Applied Industrial Tech: Director Changes & Officer Compensation Updates
Ticker: AIT · Form: 8-K · Filed: Aug 13, 2024 · CIK: 109563
Sentiment: neutral
Topics: corporate-governance, executive-compensation, board-of-directors
Related Tickers: AIT
TL;DR
Applied Industrial Tech shakes up board, adjusts exec pay.
AI Summary
Applied Industrial Technologies, Inc. announced on August 13, 2024, changes in its board of directors and executive compensation arrangements. The filing details the departure of a director and the election of a new director, along with updates to compensatory plans for certain officers.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and compensation adjustments, which are typical for public companies and do not indicate significant operational or financial distress.
Key Players & Entities
- APPLIED INDUSTRIAL TECHNOLOGIES, INC. (company) — Registrant
- Ohio (jurisdiction) — State of incorporation
- August 13, 2024 (date) — Date of Report
FAQ
What specific changes were made regarding the board of directors?
The filing indicates the departure of a director and the election of a new director, as detailed in Item 5.02.
What is the nature of the compensatory arrangements mentioned?
The filing refers to updates and details concerning compensatory arrangements for certain officers, as outlined in Item 5.02.
When was this Form 8-K filed?
This Form 8-K was filed on August 13, 2024.
What is the principal executive office address for Applied Industrial Technologies, Inc.?
The principal executive offices are located at One Applied Plaza, Cleveland, Ohio 44115.
What is the company's fiscal year end?
The company's fiscal year ends on June 30.
Filing Stats: 693 words · 3 min read · ~2 pages · Grade level 11 · Accepted 2024-08-13 16:36:59
Filing Documents
- ait-20240813.htm (8-K) — 29KB
- a8132024ex991-dirchangessi.htm (EX-99.1) — 7KB
- appliedlogo.jpg (GRAPHIC) — 23KB
- 0000109563-24-000047.txt ( ) — 192KB
- ait-20240813.xsd (EX-101.SCH) — 2KB
- ait-20240813_lab.xml (EX-101.LAB) — 21KB
- ait-20240813_pre.xml (EX-101.PRE) — 12KB
- ait-20240813_htm.xml (XML) — 3KB
02
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. On August 13, 2024, Richard J. Simoncic, age 61, was elected to the Board of Directors of Applied Industrial Technologies, Inc. ("Applied"), with a term expiring in October 2025. He has not been appointed yet to a committee of the Board of Directors. Mr. Simoncic has served as Chief Operating Officer of Microchip Technology Inc. (NASDAQ: MCHP) since April 1, 2024. Microchip is a leading provider of smart, connected and secure embedded control solutions. He served as Microchip's Executive Vice President Analog Power and Interface Business Unit from April 2023 to April 2024; as Senior Vice President, Analog Power and Interface Business Units from February 2019 to April 2023; and as Vice President, Analog Power and Interface Business Units from September 1999 to February 2019. Mr. Simoncic holds a B.S. degree in Electrical Engineering Technology from DeVry Institute of Technology. As a non-employee director, Mr. Simoncic will receive compensation in the same manner as Applied's other non-employee directors, which compensation Applied previously disclosed in its Proxy Statement for Applied's 2023 Annual Meeting of Shareholders, filed with the Securities and Exchange Commission on September 8, 2023. In addition, Mr. Simoncic will enter into an Indemnification Agreement with Applied, the form of which is filed as Exhibit 10.4 to Applied's Annual Report on Form 10-K for the fiscal year ended June 30, 2023. Also on August 13, 2024, in accordance with Applied's retirement policy for directors, which requires a director to retire effective at the annual meeting of shareholders that immediately follows the person's attainment of age 72, Dan Komnenovich submitted his notice of retirement from the Board of Directors of Applied, effective at Applied's annual meeting of shareholders on October 22, 2024. A copy of the pr
FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. Exhibit No. Description 99.1 Press release of Applied Industrial Technologies, Inc. dated August 13, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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, thereunto duly authorized. APPLIED INDUSTRIAL TECHNOLOGIES, INC. (Registrant) Date: August 13, 2024 By: /s/ Jon S. Ploetz Jon S Ploetz, Vice President-General Counsel & Secretary