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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): October 16, 2023
SUNWORKS,
INC.
(Exact
Name of the Registrant as Specified in Charter)
| Delaware |
|
001-36868 |
|
01-0592299 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
1555
Freedom Blvd,
Provo,
UT |
|
84604 |
| (Address
of Principal Executive Offices) |
|
(Zip
Code) |
(385)
497-6955
Registrant’s
telephone number, including area code
N/A
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
| Common
Stock, par value $0.001 |
|
SUNW |
|
The
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
Resignation
of Gaylon Morris as Director and Chief Executive Officer
On
October 16, 2023, Gaylon Morris submitted to the Board of Directors (the “Board”) of Sunworks, Inc. (the “Company”)
his resignation from his position as Chief Executive Officer and director of the Company, effective October 16, 2023.
Appointment
of Mark Trout as Director and Chief Executive Officer
Effective
October 16, 2023, the remaining Board appointed Mark Trout, age 59, who was the Group CEO of Solcius, the Company’s wholly
owned residential solar business, as the Company’s Chief Executive Officer and as a member of the Board. Mr. Trout has more than
35 years of senior commercial, development and operational experience, including deep sector expertise within the residential solar and
advanced technologies industries. Prior to joining the Company, Mr. Trout recently served as President of WeLink Communications, a residential
internet service provider. Previously, he served as Chief Technology Officer for both Sunrun and Vivint Solar, where he led the implementation
and execution of all IT and Product Technology initiatives, including solar product innovation. Earlier in his career, he served as Chief
Transformation Officer at eBay, where he led transformation of the product development, professional services, and SaaS hosting operations
for the Enterprise Business Unit. For more than 25 years, he served in a variety of senior level roles at Accenture, culminating in his
appointment to Senior Managing Partner and High Technology Industry Group Head at the firm.
Pursuant
to an employment agreement (the “Employment Agreement”) effective as of October 16, 2023, the Company and Mr. Trout
agreed, among other things, to the following:
| |
● |
Salary.
Mr. Trout will be paid a base salary of four hundred seventy-five thousand dollars ($475,000). |
| |
|
|
| |
● |
Annual
Bonus. For each year of Mr. Trout’s employment, Mr. Trout will be eligible to receive an annual bonus of up to 200%
of his base salary, subject to the discretion of the Board; provided, however, the annual bonuses associated with fiscal years 2023
and 2024 will have a floor of 50% of Mr. Trout’s base salary as of the corresponding year. |
| |
|
|
| |
● |
Initial
RSU Grants. The Company will grant Mr. Trout (a) restricted stock units of common stock shares valued at $150,000, which
will immediately vest, and (b) restricted stock units of common shares valued at $500,000, which shall vest in thirty-six equal monthly
installments, as long as Mr. Trout is employed by the Company on the vesting date. |
| |
|
|
| |
● |
Additional
RSU Grants. On each anniversary of the effective date of Mr. Trout’s Employment Agreement, Mr. Trout will be eligible
to receive additional restricted stock unit grants of common stock for a number of shares to be determined by the Board, in its discretion,
based on the Mr. Trout’s performance during the prior year, up to $500,000 divided by the market price for the common stock
on the date of the grant, which shall vest on the date that the Compensation Committee and the Board approve such grant. Additionally,
on each anniversary of the effective date of the Employment Agreement, Mr. Trout will receive a restricted stock grant of common
stock for a number of shares equal to $500,000 divided by the market price for the common stock on the corresponding anniversary
date, which shall vest in thirty-six equal monthly installments, as long as Mr. Trout is employed by the Company on the vesting date.
|
If
Mr. Trout’s employment is terminated by the Company without Cause (as defined in the Employment Agreement) or if the Company enters
into a Change of Control transaction (as defined in the Employment Agreement), Mr. Trout will receive a lump sum severance payment equal
to Mr. Trout’s then current monthly base salary multiplied by 12.
The
foregoing description of the Employment Agreement does not purport to be complete and is subject to and qualified in its entirety by
reference to the full and complete text of the Employment Agreement, which is filed hereto as Exhibit 10.1.
In
addition, Mr. Trout executed the Company’s standard form of indemnification agreement.
Mr.
