Shares issued upon the vesting of restricted stock units.
Each restricted stock unit represents a contingent right to receive on share of common stock.
With continued service, the restricted stock units, representing a right to receive a total of 12,800 shares, vested as to 50% of the total number of restricted stock units on 5/1/2012 and 25% of the restricted stock units vested on 10/16/2012, and the remaining 25% of the restricted stock units shall vest on 10/16/2013. 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 (2) 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.
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Other recent filings from the company include the following:
Active Power Reports Second Quarter 2014 Results - July 29, 2014