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March 12, 2014
08:44 EDTXWESWorld Energy Solutions, Ardsley announce settlement, standstill agreement
World Energy Solutions, and Ardsley Advisory Partners announced today that they have entered into a settlement and standstill agreement which today appoints two new independent directors to the company's board and increases the size of the board from 5 to 7, and provides for the board's nomination of a third new independent director in connection with the 2014 annual meeting. Peter A. Londa joins the board as a Class III director with his term expiring at the 2015 annual meeting of the stockholders. Sean S. Sweeney joins the board as a Class II director and will be nominated by the board for election at the 2014 annual meeting. Under the agreement one of the two new independent directors will be appointed to the board's Corporate Governance and Nominating Committee. The company has also agreed to form a Strategic Alternatives Committee to work with the company's management and professional advisors to identify and review financial and strategic alternatives to enhance the company's revenue and value. One of the two new independent directors will be appointed to the Strategic Alternatives Committee. Ardsley has agreed to certain customary "standstill provisions" with respect to its Company's common stock. The company and Ardsley have agreed that, in addition to Sweeney, a second new independent director will be nominated for election at the 2014 annual meeting. To effect an orderly transition and recomposition of the board consistent with the objectives of the agreement, John Wellard, who is a current Class II director, has volunteered that he will not stand for re-election at the 2014 Annual Meeting and accordingly has tendered his resignation effective at such meeting. Wellard will continue to serve on the board until the 2014 annual meeting. Wellard's successor will be selected and recommended to the full Board by the Nominating and Governance Committee with Ardsley's input and the input of other stockholders who notify the company that they wish to participate in the selection process.
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