Shares issued upon the vesting of restricted stock units.
Each restricted stock unit represents a contingent right to receive one share of common stock.
With continued service, the restricted stock units, representing a right to receive a total of 14,000 shares, vest in a series of sixteen equal quarterly installments upon the completion of each quarter beginning on 05/17/2012. Vested shares are delivered to the reporting person as soon as practicable after vesting, but in each case within the period ending no later than the later of the 15th day of the 3rd month following the end of the (i) fiscal year or the (ii) calendar year, which in either case includes the vesting date.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
To receive a free e-mail notification whenever Active Power makes a similar move, sign up!