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Orion Energy Systems, Inc. (NASDAQ:OESX) has announced a deferral of the cash signing bonus for its Chief Executive Officer, Sally A. Washlow, due to the company’s current financial condition. This decision was mutually agreed upon by the company’s board of directors and Ms. Washlow on May 29, 2025, according to a recent SEC filing.
The deferral involves a $500,000 cash signing bonus that was initially scheduled for payment on June 2, 2025. As part of the agreement, $300,000 of this bonus was to be used by Ms. Washlow to purchase Orion’s common stock directly from the company. However, this purchase is now postponed for up to one year, with the timing subject to quarterly reviews and mutual agreement between the Human Capital Management and Compensation Committee of the Board and Ms. Washlow.
This development follows Ms. Washlow’s appointment as CEO on April 14, 2025, under an Executive Employment and Severance Agreement. The agreement’s details, including the deferral, are documented in the company’s filing with the Securities and Exchange Commission.
Orion Energy Systems, based in Manitowoc, Wisconsin, is listed on the Nasdaq Capital Market under the ticker symbol OESX. The company is classified under the electric lighting and wiring equipment industry. This report is based on the company’s 8-K filing with the SEC.
In other recent news, Orion Energy Systems has announced the appointment of Sally A. Washlow as its new Chief Executive Officer, with Scott Green stepping into the role of Chief Operating Officer. The company anticipates its fiscal year 2025 revenue to align with previous forecasts, targeting the midpoint of its $77 million to $83 million range. Orion Energy Systems has also been granted a 180-day extension by Nasdaq to meet the minimum bid price requirement, which is crucial for maintaining its listing status. The company plans to execute a reverse stock split if needed to achieve compliance by the September 2025 deadline. Orion Energy Systems is actively monitoring its stock price and considering options to meet Nasdaq’s requirements, though compliance is not guaranteed. The leadership changes and strategic initiatives reflect Orion’s commitment to driving revenue growth and maintaining profitability. The company continues to focus on its established positions in LED lighting and EV charging solutions. These developments are part of Orion Energy Systems’ ongoing efforts to manage cost pressures and compete in the evolving LED market.
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