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.
Termination of Chief Financial Officer and Principal Financial and Accounting Officer
Flexsteel Industries, Inc. (the “Company”) and Marcus D. Hamilton, Chief Financial Officer and Principal Financial and Accounting Officer of the Company, have determined that Mr. Hamilton’s employment at the Company will end effective March 20, 2020 (the “Termination Date”). In connection with Mr. Hamilton’s termination and consistent with the Company’s Severance Plan for Management Employees, dated October 25, 2018 (the “Severance Plan”), Mr. Hamilton will receive certain severance benefits as described in the Severance Plan, including:
Receipt of the foregoing severance payments is subject to and contingent on Mr. Hamilton (a) entering into a severance agreement (the “Severance Agreement”), by which Mr. Hamilton agrees to waive and release the Company from all legal claims Mr. Hamilton may have against the Company and such other restrictive covenants or other terms as may be required by the Company, and (b) not revoking the Severance Agreement. The Severance Agreement will contain provisions acceptable to the Company, including, but not limited to, a non-disparagement clause, a confidentiality clause, a 12-month non-competition clause, and a 12-month non-hire and non-solicitation clause.
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.
