On October 29, 2019, the Board of Directors of Actuant Corporation (the “Company”) adopted a resolution expanding the size of the Company’s Board of Directors from eight to nine and elected Judy L. Altmaier as a director effective as of November 1, 2019. Effective upon the commencement of her service as a director, Ms. Altmaier has been appointed to serve on the Audit Committee and the Compensation Committee of the Company’s Board of Directors.
For her service through the Company’s 2020 Annual Meeting of Shareholders, Ms. Altmaier will receive a cash retainer based on the annual cash retainer awarded to non-employee directors, but pro-rated for her period of service beginning as of the effective date of her election as a director. In addition, she will receive an equity grant of time-vested restricted stock units having a grant date value based on the grant date value of the annual grant of restricted stock units awarded to non-employee directors, but pro-rated for the period of her service beginning as of the effective date of her election as a director, which restricted stock units vest, subject to her continued service on the Board, on December 22, 2019. She will also receive a cash fee based on annual cash fees paid to the members of the committees of the Board of Directors to which she has been appointed, but pro-rated for the period of her service beginning as of the effective date of her election as a director. Such annual compensation for non-employee directors of the Company is set forth below:
A press release issued by the Company on November 1, 2019 announcing the election of Ms. Altmaier is filed as Exhibit 99.1 hereto.
(d) Exhibits
ACTUANT CORP ExhibitEX-99.1 2 a52121522ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Enerpac Tool Group Elects Judy Altmaier as New Director MILWAUKEE–(BUSINESS WIRE)–November 1,…
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About ACTUANT CORPORATION (NYSE:ATU)
Actuant Corporation designs, manufactures and distributes a range of industrial products and systems to various end markets. The Company operates through three segments: Industrial, Energy and Engineered Solutions. The Company’s Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Company’s Energy segment provides joint integrity products and services, customized offshore vessel mooring solutions, as well as rope and cable solutions to the global oil and gas, power generation and other energy markets. The Company’s Engineered Solutions segment provides engineered position and motion control systems to original equipment manufacturers (OEM) in various on and off-highway vehicle markets, as well as various other products to the industrial and agricultural markets.
