TAYLOR DEVICES, INC. (NASDAQ:TAYD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Board of Directors has appointed Timothy R. Sopko, age 53, to the role of Chief Executive Officer of the Company beginning April 29, 2019. Mr. Sopko is the former Vice President and General Manager of Carleton Technologies Inc. (d.b.a. Cobham Mission Systems) in Orchard Park, New York, a Department of Defense Contractor with annual revenues in excess of $200 million. Prior to becoming Vice President and General Manager at Carleton in 2014, Mr. Sopko, held positions of increasing responsibility including, General Manager, Director of Engineering and Programs, Director of Engineering and Director of Business Development.
In connection with his employment, the Company provided an offer letter, dated as of March 18, 2019, which provides Mr. Sopko the following key compensation and benefits:
| · | an annual base salary of $250,000; |
| · | an annual car allowance of $12,000; |
| · | eligibility to participate in the management bonus policy; |
| · | participation in the Company’s retirement, health and welfare, vacation and other benefit programs; and |
| · | eligibility for an annual incentive stock option award for 5,000 shares of the Company’s common stock |
Item 9.01 Financial Statements and Exhibits
TAYLOR DEVICES INC Exhibit
EX-10.1 2 taydoffer20190411.htm OFFER LETTER Exhibit 10.1 Taylor Devices,…
To view the full exhibit click here
About TAYLOR DEVICES, INC. (NASDAQ:TAYD)
Taylor Devices, Inc. is engaged in the design, development, manufacture and marketing of shock absorption, rate control and energy storage devices for use in various types of machinery, equipment and structures. The Company’s Seismic Dampers are designed to ameliorate the effects of earthquake tremors on structures. As of May 31, 2016, Fluidicshoks were small, extremely compact shock absorbers with up to 19,200 inch-pound capacities, produced in 15 standard sizes. As of May 31, 2016, crane and industrial buffers were larger versions of the Fluidicshoks with up to 60,000,000 inch-pound capacities, produced in over 60 standard sizes. Its Self-adjusting shock absorbers are designed for high cycle application in heavy industry. Its Liquid die springs are used as component parts of machinery and equipment. Its Vibration dampers are used by the aerospace and defense industries to control the response of electronics and optical systems subjected to air, ship, or spacecraft vibration.