Trout does not have a family relationship with any of the executive officers or directors of the Company. There are no arrangements or
understandings between Mr. Trout and any other persons pursuant to which he was selected as a director, and there are no transactions
in which he has an interest requiring disclosure under Item 404(a) of Regulation S-K.
On
October 18, 2023, the Company released a press release to disclose Mr. Trout’s appointment as Chief Executive Officer and
director, a copy of which is attached hereto as Exhibit 99.1.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its
behalf by the undersigned hereunto duly authorized.
| |
SUNWORKS,
INC. |
| |
|
|
| Date:
October 18, 2023 |
By: |
/s/
Pat McCullough |
| |
|
Pat
McCullough |
| |
|
Director
and Chairman of the Board |
Exhibit
10.1
EMPLOYMENT
AGREEMENT
This
EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of the 16th day of October 2023, by and between Sunworks,
Inc., a Delaware corporation (the “Company”), and Mark Trout, an individual (“Executive”), and is made with respect
to the following facts:
R
E C I T A L S
A.
The Company and Executive wish to ensure that the Company will receive the benefit of Executive’s loyalty and service during Executive’s
tenure and that Executive will be appropriately treated and compensated for services rendered.
B.
The parties have entered into this Agreement for the purpose of setting forth the terms of employment of Executive by the Company.
NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties agree as follows:
1.
Employment of Executive and Duties. The Company hereby hires Executive and Executive hereby accepts employment upon the
terms and conditions described in this Agreement. Executive shall be the Chief Executive Officer of the Company. Executive shall report
directly to the Company’s Board of Directors. In such position, Executive shall have such duties, authority, and responsibility
as shall be determined from time to time by the Board of Directors which duties, authority, and responsibility are consistent with Executive’s
position. Concurrent with commencement of Executive’s employment, Executive will be appointed to the Company’s Board of Directors,
to serve in accordance with the Company’s bylaws and subject to removal and re-election by the Company’s stockholders.
2.
Time and Effort. Executive agrees to devote his full working time and attention to the performance of Executive’s
duties hereunder, including but not limited to, managing all aspects of the Company’s day to day operations and strategic direction.
3.
Company’s Authority. Executive agrees to comply with the Company’s reasonable rules and regulations as adopted
by the Company’s Board of Directors regarding performance of his duties, and to carry out and perform those orders, directions
and policies established by the Company with respect to his engagement. Executive shall promptly notify the Company’s Board of
Directors of any objection he has to such officer’s directives and the reasons for such objection.
4.
Obligations with Former Employers. Executive confirms that he has not violated, nor will he violate, any confidentiality
obligations he may have with any former employer.
5.
Term of Agreement. This Agreement shall commence to be effective as of October 16, 2023 (the “Commencement Date”)
and shall be considered to be a contract for employment “at-will” as that term is defined under California law and consistent
with section 2922 of the California Labor Code. Either party may terminate this Agreement at-will. It is acknowledged that Executive
previously entered into an Employment Agreement with the Company and/or its subsidiaries, and that as of the Commencement Date, the prior
employment agreement shall terminate and be of no further force and effect and shall be replaced with this Agreement. Any other agreements
and/or documents signed by Executive as part of Executive’s on-boarding process shall remain in full force and effect, except for
the Performance Restricted Share Unit Agreement entered into by and between the Executive and the Company on or around July 10, 2023,
which is null and void as of the Commencement Date. The parties expressly acknowledge and agree that the Restricted Stock Unit Agreement
entered into by and between the Executive and the Company on or around July 10, 2023 shall remain in full force and effect.
6.
Confidential Information: Nondisclosure Covenant.
6.1.
Confidential Information: As used herein the term “Confidential Information” shall mean all customer and contract
lists, records, financial data, trade secrets, business and marketing plans and studies, suppliers, investors, financing sources, manuals
for Executive and personnel policies, manufacturing and/or production manuals, computer programs and software, strategic plans, formulas,
manufacturing and production processes and techniques (including without limitation types of machinery and equipment used together with
improvements and modifications thereon), tools, applications for patents, designs, models, patterns, drawings, tracings, sketches, blueprints,
and all other similar information developed and/or used by the Company in the course of its business and which is not known by or readily
available to the general public.
6.2.
