Item 2.05 Costs Associated with Exit or Disposal Activities.
The disclosure under Item 8.01 below is incorporated herein by reference. The
Company does not expect to incur any material charges under generally accepted
accounting principles applicable to the Company as a result. At the time of
filing of this Current Report on Form 8-K, the Company is unable in good faith
to make a determination of the estimates required by Item 2.05 of Current Report
on Form 8-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The disclosure under Item 8.01 below is incorporated herein by reference. On
January 31, 2020, the board of directors of Real Goods Solar, Inc. (the
"Company") terminated Dennis Lacey without cause from all positions with the
Company, including his positions as Chief Executive Officer and Secretary,
effective January 31, 2020, and terminated his employment agreement. Mr. Lacey
has informed the Company that he waives any and all rights to rights to
severance payments under his employment agreement.
On February 4, 2020, the independent members of the board of directors of Real
Goods Solar, Inc., Ian Bowles and George Neble informed the Company that they
have waived their accrued and unpaid director fees.
Item 8.01 Other Events.
On January 31, 2020, the board of directors of Real Goods Solar, Inc. (the
"Company"), determined to cease all business activities, to terminate all of the
Company's employees, and to commence a plan of action to file a voluntary
petition for relief under the provisions of Chapter 7 of Title 11 of the United
States code, 11 U.S.C section 101 et seq. in the United States Bankruptcy Court
for the State of Colorado. On the same day, the Company terminated all of its
employees and the Company's board of directors appointed Mr. Lacey as the
Company's authorized signatory and representative for the time being.
On January 31, 2020, the OTC Market Group, Inc. notified the Company that
quotation of the Company's Class A common stock would be moved from the OTCQX to
the OTC Pink market at the close of business on Friday, January 31, 2020.
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