neither Mr. Freeman nor Mr. Knight is a party to any related party transaction required to be reported pursuant to Item 404(a) of Regulation S-K.
The Board considered the independence of Messrs. Freeman and Knight under Nasdaq listing standards and concluded that both Mr. Freeman and Mr. Knight are independent directors under the applicable Nasdaq standards.
| Item 7.01. | Regulation FD Disclosure. |
On March 14, 2022, the Company issued a press release announcing the appointments of Mr. Freeman and Mr. Knight. A copy of the press release is furnished ss Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release, dated March 14, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: March 14, 2022 | IDEAL POWER INC. | |
| By: | /s/ Timothy Burns | |
| Timothy Burns | ||
| Chief Financial Officer | ||