MTS SYSTEMS CORPORATION (NASDAQ:MTSC) 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.
On March 27, 2019, the Board of Directors (the “Board”) of MTS Systems Corporation (the “Company”) elected Linda Zukauckas and Nancy Altobello to the Board, effective April 1, 2019. Ms. Zukauckas will serve on the Audit Committee and the Governance and Nominating Committee, and Ms. Altobello will serve on the Audit Committee and the Compensation and Leadership Development Committee. Effective April 1, 2019, David Anderson will step down from the Audit Committee.
In connection with their elections to the Board, each of Ms. Zukauckas and Ms. Altobello will receive the Company’s standard non-employee director compensation, as disclosed in the Company’s most recent proxy statement. Compensation for the current year for each of Ms. Zukauckas and Ms. Altobello will be paid on a pro-rated basis. As a part of such standard director compensation, on April 15, 2019, each of Ms. Zukauckas and Ms. Altobello will receive a grant of restricted stock units in an amount equal to $100,000 divided by the closing price of the Company’s common stock on the date of grant. These restricted stock units will vest on the one-year anniversary of the date of grant.
Neither Ms. Zukauckas nor Ms. Altobello was elected to the Board to any agreement or understanding between either of them and any other person. Since the beginning of the Company’s last fiscal year, neither Ms. Zukauckas nor Ms. Altobello, nor any immediate family of either of them, has been a party to any transaction or currently proposed transaction with the Company that is reportable under Item 404(a) of Regulation S-K.
On April 1, 2019, the Company issued a press release announcing the election of Ms. Zukauckas and Ms. Altobello to the Board. A copy of the Company’s press release is attached as Exhibit 99.1 and is incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits |
The following exhibit is being furnished herewith:
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99.1 |
Press Release dated April 1, 2019
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MTS SYSTEMS CORP Exhibit
EX-99.1 2 pressreleasedatedapril12019.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 MTS Systems Corporation14000 Technology DriveEden Prairie,…
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About MTS SYSTEMS CORPORATION (NASDAQ:MTSC)
MTS Systems Corporation (MTS) is a global supplier of test systems and position sensors. The Company’s operations are organized and managed in two business segments: the Test segment and the Sensors. Testing segment’s testing hardware, software and services solutions help customers improve their design, development, and manufacturing processes and are used for determining the mechanical behavior of materials, products, and structures. Test also sells a range of accessories and spare parts, as well as services, including installation, calibration, maintenance, training and consulting. MTS’ sensors segment provides controls for a range of industrial and vehicular applications. The segment’s customer industries include manufacturers of plastic injection molding machines, steel mills, fluid power, oil and gas, medical, wood product processing equipment, mobile equipment, and energy.
