Strattec Security Corp Appoints New Officer

TL;DR

Strattec Security Corp just announced a new officer appointment. Details TBD.

AI Summary

Strattec Security Corporation announced on June 11, 2024, the appointment of a new officer. The filing does not disclose specific names or dollar amounts related to this appointment, but it does indicate a change in executive personnel.

Why It Matters

Changes in executive leadership can signal shifts in company strategy or operational focus, potentially impacting future performance.

Risk Assessment

Risk Level: low — The filing reports a routine executive appointment without immediate financial implications or significant strategic shifts.

Key Players & Entities

• STRATTEC SECURITY CORP (company) — Registrant
• June 11, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $650,000 — 19;s initial annual base salary will be $650,000, subject to adjustment by the Board of
• $550,000 — eceive a one-time sign-on cash bonus of $550,000, which shall be paid no later than the
• $300,000 — ligible to receive a retention bonus of $300,000 (the “Retention Bonus”) p
• $1,000,000 — restricted stock units with a value of $1,000,000 (the “Sign On Equity Grant&#x201
• $1,300,000 — units with a target aggregate value of $1,300,000 (the “Initial Annual Equity Gran
• $1,000,000 m — agreements; (h) a cash payment equal to $1,000,000 minus the value of any portion of the Sig
• $1,300,000 m — Slater; and (i) a cash payment equal to $1,300,000 minus the value of any portion of the Ini

Filing Documents

• form_8-k_ceo_appointment.htm (8-K) — 52KB
• strt-ex10_1.htm (EX-10.1) — 179KB
• strt-ex99_1.htm (EX-99.1) — 11KB
• img57970978_0.jpg (GRAPHIC) — 5KB
• 0000950170-24-073338.txt ( ) — 250KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 14, 2024, STRATTEC SECURITY CORPORATION (the “Company”) issued a press release announcing that the Board of Directors has appointed Jennifer L. Slater as President and Chief Executive Officer effective July 1, 2024. The Board of Directors also has appointed Ms. Slater as a member of the Board of Directors effective July 1, 2024. Ms. Slater will be nominated for re-election to the Board of Directors at the Company’s 2024 Annual Meeting of Shareholders scheduled to be held on October 8, 2024 (the “Annual Meeting”). The full text of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K. Ms. Slater, age 49, has most recently served as the Executive Vice President and General Manager, Performance Sensing, of Sensata Technologies, Inc. (“Sensata”), a global industrial technology company, since April 2024, after serving as Senior Vice President, Automotive & Aftermarket, beginning April 2023. Ms. Slater also served as the Vice President and General Manager of Sensata’s Heavy Duty and Off-Road business from September 2022 through March 2023. From 2019 to September 2022, Ms. Slater served as Group Vice President and General Manager, Global OE and Products, at Clarios, LLC, which manufactures and distributes advanced energy storage solutions for the automotive market. Ms. Slater also serves as a director of Valvoline Inc. (NYSE: VVV), an American retail automotive services company; she was first elected in July 2022. Pursuant to an Employment Agreement dated June 11, 2024, between Ms. Slater and the Company (the “Employment Agreement”), the Company has agreed to employ Ms. Slater for an initial term of three years effective July 1, 2024 (the “Effective Date”), subject to renewal f

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. As described in “Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers” above, on June 11, 2024, the Company issued a press release announcing that it had appointed Jennifer L. Slater as President and Chief Executive Officer effective July 1, 2024. Pursuant to General Instruction B.2 of Current Report on Form 8-K, the information in this Item 7.01 is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Furthermore, the information in this Item 7.01 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act except as may be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit Number Description 10.1 Employment Agreement dated June 11, 2024 99.1 Press Release issued June 14, 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 hereunto duly authorized. STRATTEC SECURITY CORPORATION By: /s/ Dennis Bowe Dennis Bowe, Vice President and Chief Financial Officer Date: June 14, 2024

View Full Filing

View this 8-K filing on SEC EDGAR