Eastern Co. Reports Executive and Director Changes
Ticker: EML · Form: 8-K · Filed: Nov 8, 2024 · CIK: 31107
Sentiment: neutral
Topics: corporate-governance, executive-changes, financial-reporting
TL;DR
Eastern Co. filed an 8-K on Nov 4th, reporting exec/director changes and financial updates.
AI Summary
On November 4, 2024, The Eastern Company filed an 8-K report detailing changes in its executive officers and board of directors. The filing also includes information on compensatory arrangements for certain officers and financial statements. The company is incorporated in Connecticut and its principal executive offices are located in Shelton.
Why It Matters
Changes in executive leadership and board composition can signal shifts in company strategy or governance, impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of corporate governance and financial information, not indicating immediate operational or financial distress.
Key Players & Entities
- The Eastern Company (company) — Registrant
- Connecticut (location) — State of Incorporation
- Shelton (location) — City of Principal Executive Offices
- November 4, 2024 (date) — Date of earliest event reported
FAQ
What specific changes were made to the board of directors or executive officers?
The filing indicates changes related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' and 'Compensatory Arrangements of Certain Officers', but the specific details of these changes are not provided in the excerpt.
What is the primary business of The Eastern Company?
The Eastern Company is classified under 'CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420]' according to its Standard Industrial Classification.
When was this 8-K report filed?
This 8-K report was filed on November 8, 2024.
What is the fiscal year end for The Eastern Company?
The fiscal year end for The Eastern Company is December 30.
What are the principal executive offices of The Eastern Company?
The principal executive offices of The Eastern Company are located at 3 Enterprise Drive, Suite 408, Shelton, Connecticut 06484.
Filing Stats: 1,521 words · 6 min read · ~5 pages · Grade level 13.5 · Accepted 2024-11-08 16:44:52
Key Financial Figures
- $530,500 — e equivalent of his 2024 base salary of $530,500, payable in substantially equal install
- $140,787 — working capital bonus in the amount of $140,787, payable in a lump sum, (3) immediate v
- $47,206.48 — 's unused vacation pay in the amount of $47,206.48. In consideration of these payments, th
- $475,000 — ovides for (i) an annual base salary of $475,000, (ii) eligibility to participate in the
Filing Documents
- y1182418k.htm (8-K) — 35KB
- ex10_1.htm (EX-10.1) — 87KB
- ex10_2.htm (EX-10.2) — 106KB
- 0001214659-24-018628.txt ( ) — 452KB
- eml-20241104.xsd (EX-101.SCH) — 3KB
- eml-20241104_lab.xml (EX-101.LAB) — 34KB
- eml-20241104_pre.xml (EX-101.PRE) — 22KB
- y1182418k_htm.xml (XML) — 4KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Chief Executive Officer On November 4, 2024 (the "Separation Date"), Mark A. Hernandez resigned as Chief Executive Officer of The Eastern Company (the "Company"), and from service on the Board of Directors of the Company (the "Board") and all other officer, director, trustee, fiduciary and other positions with the Company and its subsidiaries and affiliates, effective as of the Separation Date. Mr. Hernandez's resignation from service on the Board is not due to any disagreement between Mr. Hernandez and the Company, the Board or management. In connection with Mr. Hernandez's resignation, the Company and Mr. Hernandez entered into a Separation Agreement and General Release on the Separation Date (the "Separation Agreement"). Pursuant to the Separation Agreement, the Company has agreed to provide the following severance to Mr. Hernandez: (1) the equivalent of his 2024 base salary of $530,500, payable in substantially equal installments over twelve months following the Separation Date in accordance with the Company's customary payroll practices and procedures, (2) Mr. Hernandez's estimated 2024 working capital bonus in the amount of $140,787, payable in a lump sum, (3) immediate vesting of outstanding and unvested performance-based restricted stock unit awards under the Company's 2020 Stock Incentive Plan with respect to 14,800 underlying shares of Company common stock and delivery of such underlying shares, or the cash equivalent thereof, and (4) a lump sum payment of the equivalent of Mr. Hernandez's unused vacation pay in the amount of $47,206.48. In consideration of these payments, the Separation Agreement provides for a general release of claims by Mr. Hernandez in favor of the Company and agreements by Mr. Hernandez not to disparage the Company, to protect the Company's confidential informa
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Exhibit Description 10.1 Separation Agreement between The Eastern Company and Mark A. Hernandez, dated November 4, 2024 10.2 Employment Agreement between The Eastern Company and Ryan Schroeder, effective as of November 6, 2024 104 Cover Page Interactive Data File (cover page XBRL tags are embedded within the Inline XBRL document) 2
SIGNATURES
SIGNATURES 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. The Eastern Company Date: November 8, 2024 By: /s/ Nicholas Vlahos Nicholas Vlahos Chief Financial Officer 3