FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS) 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.
Marcus D. Hamilton, the Chief Financial Officer of the Company, agreed to be bound by the terms of the Company’s Severance Plan for Management Employees (the “Severance Plan”). As a result of being bound by the Severance Plan, Mr. Hamilton’s Severance Agreement with the Company dated January 8, 2018 (the “Severance Agreement”) was terminated. The Severance Plan provides for similar payments as the Severance Agreement.
Under the Severance Plan, if the Company terminates Mr. Hamilton for other than cause, death, or disability, the Company will pay Mr. Hamilton amounts equal to (i) twelve (12) months base salary, (ii) the value of the cash incentive plan payment at target performance in the year of termination, and (iii) twelve (12) months of health insurance premiums. The Company’s obligation to match these payments is subject to Mr. Hamilton providing the Company a release, non-disparagement and twelve (12) month non-competition/non-solicitation agreement.
About FLEXSTEEL INDUSTRIES, INC. (NASDAQ:FLXS)
Flexsteel Industries, Inc. is a manufacturer, importer, marketer and distributor of residential and commercial upholstered and wood furniture products in the United States. The Company offers its products for contract under categories, such as hospitality, healthcare, senior living, government and commercial office. It offers furniture for common areas, guest rooms, dining areas, patient rooms, resident rooms, work spaces, reception areas, administrative and collaborative spaces. Its range of offering includes chairs, sofas, benches, ottomans, pillows, barstools, tables, headboards, group seating, desks & hutches, causeway collection, presentation boards, bookcases, recliners and storage. It also offers sectionals, reclining furniture, lift reclining furniture, media consoles, night stands and side tables, among others, for home. It offers various products for recreation, such as bucket seats, fold-n-tumble, dinette seating, helm seating and modular sectionals.
