STRATTEC SECURITY CORP Announces Director Changes & Officer Compensation Updates

TL;DR

STRATTEC SECURITY CORP is shuffling its board and updating exec pay. Keep an eye on this.

AI Summary

On June 24, 2024, STRATTEC SECURITY CORP filed an 8-K report detailing changes in its board of directors and executive compensation. Specifically, the company announced the departure of Director Michael J. Happe and the election of new directors, along with updates to compensatory arrangements for certain officers.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy, governance, or financial outlook, which are important for investors to monitor.

Risk Assessment

Risk Level: low — This filing primarily concerns routine corporate governance and executive compensation matters, with no immediate financial distress or significant operational changes indicated.

Key Players & Entities

• STRATTEC SECURITY CORP (company) — Registrant
• Michael J. Happe (person) — Departing Director
• June 24, 2024 (date) — Date of Report

FAQ

Filing Documents

• form_8-k_guillot_retenti.htm (8-K) — 38KB
• strt-ex10_1.htm (EX-10.1) — 21KB
• 0000950170-24-076799.txt ( ) — 60KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. (e) On June 24, 2024, STRATTEC SECURITY CORPORATION (the “Company”) entered into a Retention Agreement with Roland J. Guillot (the “Agreement”). Mr. Guillot currently is serving as the Company’s Interim President and Chief Executive Officer. Effective July 1, 2024, Mr. Guillot will return to his role as Senior Vice President – Operations and Chief Operating Officer upon the appointment of Jennifer L. Slater as President and Chief Executive Officer, as previously disclosed by the Company in its Current Report on Form 8-K filed on June 14, 2024. Pursuant to the Agreement, Mr. Guillot will be entitled to a retention payment equal to 30% of his current base salary (“Retention Payment”) if he remains continuously employed by the Company as a full-time employee through December 31, 2024 (“Retention Date”), provided he also remains in compliance with the terms of his employment and change in control agreements. The Retention Payment will be made to Mr. Guillot within 30 days of the Retention Date, subject to the foregoing described conditions, and provided further that if his employment terminates for any reason, voluntary or involuntary, prior to the Retention Date, Mr. Guillot will not be entitled to receive any portion of the Retention Payment and any such termination will remain subject to the terms and conditions of his employment or change in control agreement, as may be applicable. 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 Agreement, 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 Retention Agreement with Rolando J. Guillot dated June 24, 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 P. Bowe Dennis P. Bowe, Vice President and Chief Financial Officer Date: June 24, 2024

View Full Filing

View this 8-K filing on SEC EDGAR