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Arista Power names new president; shifts exec compensation

Rochester Business Journal
August 5, 2013

Arista Power Inc. has had some senior management and compensation changes, a recent filing with the Securities & Exchange Commission states.

The Rochester company has named Mark Matthews company president, succeeding William Schmitz, who remains CEO. Matthews most recently served as Arista’s vice president of sales and marketing. Both Schmitz and Matthews previously worked at Newark, Wayne County-based Ultralife Corp.

In addition, they and two other employees—Molly Hedges, chief financial officer and Adeeb Saba, vice president of operations—have signed termination of employment agreements.
 
The filing shows that all four are now at-will employees, a move that reduces their salaries.

Schmitz’s annual base salary was reduced to $52,000 from $257,556; Matthews went to $175,000 from $182,572; Hedges’ salary went to $52,000 from $152,000; and Saba’s salary dropped to $12,000 from $182,572, the SEC filing shows.

The four were given 10-year options to buy from 100,000 to 750,000 shares of Arista stock at 38 cents a share.

Arista develops, manufactures and supplies custom-designed power management systems and renewable energy storage systems, and is a supplier and designer of solar energy systems.

Shares of Arista (OTC: ASPW) were trading midday at 40 cents, unchanged from Friday’s close.

 (c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 


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