METHODE ELECTRONICS, INC. (NYSE:MEI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Methode Electronics, Inc. (the “Company”) previously reported that John R. Hrudicka, Vice President, Corporate Finance and Chief Financial Officer, ceased to be employed by the Company. Mr. Hrudicka’s last day of employment was March 12, 2018. On March 31, 2018, the Company entered into an Agreement and General Release with Mr. Hrudicka which became effective on April 7, 2018 after a revocation period (the “Agreement”).
to the Agreement, Mr. Hrudicka is entitled to certain compensation in return for a release of claims and an eighteen-month non-compete covenant. Mr. Hrudicka will be paid his annual salary of $464,000 for eighteen months, in accordance with the Company’s regular payroll practices, and $50,000 in connection with his relocation from Quincy, Illinois. Mr. Hrudicka is also entitled to continuing coverage under the Company’s health plan through September 30, 2019.
A copy of the Agreement is attached hereto as Exhibit 10.1, and this description is qualified by reference to the full text of the Agreement.
Item 9.01Financial Statements And Exhibits.
(d)Exhibits.
10.1Agreement and General Release between the Company and John R. Hrudicka, effective April 7, 2018
METHODE ELECTRONICS INC ExhibitEX-10.1 2 severanceagreement.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AGREEMENT AND GENERAL RELEASEMethode Electronics,…To view the full exhibit click here
About METHODE ELECTRONICS, INC. (NYSE:MEI)
Methode Electronics, Inc. (Methode) is a manufacturer of component and subsystem devices. The Company designs, manufactures and markets devices employing electrical, radio remote control, electronic, wireless and sensing technologies. The Company operates through segments, including Automotive, Interface, Power Products and Other. The Automotive segment supplies electronic and electro-mechanical devices and related products to automobile original equipment manufacturers (OEMs). The Interface segment provides a range of copper and fiber-optic interface and interface solutions. The Power Products segment manufactures braided flexible cables, current-carrying laminated bus devices, custom power-product assemblies, such as PowerRail solution, high-current low voltage flexible power cabling systems and powder coated bus bars. The Other segment includes medical devices, inverters and battery systems, and insulated gate bipolar transistor solutions.
