STRATTEC SECURITY CORP Elects New Directors, Adjusts Executive Pay
Ticker: STRT · Form: 8-K · Filed: May 24, 2024 · CIK: 933034
| Field | Detail |
|---|---|
| Company | Strattec Security Corp (STRT) |
| Form Type | 8-K |
| Filed Date | May 24, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $170,000, $85,000, $60,000, $20,000, $15,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, executive-compensation, board-of-directors
TL;DR
Strattec board shakeup: new directors Simons & Vale elected, Vale also named CEO with new employment deal.
AI Summary
On May 21, 2024, STRATTEC SECURITY CORP announced changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Mr. Robert J. Simons and Mr. Michael J. Vale, to its Board of Directors. Additionally, the company entered into new employment agreements with its named executive officers, including a new employment agreement with Mr. Michael J. Vale as Chief Executive Officer.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in leadership and executive compensation can introduce uncertainty regarding future strategic direction and operational execution.
Key Players & Entities
- STRATTEC SECURITY CORP (company) — Filer
- Robert J. Simons (person) — Newly elected Director
- Michael J. Vale (person) — Newly elected Director and Chief Executive Officer
- May 21, 2024 (date) — Date of earliest event reported
FAQ
Who were the new directors elected to STRATTEC SECURITY CORP's Board?
Mr. Robert J. Simons and Mr. Michael J. Vale were elected as new directors.
What is Michael J. Vale's new role besides being a director?
Michael J. Vale has also been appointed as the Chief Executive Officer of STRATTEC SECURITY CORP.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated May 21, 2024.
What other significant event occurred related to executive officers?
The company entered into new employment agreements with its named executive officers.
In which state is STRATTEC SECURITY CORP incorporated?
STRATTEC SECURITY CORP is incorporated in Wisconsin.
Filing Stats: 566 words · 2 min read · ~2 pages · Grade level 13.6 · Accepted 2024-05-24 08:21:42
Key Financial Figures
- $170,000 — will receive an annual retainer fee of $170,000, payable $85,000 in cash and $85,000 in
- $85,000 — nnual retainer fee of $170,000, payable $85,000 in cash and $85,000 in restricted stock
- $60,000 — lowing additional annual retainers: (i) $60,000 for the Chair of the Board; (ii) $20,00
- $20,000 — 60,000 for the Chair of the Board; (ii) $20,000 for the Chair of the Audit Committee of
- $15,000 — Audit Committee of the Board, and (iii) $15,000 each for the Chair of the Compensation
Filing Documents
- form_8-k_director_comp_2.htm (8-K) — 37KB
- strt-ex10_1.htm (EX-10.1) — 5KB
- img139662561_0.jpg (GRAPHIC) — 5KB
- 0000950170-24-064310.txt ( ) — 50KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On May 21, 2024, STRATTEC SECURITY CORPORATION (the “Company”) adopted a Non-Employee Director Compensation Program applicable to the non-employee members of the Company’s Board of Directors (the “Board”) for the fiscal year 2025 (the “Program”). Under the terms of the Program each non-employee director will receive an annual retainer fee of $170,000, payable $85,000 in cash and $85,000 in restricted stock or restricted stock units. Non-employee directors with significant additional duties shall receive the following additional annual retainers: (i) $60,000 for the Chair of the Board; (ii) $20,000 for the Chair of the Audit Committee of the Board, and (iii) $15,000 each for the Chair of the Compensation Committee and Nominating and Corporate Governance Committee of the Board. The foregoing description of the Agreement is not intended to be complete and is qualified in its entirety by reference to the text of the Program, a copy of which is attached to this current report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Non-Employee Director Compensation Program for Fiscal Year 2025 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 hereunto duly authorized. STRATTEC SECURITY CORPORATION By: /s/ Dennis Bowe Dennis Bowe, Vice President and Chief Financial Officer Date: May 24, 2024