IEC Electronics Corp. (the “Company”) entered into agreements dated as of March 23, 2017>(the “Agreements”), with each of Jeffrey T. Schlarbaum, the Company’s President and Chief Executive Officer, Michael T. Williams, the Company’s Chief Financial Officer, and Jens Hauvn, the Company’s Senior Vice President, Operations. to the Agreements, Messrs. Schlarbaum, Williams and Hauvn agreed to waive certain rights under each of their respective employment agreements with the Company dated as of March 20, 2015, September 14, 2015 and September 8, 2015, respectively (collectively, the “Employment Agreements”). Messrs. Schlarbaum, Williams and Hauvn each agreed to waive his eligibility for an annual performance bonus for the 2017 and 2018 fiscal years determined under the terms of the Company’s Management Incentive Plan or any successor arrangement thereto (“MIP”), to allow the Company to instead implement a MIP that considers performance over a two-year period rather than a single fiscal year basis. The annual award target over the two-year period for Messrs. Schlarbaum, Williams and Hauvn is set at 65 % of plan salary, 45% of plan salary, and 45% of plan salary, respectively. Plan salary for these purposes is defined as the actual combined fiscal year 2017 and fiscal year 2018 base salary earnings (gross) for a participating employee, excluding bonus payments, Company contributions to employee benefit plans, and other compensation not designated as base salary. Except as provided in the Agreements, the terms and conditions of the Employment Agreements are otherwise unchanged and remain in full force and effect.
The above summary of the Agreements are qualified in their entirety by reference to the full text of the Agreements, the form of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.
About IEC ELECTRONICS CORP. (NYSEMKT:IEC) IEC Electronics Corp. provides electronic manufacturing services (EMS) to a range of technology companies that produce life-saving and mission critical products for the medical, industrial, aerospace and defense sectors. The Company specializes in delivering technical solutions for the custom manufacture of full system assemblies by providing on-site analytical testing laboratories, custom design and test engineering services combined with an array of manufacturing services encompassing electronics, interconnect solutions and precision metalworking. It offers its customers a range of manufacturing services, combined with scientific technical support to ensure their products perform for the critical applications they are intended for. Its products are distributed to and through original equipment manufacturers (OEMs). Its capabilities include design and test development, analysis and testing laboratory, custom functional test design and component risk mitigation.
IEC ELECTRONICS CORP. (NYSEMKT:IEC) Recent Trading Information IEC ELECTRONICS CORP. (NYSEMKT:IEC) closed its last trading session up +0.03 at 3.53 with 31,010 shares trading hands.