Nondisclosure Covenant: Executive acknowledges that, in the course of performing services for and on behalf of the Company,
Executive has had and will continue to have access to Confidential Information. Executive hereby covenants and agrees to maintain in
strictest confidence all Confidential Information in trust for the Company, its successors and assigns, and to disclose such information
only on a “need-to-know” basis in furtherance and for the benefit of the Company’s business. During the period of Executive’s
employment with the Company and at any and all times following Executive’s termination of employment for any reason, including
without limitation Executive’s voluntary resignation or involuntary termination with or without cause (as defined below), Executive
agrees to not misappropriate, utilize for any purpose other than for the direct benefit of the Company, or disclose or make available
to anyone outside the Company’s organization, any Confidential Information or anything relating thereof without the prior written
consent of the Company, which consent may be withheld by the Company for any reason or no reason at all.
6.3.
Return of Property: Upon Executive’s termination of his employment with the Company for any reason, including without
limitation Executive’s voluntary resignation or involuntary termination with or without cause, Executive hereby agrees to immediately
return to the Company’s possession all copies of any writings, computer discs or equipment, drawings or any other information relating
to Confidential Information which are in Executive’s possession or control. Executive further agrees that, upon the request of
the Company at any time during Executive’s period of employment with the Company, Executive shall promptly return to the Company
all such copies of writings, computer discs or equipment, drawings or any other information relating to Confidential Information which
are in Executive’s possession or control.
6.4.
Rights to Inventions and Trade Secrets: Executive hereby assigns to the Company all right, title and interest in and to
any ideas, inventions, original works or authorship, developments, improvements or trade secrets which Executive solely or jointly has
conceived or reduced to practice, or will conceive or reduce to practice, or cause to be conceived or reduced to practice during his
employment with the Company. All original works of authorship which are made by Executive (solely or jointly with others) within the
scope of Executive’s services hereunder and which are protectable by copyright are “works made for hire,” as that term
is defined in the United States Copyright Act.
7.
Non-interference and Non-solicitation Covenants: In further reflection of the Company’s important interests in its
proprietary information and its trade, customer, vendor and Executive relationships, Executive agrees that, during the 24-month period
following the termination of Executive’s employment with the Company for any reason, including without limitation Executive’s
voluntary resignation or involuntary termination with or without cause, Executive will not directly or indirectly, for or on behalf of
any person, firm, corporation or other entity, (a) use trade secrets or any Confidential Information of the Company to interfere with
any contractual or other business relationships that the Company has with any of its customers, clients, service providers or materials
suppliers as of the date of Executive’s termination of employment, or (b) solicit or induce any employees of the Company to terminate
his/her employment relationship with the Company.
8.
Compensation. During the term of this Agreement, the Company shall pay the following compensation to Executive:
8.1.
Annual Compensation. Executive shall be paid a base salary of four hundred seventy-five thousand Dollar ($475,000.00) annually
(the “Base Salary”), payable bi-weekly in 26-equal amounts. Executive’s position is a regular, fulltime position
classified as “exempt” and thus Executive is not eligible for overtime compensation.
8.2.
Bonus: For fiscal year 2023, and for each fiscal year of Executive’s employment thereafter, Executive shall be eligible
to receive an annual bonus (the “Annual Bonus”) up to 200% of Executive’s Base Salary. However, the decision
to provide any Annual Bonus and the amount and terms of any Annual Bonus shall be in the sole and absolute discretion of the Compensation
Committee of the Company’s Board of Directors and shall be subject to the terms of the Company annual bonus plan under which it
is granted. In order to be eligible to receive an Annual Bonus, Executive must be employed by the Company on the last day of the applicable
fiscal year that Annual Bonuses are paid. Notwithstanding anything to the contrary herein, the Annual Bonus associated with fiscal year
2023 and 2024 shall have a floor of 50% of the Executive’s Base Salary as of the end of the corresponding fiscal year.
8.3.
Equity Awards. In consideration for Executive entering into this Agreement, for each year of Executive’s employment
hereunder, Executive shall be eligible to receive an annual equity award bonus (the “Equity Bonus”) pursuant to the terms
and conditions of the Sunworks, Inc. 2016 Equity Incentive Plan (the “Plan”). However, the decision to provide any Equity
bonus and the amount and terms of any Equity Bonus shall be in the sole and absolute discretion of the Compensation Committee of the
Company’s Board of Directors and shall be subject to the terms of the Plan and the Company’s annual bonus plan under which
it is granted. Subject to the foregoing, in consideration of Executive entering into this Agreement, the Company will grant to Executive
common stock under the Sunworks, Inc. 2016 Equity Incentive Plan (the “Plan”) as follows:
8.3.1.
