UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 13, 2005
American Superconductor Corporation
(Exact Name of Registrant as Specified in Charter)
| Delaware | 0-19672 | 04-2959321 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| Two Technology Drive, Westborough, MA | 01581 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (508) 836-4200
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On June 13, 2005, American Superconductor Corporation (the “Company”) gave notice to David Paratore, the Company’s President and Chief Operating Officer, of the termination of his employment for cause. Under the terms of Mr. Paratore’s executive agreement with the Company, his termination will take effect on June 28, 2005. The Company’s Chairman and CEO, Gregory J. Yurek, has agreed to assume the role of President, which he held from March 1989 to February 2004, until Mr. Paratore’s successor is found. The press release issued in connection with Mr. Paratore’s termination is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits
| (c) | Exhibits |
| 99.1 | Press release issued by the Company on June 13, 2005. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN SUPERCONDUCTOR CORPORATION | ||||
| Date: June 14, 2005 | By: | /s/ Gregory J. Yurek | ||
| Gregory J. Yurek Chairman of the Board and Chief Executive Officer | ||||
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press release issued by American Superconductor Corporation on June 13, 2005. |
Exhibit 99.1
 |
Press Release |
American Superconductor Announces Termination of
President David Paratore
WESTBOROUGH, Mass. – June 13, 2005 – American Superconductor Corporation (NASDAQ:AMSC) today announced that it has terminated the employment of David Paratore, President and Chief Operating Officer of the Company due to issues of conduct and judgment on the part of Mr. Paratore in connection with his relationship with a female employee, who has made allegations of sexual harassment.
Under the terms of Mr. Paratore’s executive agreement with the Company, his termination will take effect on June 28, 2005. The Company said it will initiate a search for Mr. Paratore’s replacement. Chairman and CEO Greg Yurek has agreed to assume the role of President, which he held from 1989 to February 2004, until Mr. Paratore’s successor is found.
About American Superconductor
AMSC is the world’s principal vendor of high temperature superconductor (HTS) wire and large rotating superconductor machinery, and it is a world-leading supplier of dynamic reactive power grid stabilization products. AMSC’s HTS wire and power electronic converters are at the core of a broad range of new electricity transmission and distribution, transportation, medical and industrial processing applications, including dynamic reactive power grid stabilization solutions, large ship propulsion motors and generators, smart, controllable, superconductor power cables and advanced defense systems. The Company’s products are supported by hundreds of patents and licenses covering technologies fundamental to Revolutionizing the Way the World Uses Electricity™. More information is available at http://www.amsuper.com.
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American Superconductor and Revolutionizing the Way the World Uses Electricity are trademarks of American Superconductor Corporation. All other trademarks are the property of their respective owners.
| Media | Wanda Whitson American Superconductor |
508-621-4454 news@amsuper.com | ||
| Investors | Kevin Bisson American Superconductor |
508-621-4220 investor@amsuper.com | ||