Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) Election of New Director
On February 1, 2021, the Board of Directors (the "Board") of iSun, Inc. ("iSun"
or the "Company") appointed Claudia M. Meer as a member of the Board, effective
February 1, 2021. The Board determined that Ms. Meer qualifies as "independent"
in accordance with the published listing requirements of Nasdaq. Ms. Meer has
been appointed to the Company's Compensation Committee, Nominating/Corporate
Governance Committee and Audit Committee. Ms. Meer's appointment to the Board
brings the Company into compliance with Nasdaq's independent director and audit
committee requirements as set forth in Listing Rule 5605.
Ms. Meer has more than 30 years' experience in corporate finance, strategy,
creative deal structuring and executive leadership in real estate, hospitality,
telecom, and financial services industries. For the past twelve years she has
driven financial transactions in the clean energy industry. Ms. Meer formerly
served as Chief Investment Officer & Chief Financial Officer at AlphaStruxure, a
venture created in early 2019 by the Carlyle Group and Schneider Electric to
develop and fund clean energy infrastructure. Ms. Meer is qualified to serve on
finance and audit committees as a financial expert.
Ms. Meer will receive the standard compensation amounts payable to non-employee
directors of the Board. Pursuant to these arrangements, commencing in February
2021, Ms. Meer will be paid (i) an annual retainer in the amount of $36,000 for
Board membership, inclusive of all Board meetings and committee meetings; (ii)
an annual retainer in the amount of $10,000 for service as chairwoman of the
Audit Committee; and (iii) a one-time grant of three thousand restricted shares
of iSun Common Stock to vest proportionally over her term.
Item 8.01. Other Events
Committees of our Board of Directors
Our Board has the authority to appoint committees to perform certain management
and administration functions. As of February 1, 2021, the Board has reorganized
its Audit Committee, Compensation Committee, and Nominating/Corporate Governance
Committee. The composition and responsibilities of each committee are described
below. Members serve on these committees until their resignation or until
otherwise determined by the Board.
Audit Committee
Our Audit Committee assists the Board with oversight of matters relating to
accounting, internal control, auditing, financial reporting, risk, and legal and
regulatory compliance. The Committee oversees the audit and other services
provided by our independent registered public accounting firm and is directly
responsible for the appointment, independence, qualifications, compensation, and
oversight of our independent registered public accounting firm, which reports
directly to the Committee. The Committee also oversees our internal audit
function.
The members of our Audit Committee are Claudia Meer (chairwoman), Stewart
Martin, and Daniel Dus, each of whom satisfies the independence requirements
under the Nasdaq listing requirements and Rule 10A-3(b)(1) of the Securities
Exchange Act of 1934, as amended ("Exchange Act"). Our Board has determined that
Ms. Meer is an "audit committee financial expert" within the meaning of SEC
regulations. Each member of our Audit Committee can read and understand
fundamental financial statements in accordance with audit committee
requirements. In arriving at this determination, our Board has examined each
Audit Committee member's professional experience and the nature of their
employment in the corporate finance sector.
Compensation Committee
Our Compensation Committee approves the compensation of our chief executive
officer and our other executive officers, administers our executive benefit
plans, including the granting of awards under our incentive compensation plan,
and advises the Board on director compensation.
The members of our Compensation Committee are Stewart Martin (chairman), Daniel
Dus, and Claudia Meer, each of whom our Board has determined to be independent
under the Nasdaq listing requirements, a "non-employee director" as defined in
Rule 16b-3 promulgated under the Exchange Act, and an "outside director" as that
term is defined in Section 162(m) of the Internal Revenue Code of 1986.
Nominating/Corporate Governance Committee
Our Nominating/Corporate Governance Committee identifies individuals qualified
to become members of our Board, recommends candidates for election or reelection
to our Board, oversees the evaluation of our Board, and advises our Board
regarding committee composition and structure and other corporate governance
matters.
The members of our Nominating/Corporate Governance Committee are Daniel Dus
(chairman), Stewart Martin, and Claudia Meer, each of whom our Board has
determined to be independent under the Nasdaq listing requirements.
Item 9.01. Financial Statement and Exhibits.
(d) Exhibits
Number Description
99.1 Press Release dated February 2, 2021 regarding the appointment of
Claudia Meer to the Board
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