The Company will grant to Executive common stock under the Plan for a number of shares equal to $150,000 divided by the market price
for common stock on the Commencement Date, which will vest on the Commencement Date.
8.3.2.
The Company will grant to Executive a restricted stock grant under the Plan for a number of shares equal to $500,000 divided by the market
price for the common stock as of the Commencement Date, which shall vest in thirty-six equal monthly installments, as long as Executive
is employed by the Company on said dates.
8.3.3.
On the first and second anniversary of the Commencement Date, respectively, and on an each annual anniversary of the Commencement Date
thereafter, as long as Executive is employed by Company on said dates, the Company will grant to Executive a restricted stock grant of
common stock under the Plan for a number of shares equal to $500,000 divided by the market price for the common stock on the corresponding
anniversary date, which shall vest in thirty-six equal monthly installments over a three (3) year period following each grant date.
8.3.4.
On each yearly anniversary of the Commencement Date, Executive shall be electable to receive a grant of common stock under the Plan for
a number of shares to be determined by the Board, in its discretion, based on the Executive’s performance during the prior year,
up to $500,000 divided by the market price for the common stock on the date of the grant, which shall vest on the date that the Compensation
Committee and the Board approve such grant.
All
other terms and conditions of such award shall be governed by the terms and conditions of the Plan and the applicable award agreement.
8.4.
Benefits. So long as Executive is employed by the Company, Executive shall participate in employee benefit plans provided
by the Company to its employees serving in similar employment capacities, as determined from time to time by the Compensation Committee
of the Board of Directors and on terms at least as favorable to Executive as are offered to such other executives. It is acknowledged,
however, that prior to the Commencement Date, Executive was employed as the Group CEO of Solcius, LLC, a subsidiary of Sunworks, Inc.,
and any benefits accruing to Executive under the Company provided employee benefit plans (as may be amended from time to time) shall
continue to apply to Executive from the commencement date of Executive’s employment with Solcius, LLC.
8.5.
Termination without Cause or Change of Control. If the Company terminates Executive’s employment without Cause or
consummates a Change of Control (as defined below) transaction, Executive shall receive a lump sum payment to be paid no more than 30
days following the termination date or Change of Control equal to an amount equal to Executive’s then current monthly base salary
(the “Ending Monthly Salary”) multiplied by 12.
8.5.1.
“Cause” means:
8.5.1.1.
Executive’s continued intentional and demonstrable failure to perform his duties customarily associated with Executive’s
position as Chief Executive Officer of the Company (other than any such failure resulting from Executive’s mental or physical Disability
(as defined below)) after Executive has received a written demand of performance from the Company which specifically sets forth the factual
basis for the Company’s belief that Executive has not devoted sufficient time and effort to the performance of his or her duties
and has failed to cure such non-performance within thirty (30) days after receiving such notice (it being understood that if Executive
is in good faith performing his or her duties, but is not achieving results the Company deems satisfactory for Executive’s position,
it will not be considered to be grounds for termination of Executive for “Cause”);
8.5.1.2.
Executive’s conviction of, or plea of nolo contendere to, a felony that the Board of Directors of Company reasonably believes has
had or will have a material detrimental effect on the Company’s reputation or business;
8.5.1.3.
Executive’s engagement in dishonest or illegal conduct, which is, in each case, materially injurious to the Company or its affiliates;
8.5.1.4.
Executive’s commission of an act of fraud, embezzlement, misappropriation, willful misconduct, or breach of fiduciary duty against,
and causing material harm to, the Company or its respective successors or assigns, as applicable;
8.5.1.5.
Executive’s unauthorized use of the Company’s material confidential information; or
8.5.1.6.
Executive’s breach of this Agreement or unauthorized competitive activity.
8.5.2.
