LSI INDUSTRIES INC. (NASDAQ:LYTS) 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.
“Company“) entered into an Amended and Restated
Employment Agreement with Dennis W. Wells, LSI’s Chief Executive
Officer and President.
Employment Agreement entered into by LSI and Mr. Wells as of
October 1, 2014 and reflects certain of the previously disclosed
terms of Mr. Wells’ current compensation components, including a
$560,000 annual base salary. The Amended and Restated Employment
Agreement provides that Mr. Wells shall have the opportunity to
receive an annual bonus through participation in the Company’s
compensation plans for executive officers, as adopted from time
to time by the Board of Directors or the Compensation Committee,
as the case may be, including, without limitation, the LSI
Industries Inc. Short Term Incentive Plan (STIP) for Named
Executive OfficersFY 2017 (Revised August 17, 2016) and successor
plans.
Directors of the Company granted Mr. Wells nonqualified options
to purchase 65,963 shares of the Company’s common stock and
24,510 restricted share units (“RSUs”). The options and RSU’s
were granted to the Company’s Amended and Restated 2012 Stock
Incentive Plan and each award vests in full in three years from
the date of grant.
Non-Competition, Non-Solicitation and Non-Disclosure Agreement
to which Mr. Wells agrees to restrictions on use and disclosure
of information, nonsolicitation provisions and non-competition
provisions.
Employment Agreement and Non-Competition, Non-Solicitation and
Non-Disclosure Agreement does not purport to be complete and is
subject to and qualified in its entirety by reference to the
Amended and Restated Employment Agreement, a copy of which is
attached hereto as Exhibit 10.1, and to the Non-Competition,
Non-Solicitation and Non-Disclosure Agreement, a copy of which
is attached hereto as Exhibit 10.2, and the terms of which are
incorporated herein by reference.
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(a)
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Financial Statements of Business Acquired. Not applicable.
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(b)
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Pro Forma Financial Information. Not applicable.
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(c)
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Shell Company Transactions. Not applicable
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(d)
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Exhibits.
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10.1
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Amended and Restated Employment Agreement dated as of
February 24, 2017 between LSI Industries Inc. and Dennis W. Wells |
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10.2
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Non-Competition, Non-Solicitation and Non-Disclosure
Agreement dated as of February 24, 2017 between LSI Industries Inc. and Dennis W. Wells. |
About LSI INDUSTRIES INC. (NASDAQ:LYTS)
LSI Industries Inc. is a provider of corporate visual image solutions to the petroleum/convenience store industry. The Company designs and develops aspects of the solid-state light emitting diode (LED) lighting, from the electronic circuit board, to the software to drive and control the LEDs, to the structure of the LED product. It operates through three segments: Lighting, Graphics and Technology. The Lighting Segment manufactures and markets outdoor and indoor lighting and lighting controls for the commercial, industrial and multi-site retail markets, including the quick-service and automotive markets. The Graphics Segment manufactures and sells exterior and interior visual image elements related to signage and graphics, including integrated digital solutions. The Technology Segment designs, engineers, and manufactures electronic circuit boards, assemblies, lighting controls and large format solid state LED video displays. The Company provides a range of lighting control solutions. LSI INDUSTRIES INC. (NASDAQ:LYTS) Recent Trading Information
LSI INDUSTRIES INC. (NASDAQ:LYTS) closed its last trading session down -0.18 at 10.02 with 65,879 shares trading hands.