Ideal Power Names Daniel Brdar As CEO And Chairman - Quick Facts

(RTTNews) - Ideal Power Inc. (IPWR), a developer of a disruptive technology in the power conversion industry, announced Wednesday that it has appointed Daniel Brdar as its Chief Executive Officer and Chairman of the Board of Directors, effective today. Paul Bundschuh will assume the role of President and Chief Commercial Officer.

Brdar has over 25 years of experience in the power systems and energy industries and has held a variety of leadership positions during his career. From 2006 through 2011, he was President and CEO of FuelCell Energy Inc.

Prior to joining Ideal Power Inc., Brdar served as the Chief Operating Officer of Petra Solar, a privately held, venture funded solar and smart grid company, where he held full P&L responsibility and led a cross-functional management team across several international markets. From 1997 to 2000, Brdar held management positions, including Gas Turbine Product Manager, for GE's Power Systems Division.

Ideal Power's Board of Directors unanimously approved the appointment of R. Daniel Brdar as CEO and Chairman.

Ideal Power said it will make a stock option grant to Brdar pursuant to a stand-alone award agreement outside of the Company's 2013 Equity Incentive Plan as an inducement material to Mr. Brdar entering into employment with Ideal Power. The inducement grant was approved by the compensation committee of Ideal Power's Board of Directors, which is comprised solely of independent directors.

Brdar's inducement grant consists of a stock option to purchase up to 250,000 shares of Ideal Power's common stock, with a per share exercise price equal to the closing price of the Company's common stock on January 8, 2014, the date that his employment will begin. Brdar's option vests and becomes exercisable in four equal annual installments beginning on the one-year anniversary of the date of grant, subject to his continuous service through each vesting date. The option has a term of 10 years from the date of grant.