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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Ballard Power Systems Inc. |
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(Translation of registrants name into English) | ||||
Canada | ||||
(Jurisdiction of incorporation or organization) | ||||
9000 Glenlyon Parkway Burnaby, BC V5J 5J8 Canada |
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(Address of principal executive office) |
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [ ] Form 20-F [x] Form 40-F | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ] | ||||
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ] | ||||
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [x] No | ||||
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a |
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, thereunto duly authorized. |
Ballard Power Systems Inc. | ||
Date: March 24, 2009 | By: |
Glenn Kumoi |
Name: | Glenn Kumoi | |
Title: | VP Human Resources & Chief Legal Officer | |
Exhibit No. | Description | |
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99.1 | Ballard Announces Board Approval of New Market Purchase Restricted Share Plan | |
Ballard Power Systems
News Release
Ballard Announces Board Approval of New Market Purchase Restricted Share Plan
For Immediate Release March 23, 2009
VANCOUVER, CANADA Ballard Power Systems Inc. (TSX: BLD; NASDAQ: BLDP) announced today that its Board of Directors has adopted a new market purchase restricted share plan. Under the new plan, an independent trustee will administer the purchase of Ballard shares on the open market for the companys long term restricted share awards, as opposed to continuing to use treasury shares for this purpose.
As well, the Board of Directors has approved a policy change to pay annual incentive bonuses in cash, moving away from Ballards traditional policy of paying bonuses in shares.
Ballards traditional equity compensation plans reflected the early stage nature of the company, as a pre-commercial, technology development company. As such, there was a relatively high utilization of treasury shares in short term and long term compensation plans. The above changes will position the Company to move to a more cash-based compensation approach, along with the use of shares purchased on the open market, rather than the continued reliance on the issuance of dilutive treasury shares.
John Sheridan, Ballards President and CEO, stated that, With Ballards recent progress in commercial markets, our emphasis on near term profitability, and our strengthened financial position, we believe that now is the right time to move forward with the these changes, which will reduce the dilution impacts to Ballard shareholders. He added, The Company also plans to present a proposal for shareholder ratification at Ballards upcoming Annual Shareholders Meeting, to establish a maximum 10% dilution cap for equity compensation plans.
About Ballard Power Systems
Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) is recognized as a world leader in the design,
development, manufacture and sale of clean energy fuel cell products. Ballards mission is to
accelerate fuel cell product adoption. To learn more about what Ballard is doing with Power to
Change the World®, visit www.ballard.com.
For further information, or to arrange an interview with a Ballard spokesperson, please contact Amy Harada Bradley at telephone number 604-412-7913 or on e-mail amy.harada@ballard.com. Ballard, the Ballard logo and Power to Change the World are registered trademarks of Ballard Power Systems Inc.