Twin Disc Restructures Executive Compensation

Ticker: TWIN · Form: 8-K · Filed: 2024-08-06T00:00:00.000Z

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

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.

From the Filing

0001437749-24-024729.txt : 20240806 0001437749-24-024729.hdr.sgml : 20240806 20240806083014 ACCESSION NUMBER: 0001437749-24-024729 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240731 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240806 DATE AS OF CHANGE: 20240806 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TWIN DISC INC CENTRAL INDEX KEY: 0000100378 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560] ORGANIZATION NAME: 06 Technology IRS NUMBER: 390667110 STATE OF INCORPORATION: WI FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07635 FILM NUMBER: 241177219 BUSINESS ADDRESS: STREET 1: 1328 RACINE ST CITY: RACINE STATE: WI ZIP: 53403 BUSINESS PHONE: 2626384000 MAIL ADDRESS: STREET 1: 1328 RACINE STREET CITY: RACINE STATE: WI ZIP: 53403 FORMER COMPANY: FORMER CONFORMED NAME: TWIN DISC CLUTCH CO DATE OF NAME CHANGE: 19770217 8-K 1 twin20240805_8k.htm FORM 8-K twin20240805_8k.htm false 0000100378 0000100378 2024-07-31 2024-07-31 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934     Date of Report (Date of Earliest Event Reported) July 31, 2024     TWIN DISC, INCORPORATED   (Exact name of registrant as specified in its charter)     W isconsin 001-7635 39-0667110 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)     222 East Erie Street, Suite 400               Milwaukee , Wisconsin 53202   (Address of principal executive offices)   Registrant's telephone number, including area code:          ( 262 ) 638-4000     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:   Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock (No Par Value) TWIN The NASDAQ Stock Market LLC     Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).   Emerging growth company    ☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐         Item 5.02           Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.   AMENDED AND RESTATED OMNIBUS INCENTIVE PLAN   On August 1, 2024, the Board of Directors (the “Board”) of Twin Disc, Incorporated (the “Company”) approved the Twin Disc, Incorporated Amended and Restated 2021 Omnibus Incentive Plan (the &

View on Read The Filing