“Change of Control” means (A) the acquisition of the Company by another entity by means of any transaction or series of related
transactions (including, without limitation, any merger, consolidation or other form of reorganization in which outstanding shares of
the Company are exchanged for securities or other consideration issued, or caused to be issued, by the acquiring entity or its subsidiary,
but excluding any transaction effected primarily for the purpose of changing the Company’s jurisdiction of incorporation), unless
the Company’s stockholders of record as constituted immediately prior to such transaction or series of related transactions will,
immediately after such transaction or series of related transactions hold at least a majority of the voting power of the surviving or
acquiring entity, except that any change in the ownership of the stock of the Company as a result of a financing by the Company that
is approved by the Company’s Board of Directors and in which the Board of Directors determines is not a Change of Control for the
purposes of this Agreement will not be considered a Change of Control, or (B) a sale, lease, transfer or other disposition of all or
substantially all of the assets of the Company. Notwithstanding the foregoing provisions of this definition, a transaction will not be
deemed a Change of Control unless the transaction qualifies as a change in control event within the meaning of Section 409A of the Internal
Revenue Code, as amended.
8.5.3.
“Disability” means Executive’s failure substantially to perform Executive’s duties on a full-time basis for a
period exceeding one hundred eighty (180) consecutive days or for periods aggregating more than one hundred eighty (180) days during
any twelve (12) month period as a result of incapacity due to physical or mental illness. If there is a dispute as to whether Executive
is or was physically or mentally unable to perform Executive’s duties, such dispute will be determined by a physician selected
by the Company or its insurers and acceptable to Executive or Executive’s legal representative (such agreement as to acceptability
not to be unreasonably withheld). Notwithstanding the foregoing, if Executive participates in any group disability plan provided by the
Company, which offers long-term disability benefits, “Disability” will mean disability as defined therein.
9.
Assignability of Benefits: Except to the extent that this provision may be contrary to law, no assignment, pledge, collateralization
or attachment of any of the benefits under this Agreement shall be valid or recognized by the Company. Except as provided by law, payment
provided for by this Agreement shall not be subject to seizure for payment of any debts or judgments against Executive, nor shall Executive
have any right to transfer, modify, anticipate or encumber any rights or benefits hereunder.
10.
Notice. All notices and other communications required or permitted hereunder shall be in writing or in the form of email,
facsimile or letter to be given only during the recipient’s normal business hours unless arrangements have otherwise been made
to receive such notice outside of normal business hours, and can be mailed by registered or certified mail, postage prepaid, or otherwise
delivered by hand, messenger, email or facsimile (as provided above) addressed (a) if to Executive, at the address for such Executive
set forth on the signature page hereto or at such other address as such Executive shall have furnished to the Company in writing or (b)
if to the Company, to its principal executive offices and addressed to the attention of the Chairman of the Board, or at such other address
as the Company shall have furnished in writing to Executive.
In
case of Company:
CONFIDENTIAL
Sunworks,
Inc.
1555
N. Freedom Blvd.
Provo,
Utah 84604
Attn:
Chaiman of the Board
With
a copy to
Legal
Department
Sunworks,
Inc.
1555
N. Freedom Blvd.
Provo,
Utah 84604
In
case of Executive:
The
address listed below
signature
to this Agreement.
11.
Attorneys’ Fees: In the event that either party resorts to legal action in order to enforce the provisions of this
Agreement or to defend such suit, the prevailing party shall be entitled to receive reimbursement from the non-prevailing party for all
reasonable attorneys’ fees and all other costs incurred in commencing or defending such suit.
12.
Entire Agreement: This Agreement embodies the entire understanding among the parties and merge all prior discussions or
communications among them, and no party shall be bound by any definitions, conditions, warranties, or representations other than as expressly
stated in this Agreement or as subsequently set forth in a writing signed by the duly authorized representatives of all of the parties
to this Agreement.
13.
No Verbal Change/Amendment: This Agreement may only be changed or modified and any provision hereof may only be waived
by a writing signed by the party against whom enforcement of any waiver, change or modification is sought. This Agreement may be amended
only in writing by mutual consent of the parties.
14.
Severability: In the event that any provision of this Agreement shall be void or unenforceable for any reason whatsoever,
then such provision shall be stricken and of no force and effect. The remaining provisions of this Agreement shall, however, continue
in full force and effect, and to the extent required, shall be modified to preserve their validity.
15.
