8-K: Amprius Technologies Appoints Tom Stepien as President and Director

Amprius Technologies announces the appointment of Tom Stepien as President and Class I Director, effective May 1, 2025, while Dr. Kang Sun continues as CEO.

Summary

• Amprius Technologies has appointed Tom Stepien as President, effective May 1, 2025.
• Dr. Kang Sun will remain the Chief Executive Officer.
• Mr. Stepien was also elected as a Class I director, with his term expiring at the 2026 annual meeting of stockholders.
• He previously served as CEO of South 8 Technologies and as an Operating Partner at KCK Group.
• Mr. Stepien's annual base salary will be $475,000, with eligibility for a target bonus of 70% of his base salary.
• He will receive 400,000 restricted stock units, vesting quarterly over four years.
• Mr. Stepien is eligible for severance benefits of six months' base salary continuation under certain termination conditions.

Sentiment

Score: 7

Explanation: The appointment of a new president is generally a positive sign, indicating growth and strategic focus. Stepien's background and experience are also viewed favorably.

Positives

• The appointment of Tom Stepien brings strong business leadership, technical expertise, and extensive experience in the battery and energy storage industries to Amprius Technologies.
• Stepien's experience includes leadership roles at South 8 Technologies, KCK Group, and Applied Materials.
• The compensation package, including salary, bonus, and stock options, is designed to incentivize performance and align Stepien's interests with those of the company.

Future Outlook

The company anticipates Mr. Stepien will begin serving as President on May 1, 2025, and his performance will be evaluated against goals set by the Board or Compensation Committee.

Management Comments

• The Board believes that Mr. Stepien is well qualified to serve on the Company's board of directors due to his strong business leadership, technical expertise, and extensive experience in the battery and energy storage industries.

Industry Context

The appointment of a seasoned executive like Tom Stepien, with experience in battery technology and energy storage, suggests Amprius Technologies is focused on strengthening its leadership team to capitalize on growth opportunities in the rapidly expanding battery market.

Comparison to Industry Standards

• Tom Stepien's previous role as CEO of South 8 Technologies, a company focused on liquefied gas electrolyte for lithium-ion batteries, positions him well to contribute to Amprius's technological advancements.
• His experience at Applied Materials, a leading supplier of equipment to the semiconductor industry, provides a strong operational and strategic background.
• His board membership at Euro Manganese, a supplier of battery materials, further enhances his industry network and knowledge.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment of a new President as a positive step towards growth and improved performance.
• Employees may experience changes in leadership and organizational structure.
• The appointment could influence the company's strategic direction and relationships with customers and suppliers.

Next Steps

• Mr. Stepien will begin serving as President on May 1, 2025.
• The Offer Letter will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the fiscal period ending March 31, 2025.
• The Board or Compensation Committee will establish performance goals for Mr. Stepien to determine his annual cash bonus.

Key Dates

Keywords

Amprius Technologies, Tom Stepien, President, Director, Appointment, Compensation, Battery Technology, Energy Storage