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Posted 09 August, 2023

Solid Power, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:SLDP in a 8-K filed on 09 August, 2023.


  On August 4, 2023, David Jansen provided notice to Solid Power, Inc. (the "Company") that he will retire from his roles as Senior Advisor to the Chief Executive Officer of the Company and as both Chairperson and a Class III member of the Board of Directors (the "Board") of the Company.  

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Overview of Solid Power, Inc.
Automotive • Motor Vehicle Parts
Solid Power, Inc. engages in the manufacture and supply of power batteries. The firm develops all-solid-state battery cell technology that replaces the liquid or gel polymer electrolyte used in conventional lithium-ion battery cells with a sulfide-based solid electrolyte. It focuses on the development and commercialization of all-solid-state battery cells and solid electrolyte materials, primarily for the battery-powered electric vehicle market. The company was founded on August 3, 2011 and is headquartered in Louisville, CO.
Market Cap
$277M
View Company Details
Solid Power, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On August 4, 2023, David Jansen provided notice to Solid Power, Inc. (the "Company") that he will retire from his roles as Senior Advisor to the Chief Executive Officer of the Company and as both Chairperson and a Class III member of the Board of Directors (the "Board") of the Company. Mr. Jansen's resignation as Chairperson of the Board will be effective September 1, 2023, and Mr. Jansen's resignation from the Company and the Board will be effective October 8, 2023. The Board appointed John Stephens, Lead Independent Director, to serve as Chairperson of the Board beginning September 1, 2023. Prior to the effective date of his resignation, Mr. Jansen will work with Mr. Stephens to facilitate a smooth transition of Board leadership. Mr. Jansen's resignation was not the result of any disagreement on matters relating to the Company's operations, policies, or practices. Effective October 8, 2023, the size of the Board will be reduced to ten members and the total number of Class III directors will be reduced to three members.


Mr. Jansen's retirement is considered a resignation for "Good Reason," as defined in the Solid Power, Inc. Executive Change in Control and Severance Plan (the "Plan"). In accordance with the terms of the Plan and Mr. Jansen's participation agreement thereunder, the Company expects to: (i) pay Mr. Jansen cash severance of $540,000 and (ii) reimburse Mr. Jansen for continued medical benefits in the amount of $1,401.17 per month for 12 months. In addition, Mr. Jansen will be entitled to receive 100% of his annual bonus for 2023, determined based on the Company's performance during 2023 and paid at the same time as annual bonuses are paid to other senior executives of the Company, which the Company expects to occur in March 2024. Mr. Jansen's receipt of severance benefits under the Plan is conditioned upon his execution of a customary release agreement as contemplated by the Plan.


On August 7, 2023, the Company and Mr. Jansen entered into an amendment (the "Amendment to Interim CEO Agreement") to the letter agreement, dated November 29, 2022, between the Company and Mr. Jansen. Pursuant to the Amendment to Interim CEO Agreement, Mr. Jansen will receive the previously-disclosed transition award as a lump sum cash payment. The foregoing description of the Amendment to Interim CEO Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.