UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
July 18, 2023
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| Delaware | 001-37839 | 20-1590775 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 9200 E. Pima Center Parkway, Suite 250 |
| Scottsdale, Arizona 85258 |
| (Address of principal executive offices) (Zip Code) |
480-305-8910
(Registrant’s telephone number, including area code)
Not applicable
(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 |
Name of each exchange | ||
| Common Stock, par value $0.01 | TPIC | NASDAQ Global 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.
Departure of President and Chief Operating Officer - Wind
TPI Composites, Inc. (the “Company”) notified Ramesh Gopalakrishnan, the Company’s President and Chief Operating Officer – Wind, that his last day of employment with the Company was July 18, 2023.
Pursuant to Mr. Gopalakrishnan’s employment agreement, Mr. Gopalakrishnan will be entitled to severance equal to 12 months of his base salary plus an amount equal to 12 times the monthly contribution that the Company paid towards the cost of Mr. Gopalakrishnan’s health insurance assuming that Mr. Gopalakrishnan executes the form of separation agreement contained in his employment agreement, which contains a reaffirmation of Mr. Gopalakrishnan’s confidentiality, noncompetition and nonsolicitation obligations to the Company and a general release of claims by Mr. Gopalakrishnan.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TPI Composites, Inc. | ||||||
| Date: July 18, 2023 | By: | /s/ William E. Siwek | ||||
| William E. Siwek | ||||||
| President and Chief Executive Officer | ||||||