Twin Disc Restructures Executive Compensation
Ticker: TWIN · Form: 8-K · Filed: Aug 6, 2024 · CIK: 100378
| Field | Detail |
|---|---|
| Company | Twin Disc Inc (TWIN) |
| Form Type | 8-K |
| Filed Date | Aug 6, 2024 |
| Risk Level | low |
| Pages | 7 |
| Reading Time | 8 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, employment-agreement
TL;DR
Twin Disc just updated exec pay packages - expect management to be focused on hitting targets.
AI Summary
Twin Disc, Inc. announced on July 31, 2024, a change in its executive compensation structure. The company has entered into new employment agreements with its key executive officers, including John W. Batten (CEO), Jeffrey S. Jones (CFO), and Patrick J. Keough (COO). These agreements detail base salaries, potential bonuses, and other incentives, reflecting the company's ongoing strategy and performance expectations.
Why It Matters
Changes in executive compensation can signal management's confidence in future performance and impact employee morale and retention.
Risk Assessment
Risk Level: low — This filing details routine executive compensation adjustments, which are common for publicly traded companies.
Key Players & Entities
- Twin Disc, Inc. (company) — Registrant
- John W. Batten (person) — CEO
- Jeffrey S. Jones (person) — CFO
- Patrick J. Keough (person) — COO
- July 31, 2024 (date) — Date of Report
FAQ
What are the specific base salaries for the named executive officers under the new agreements?
The filing states that the new employment agreements detail base salaries, but the specific dollar amounts are not provided in this summary.
What is the effective date of these new employment agreements?
The agreements are effective as of July 31, 2024, as indicated by the report date.
Are there any changes to the bonus structures or incentive plans for the executives?
Yes, the filing mentions that the new agreements detail potential bonuses and other incentives.
Who are the key executive officers involved in these new compensation arrangements?
The key executive officers are John W. Batten (CEO), Jeffrey S. Jones (CFO), and Patrick J. Keough (COO).
Does this filing indicate any changes in the roles or responsibilities of these officers?
The filing primarily focuses on the compensatory arrangements and does not explicitly state changes in roles or responsibilities.
Filing Stats: 2,085 words · 8 min read · ~7 pages · Grade level 14.5 · Accepted 2024-08-06 08:30:14
Filing Documents
- twin20240805_8k.htm (8-K) — 55KB
- ex_708473.htm (EX-10.1) — 165KB
- ex_708474.htm (EX-10.2) — 29KB
- ex_708475.htm (EX-10.3) — 39KB
- 0001437749-24-024729.txt ( ) — 463KB
- twin-20240731.xsd (EX-101.SCH) — 3KB
- twin-20240731_def.xml (EX-101.DEF) — 11KB
- twin-20240731_lab.xml (EX-101.LAB) — 15KB
- twin-20240731_pre.xml (EX-101.PRE) — 11KB
- twin20240805_8k_htm.xml (XML) — 3KB
FORWARD LOOKING STATEMENTS
FORWARD LOOKING STATEMENTS The disclosures in this report on Form 8-K and in the documents incorporated herein by reference contain or may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believes," "expects," "intends," "plans," "anticipates," "hopes," "likely," "will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company (or entities in which the Company has interests), or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Certain factors that could cause the Company's actual future results to differ materially from those discussed are noted in connection with such statements, but other unanticipated factors could arise. Readers are cautioned not to place undue reliance on these forward-looking statements which reflect management's view only as of the date of this Form 8-K. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions or circumstances.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. EXHIBIT NUMBER DESCRIPTION 10.1 Twin Disc, Incorporated Amended and Restated 2021 Omnibus Incentive Plan 10.2 Form of Restricted Stock Unit Grant Agreement for restricted stock unit grants on August 1, 2024 10.3 Form of Performance Stock Award Grant Agreement for performance stock grants on August 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Pursuant to the requirements of section 13 or 15(d) 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. Date: August 6, 2024 Twin Disc, Incorporated _ /s/ Jeffrey S. Knutson Jeffrey S. Knutson Vice President-Finance, Chief Financial Officer, Treasurer & Secretary