LINDSAY CORPORATION (NYSE:LNN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective January 2, 2018, Lindsay Corporation (the “Company”) eliminated the position of Executive Vice President and, as a result, David B. Downing immediately ceased to serve as an executive officer of the Company.Mr. Downing is expected to remain employed with the Company in a non‑executive capacity through February 28, 2018.
In connection with Mr. Downing’s departure, the Company expects to provide Mr. Downing with compensation and benefits consistent with the severance provisions governing termination without cause as set forth in his employment agreement.A copy of Mr. Downing’s employment agreement was attached as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 25, 2009.
About LINDSAY CORPORATION (NYSE:LNN)
Lindsay Corporation, along with its subsidiaries, provides a range of water management and road infrastructure products and services. The Company operates through two segments: Irrigation Segment and Infrastructure Segment. The Irrigation Segment includes the manufacture and marketing of center pivot, lateral move, and hose reel irrigation systems, which are used primarily in the agricultural industry. The Infrastructure Segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, road marking and road safety equipment, large diameter steel tubing, and railroad signals and structures. It also manufactures and markets hose reel travelers under the Perrot and Greenfield brands in Europe and South Africa. It produces or markets chemical injection systems, variable rate irrigation systems, flow meters, weather stations, soil moisture sensors, and remote monitoring and control systems, which it sells under its GrowSmart brand.