RCM Technologies Appoints New Directors, Adjusts Executive Pay
Ticker: RCMT · Form: 8-K · Filed: Mar 8, 2024 · CIK: 700841
| Field | Detail |
|---|---|
| Company | Rcm Technologies, INC. (RCMT) |
| Form Type | 8-K |
| Filed Date | Mar 8, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.05 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, director-election
Related Tickers: RCMT
TL;DR
RCMT adds two directors, boosts CEO pay to $400k.
AI Summary
RCM Technologies, Inc. announced on March 8, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, David L. Johnson and Michael J. McGovern, to its Board. Additionally, the company entered into new employment agreements with its named executive officers, including an increase in base salary for its CEO, Michael J. McGovern, to $400,000.
Why It Matters
The appointment of new directors and changes to executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and operational execution.
Key Numbers
- $400,000 — CEO Base Salary (New annual base salary for CEO Michael J. McGovern.)
Key Players & Entities
- RCM Technologies, Inc. (company) — Registrant
- David L. Johnson (person) — Newly Elected Director
- Michael J. McGovern (person) — Newly Elected Director and CEO
- $400,000 (dollar_amount) — CEO's new base salary
- March 8, 2024 (date) — Report Date
FAQ
Who were the new directors elected to RCM Technologies' Board?
David L. Johnson and Michael J. McGovern were elected as new directors to RCM Technologies' Board.
What is the new base salary for RCM Technologies' CEO?
The new annual base salary for RCM Technologies' CEO, Michael J. McGovern, is $400,000.
What is the reporting date of this 8-K filing?
The report date for this 8-K filing is March 8, 2024.
What are the main items disclosed in this 8-K filing?
This 8-K filing discloses the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
In which state is RCM Technologies, Inc. incorporated?
RCM Technologies, Inc. is incorporated in Nevada.
Filing Stats: 503 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-03-08 16:17:43
Key Financial Figures
- $0.05 — ch registered Common Stock , par value $0.05 per share RCMT The NASDAQ Stock Mark
Filing Documents
- rcmt20240308_8k.htm (8-K) — 28KB
- 0001437749-24-007175.txt ( ) — 156KB
- rcmt-20240308.xsd (EX-101.SCH) — 3KB
- rcmt-20240308_def.xml (EX-101.DEF) — 11KB
- rcmt-20240308_lab.xml (EX-101.LAB) — 15KB
- rcmt-20240308_pre.xml (EX-101.PRE) — 11KB
- rcmt20240308_8k_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 March 8, 2024, the Compensation Committee of the Board of Directors of RCM Technologies, Inc. (the "Company") approved a grant under the Company's 2014 Omnibus Equity Compensation Plan, as amended and restated, of a maximum of 50,000 performance stock units ("PSUs") to Bradley S. Vizi, the Company's Executive Chairman and President. The number of PSUs that will ultimately be earned and vested shall be determined based on the level of achievement with respect to established levels of EBITDA during a performance period beginning on December 31, 2023 and ending on December 28, 2024. The grant is subject to accelerated vesting in the event of a Change in Control (as defined in the 2014 Plan), or termination as a result of death or disability, prior to the end of the performance period.
SIGNATURES
SIGNATURES 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. RCM TECHNOLOGIES, INC. By: /s/ Kevin D. Miller Kevin D. Miller Chief Financial Officer, Treasurer and Secretary Dated: March 8, 2024