Applicable Law: This Agreement shall be construed as a whole and in accordance with its fair meaning. This Agreement shall
be interpreted in accordance with the laws of the State of California.
16.
Successors and Assigns. Each covenant and condition of this Agreement shall inure to the benefit of and be binding upon
the parties hereto, their respective heirs, personal representatives, assigns and successors in interest. Without limiting the generality
of the foregoing sentence, this Agreement shall be binding upon any successor to Company whether by merger, reorganization or otherwise.
IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.
| COMPANY: |
SUNWORKS, INC. |
| |
a Delaware Corporation |
| |
|
| |
By: |
/s/
Pat McCullough |
| |
|
Pat McCullough |
| |
|
Chairman of the Board |
| |
|
|
| EXECUTIVE: |
By: |
/s/
Mark Trout |
| |
|
Mark Trout |
| |
|
|
| |
|
|
| |
|
Street Address |
| |
|
|
| |
|
|
| |
|
City, State and Zip Code |
| |
Telephone
Number: |
|
| |
Facsimile
Number: |
|
| |
Email
Address: |
|
Exhibit
99.1
SUNWORKS
ANNOUNCES CEO TRANSITION
PROVO,
UT / ACCESSWIRE / October 18, 2023 / Sunworks, Inc. (NASDAQ:SUNW), a high-performance solar and battery storage solutions
provider across residential, agricultural, commercial, industrial and public works markets, today announced Gaylon Morris has decided
to step down as Chief Executive Officer and Director and that its Board of Directors has elected Mark C. Trout as President and Chief
Executive Officer and Director, effective immediately. To support the transition, Gaylon Morris will remain with Sunworks as an advisor
through December 31, 2023.
Mark
Trout joined Sunworks as Group CEO, Residential Segment, in July 2023. He brings more than 35 years of senior commercial, development
and operational experience to Sunworks, including deep sector expertise within the residential solar and advanced technologies industries.
He most recently served as President of WeLink Communications, a residential internet service provider. Previously, he served as Chief
Technology Officer for both Sunrun and Vivint Solar, where he led the implementation and execution of all IT and Product Technology initiatives,
including solar product innovation.
Patrick
McCullough, Board of Directors Chairman, said, “Mark is the ideal person to lead Sunworks in its next evolution of profitable growth.
He brings extensive Residential Solar expertise following his tenure as an executive at Sunrun and Vivint Solar. Mark has a proven track
record of growth, business development and transformation. He combines this with a strong financial acumen, a process optimization mindset
and as a catalyst for change. Since joining the company, Mark has made decisive actions to reduce cost and streamline the business operations
of Solcius. The Board and I have confidence that Sunworks has a bright future with Mark serving as CEO.”
Trout
commented, “I want to thank the Board for their trust and confidence in electing me as Sunworks next CEO. I am excited to lead
Sunworks and serve our shareholders, employees and customers. Sunworks is uniquely positioned to capitalize on the long-term secular
trends of solar adoption, both in residential and commercial markets. I am deeply committed to executing against our stated goals of
achieving profitability and creating shareholder value.”
ABOUT
SUNWORKS
Sunworks
has been providing high-performance solar and battery storage solutions since 2000. The Company acquired Solcius in 2021 to extend its
national presence and provide high-quality, performance-oriented solutions to sectors ranging from residential to agricultural, commercial,
industrial, federal, and public works. Today, Sunworks is proudly paving the way toward the democratization of renewable energy for all
with their agile, partner-centric, and technology-agnostic network that has installed over 200 MW of solar and battery storage systems.
Their dependable, solutions-oriented teams are recognized in the industry for their commitment to customer service and renewable energy
advancement. Sunworks was recently recognized by Solar Power World as a leading solar supplier and is a member of the Solar Energy Industries
Association (SEIA). For more information, visit www.sunworksusa.com and www.solcius.com.
INVESTOR
RELATIONS CONTACT
385.497.6955
IR@sunworksusa.com
MEDIA
CONTACT
866-600-6800
marketing@sunworksusa.com
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dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Sunworks (NASDAQ:SUNW)
過去 株価チャート
から 11 2024 まで 12 2024
Sunworks (NASDAQ:SUNW)
過去 株価チャート
から 12 2023 まで 12 2024
