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<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:78.35%;border:0;margin:30pt 10.83% 30pt 10.83%;"></div><div style="max-width:100%;padding-left:10.83%;padding-right:10.83%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Item 5.02.&#160;&#160;&#160;&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Termination of Employment of Chief Revenue Officer and Furlough of Chief Accounting Officer</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">Pursuant to a plan of Capstone Green Energy Corporation (the Company&#8221;) to reduce its cash use (the &#8220;Expense Reduction Plan&#8221;), the employment of James Crouse, the Chief Revenue Officer of the Company, will terminate effective April 1, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">On February 25, 2022, pursuant to the Expense Reduction Plan, the Company also furloughed Neshan &#8220;Nino&#8221; Tavitian, the Company&#8217;s Chief Accounting Officer, effective February 28, 2022, for 120 days.&#160;&#160;<span style="white-space:pre-wrap;">In his absence, Mr. Frederick S. Hencken III has assumed the role of Chief Accounting Officer.  Mr. Hencken will also continue in his role as Chief Financial Officer of the Company.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Reduction in Base Salary of Executive Officers </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">On February 28, 2022, pursuant to the Expense Reduction Plan, each of Mr. Darren R. Jamison, the Company&#8217;s Chief Executive Officer and Frederick S. Hencken III, the Company&#8217;s Chief Financial Officer, voluntarily agreed to accept 25% reductions to their base salaries. These reductions, which were effective as of February 28, 2022, will remain in effect for a period of 120 days thereafter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 7.01</b></span><b style="font-weight:bold;">Regulation FD Disclosure.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:10pt;background:#ffffff;margin:0pt;">On March 3, 2022, the Company published a press release discussing the Expense Reduction Plan, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt 0pt 10pt 0pt;">The information in this Item 7.01 and in Exhibit 99.1 shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 8.01</b></span><b style="font-weight:bold;">Other Events.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On March 3, 2022, the Company announced that, pursuant to the Expense Reduction Plan, it furloughed or reduced the pay of approximately 55% of its direct workforce beginning on February 28, 2022. The employees that will receive reduced pay will continue to be employees of the Company and receive employee benefits, including medical benefits. The furloughed employees will not receive direct compensation from the Company during the furlough period, which will last 120 days, depending on employee, but will be immediately eligible for unemployment benefits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Item 9.01. Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(d) Exhibits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:8.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:89.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:8.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:9pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Exhibit</b><b style="font-weight:bold;"><br /></b><b style="font-weight:bold;">Number</b></p></td><td style="vertical-align:bottom;width:2.09%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:89.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;line-height:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:72pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;">99.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="cgrn-20220225xex99d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Press Release of Capstone Green Energy Corporation, dated March 3, 2022</span><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;"> (furnished herewith)</span></a></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">104</span></span><span style="display:inline-block;width:36pt;"></span>Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:78.35%;border:0;margin:30pt 10.83% 30pt 10.83%;"></div><div style="max-width:100%;padding-left:10.83%;padding-right:10.83%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_1ec65144_6ff9_41a6_a0bf_fc74cd962e6a"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;padding-left:36pt;text-align:center;text-indent:-36pt;margin:0pt 0pt 24pt 0pt;">SIGNATURE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:46.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:30pt;margin-top:12pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">CAPSTONE GREEN ENERGY CORPORATION</p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:top;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: March 3, 2022</p></td><td style="vertical-align:top;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: </p></td><td style="vertical-align:top;width:46.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Frederick S. Hencken III</p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><span style="font-size:10pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:46.57%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name: Frederick S. Hencken III</p></td></tr><tr><td style="vertical-align:top;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:46.57%;margin:0pt;padding:0pt;"><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">Title: Chief Financial Officer </span></p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:10pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">(Principal Financial Officer)</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:10.83%;margin-right:10.83%;margin-top:30pt;page-break-after:avoid;width:78.35%;border:0;"></div></body></html>
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​
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
​
Date of Report (Date of earliest event reported):
February 25, 2022
​
CAPSTONE GREEN ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
​
​
​
​
​
Delaware
001-15957
95-4180883
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
Identification No.)
​
​
​
​
​
16640 Stagg Street,
Van Nuys
,
California
​
91406
(Address of principal executive offices)
​
(Zip Code)
​
(
818
)
734-5300
(Registrant's telephone number, including area code)
​
Former name or former address, if changed since last report: N/A
​
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 Symbol(s)
​
Name of exchange on which registered
Common Stock, par value $.001 per share
​
CGRN
​
NASDAQ Capital Market
Series B Junior Participating Preferred Stock Purchase Rights
​
​
​
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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.
Termination of Employment of Chief Revenue Officer and Furlough of Chief Accounting Officer
Pursuant to a plan of Capstone Green Energy Corporation (the Company") to reduce its cash use (the "Expense Reduction Plan"), the employment of James Crouse, the Chief Revenue Officer of the Company, will terminate effective April 1, 2022.
On February 25, 2022, pursuant to the Expense Reduction Plan, the Company also furloughed Neshan "Nino" Tavitian, the Company's Chief Accounting Officer, effective February 28, 2022, for 120 days.
In his absence, Mr. Frederick S. Hencken III has assumed the role of Chief Accounting Officer.  Mr. Hencken will also continue in his role as Chief Financial Officer of the Company.
Reduction in Base Salary of Executive Officers
On February 28, 2022, pursuant to the Expense Reduction Plan, each of Mr. Darren R. Jamison, the Company's Chief Executive Officer and Frederick S. Hencken III, the Company's Chief Financial Officer, voluntarily agreed to accept 25% reductions to their base salaries. These reductions, which were effective as of February 28, 2022, will remain in effect for a period of 120 days thereafter.
Item 7.01
Regulation FD Disclosure.
On March 3, 2022, the Company published a press release discussing the Expense Reduction Plan, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 7.01 and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 8.01
Other Events.
On March 3, 2022, the Company announced that, pursuant to the Expense Reduction Plan, it furloughed or reduced the pay of approximately 55% of its direct workforce beginning on February 28, 2022. The employees that will receive reduced pay will continue to be employees of the Company and receive employee benefits, including medical benefits. The furloughed employees will not receive direct compensation from the Company during the furlough period, which will last 120 days, depending on employee, but will be immediately eligible for unemployment benefits.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
​
Exhibit
Number
Description
​
99.1
Press Release of Capstone Green Energy Corporation, dated March 3, 2022
(furnished herewith)
104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
​
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.
​
​
​
​
CAPSTONE GREEN ENERGY CORPORATION
​
​
​
​
Date: March 3, 2022
By:
/s/ Frederick S. Hencken III
​
​
Name: Frederick S. Hencken III
​
​
Title: Chief Financial Officer
(Principal Financial Officer)
​