Energy Conversion Devices Discloses Executive Compensation Per NASDAQ Listing Requirements

AUBURN HILLS, Mich., Nov. 28, 2011 (GLOBE NEWSWIRE) -- Energy Conversion Devices, Inc. (ECD) ENER, a leading global provider of lightweight, flexible solar products and systems for the building-integrated and commercial rooftop market, filed a Current Report on Form 8-K with the Securities and Exchange Commission regarding the appointment, effective December 5, 2011, of Julian Hawkins as Chief Executive Officer and President and Member of its Board of Directors and disclosing certain executive compensation information.

Per the listing requirements of The NASDAQ Stock Market, the company has disclosed that Mr. Hawkins will receive a restricted stock unit award as an inducement for entering into employment with the Company, under terms evidenced in an award agreement, which will include terms substantially similar to the Company's 2010 Omnibus Incentive Compensation Plan. The number of shares subject to the restricted stock unit award will be 1,599,335 (equal to approximately 3% of the outstanding shares of common stock of the Company as of June 30, 2011). Fifty percent (50%) of the restricted stock unit award will vest on June 5, 2012, provided Mr. Hawkins remains employed by the Company on that date. The remaining 50% will vest on December 5, 2012, provided Mr. Hawkins remains employed by the Company on that date. The restricted stock unit award will be cancelled, and no portion of the restricted stock unit award will vest, if, and only if, during the 90-day period beginning on the December 5, 2011, the Company enters into a binding agreement to enter into a transaction or series of transactions that would constitute a Change of Control as defined in the Company's 2010 Omnibus Incentive Compensation Plan.

About Energy Conversion Devices

Energy Conversion Devices (ECD) ENER has a renowned 51 year history since its formation in Detroit, Michigan and has been a pioneer in materials science and renewable energy technology development. The company has been awarded over 500 U.S. patents and international counterparts for its achievements. ECD's United Solar wholly owned subsidiary has been a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to clean, renewable energy using proprietary technology. UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world energy production. ECD's technology portfolio also includes the Ovonic Battery Company, the inventor and worldwide licensor of nickel-metal-hydride battery technology and the developer of proprietary advanced lithium-ion cathode materials, along with other emerging energy storage technologies. ECD's Ovonyx joint venture is the inventor and worldwide licensor of phase change memory (PCM) technology. For more information, please visit ECD on the web at energyconversiondevices.com and on Facebook, and follow ECD on Twitter @ECD_ENER.

Safe Harbor Statement

This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not constitute guarantees of future performance. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, restructuring, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to maintain our customer relationships and establish new relationships; the worldwide market for solar energy systems; changes to government incentives related to solar energy; our customers' ability to access capital to finance the purchase of our products; our ability to achieve expense reductions and levels of one-time costs, including restructuring charges; our ability to meet all the terms and conditions of our debt obligations; and our ability through technology improvements to reduce cost and improve the conversion efficiency of our solar products. The risk factors identified in the ECD filings with the Securities and Exchange Commission, including the company's most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release. Except as required by law, Energy Conversion Devices, Inc. assumes no responsibility to update any forward-looking statements contained herein.