Subsequent Events

3 Months Ended

Apr. 04, 2021

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On April 15, 2021, we repaid the outstanding principal amount of $30.0 million, 8.5% fixed interest loan with CEDA.

On April 19, 2021, we entered into an Amendment to the Affiliation Agreement, dated as of August 28, 2011, by and among the Company, Total Solar INTL SAS (formerly known as Total Gas & Power USA SAS), and Total Gaz Electricité Holdings France SAS (the "Affiliation Agreement Amendment"). The Affiliation Agreement Amendment provides for certain temporary adjustments to the composition of the Company's Board of Directors (the "Board") to accommodate Thomas H. Werner's continued service as Chairman of the Board through November 1, 2021 (or such earlier date as designated by the Board). Refer to the Form 8-K filed on April 20, 2021 for additional details.

On April 19, 2021, the Board appointed Peter Faricy, the Company's new president and chief executive officer, as a Class III director, to serve until the Company's annual meeting of stockholders to be held in 2023. Also on April 19, 2021, the Board appointed Bernadette Baudier to serve as a Class II director, to serve until the Company's annual meeting of stockholders to be held in 2022. Ms. Baudier serves as a designee of Total pursuant to the Affiliation Agreement, as amended. Refer to the Form 8-K filed on April 20, 2021 for additional details.

On April 19, 2021, we and Thomas H. Werner, chairman of the Board and former chief executive officer, entered into a Transition and Retirement Letter Agreement, pursuant to which Mr. Werner has agreed to continue to serve as Chairman of the Board and provide certain other transition services through November 1, 2021 (or such earlier date as agreed by him and the Board), at which time he will retire from the Company and resign from his position as Chairman of the Board and as a director of the Company. Refer to the Form 8-K filed on April 20, 2021 for additional details.