NORTECH SYSTEMS INCORPORATED (NASDAQ:NSYS) 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.
Jay D. Miller Employment Agreement
(b) On December19, 2018, Nortech Systems Incorporated (the “Company”) entered into an Employment Agreement with Jay D. Miller (the “Miller Agreement”) as the Company’s Interim President effective January1, 2019. Mr.Miller has been on the Company’s Board of Directors since May9, 2018. The term of the Miller Agreement continues until March31, 2019 and may be extended up to 90 days. Under the Miller Agreement, Mr.Miller is entitled to receive a salary equivalent to a monthly amount of $15,000, is eligible to participate in the Company’s benefit plans to the extent an in proportion to the time he serves as CEO.
Upon entering into the Miller Agreement, and thereto, the Company granted Mr.Miller a 7,500 share non-qualified stock option under the Company’s 2017 Stock Incentive Plan that will vest immediately. The stock option has an exercise price equal to the fair market value of the Company’s common stock on the grant date and expires on January1, 2029.
The Miller Agreement has customary non-solicitation and confidentiality provisions.
The foregoing summary of the Miller Agreement is qualified in all respects by the Miller Agreement, a copy of which is attached hereto as Exhibit10.1 and incorporated herein by this reference.
Richard Wasielewski Amendment to Amended and Restated Employment Agreement
(b) Effective December19, 2018, Nortech Systems Incorporated (the “Company”) entered into an Amendment to the Amended and Restated Employment Agreement with Richard Wasielewski, the Company’s Chief Executive Officer (“Amendment”). Under the terms of the Amendment, the term of Mr.Wasielewski’s employment is extended from December31, 2018 to May15, 2019. Mr.Wasielewski’s role as CEO will continue until the earlier of May15, 2019 or the date on which the Company hires a replacement CEO. Under the Amendment, Mr.Wasielewski will receive a salary equivalent to an annualized amount of $300,000 and is eligible to participate in the Company’s benefit plans through May15, 2019. Mr.Wasielewski is eligible to participate in the Company’s bonus plan to the extent an in proportion to the time he serves as CEO.
The foregoing summary of the Amendment is qualified in all respects by the Amendment, a copy of which is attached hereto as Exhibit10.2 and incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits
NORTECH SYSTEMS INC Exhibit
EX-10.1 2 a18-41912_1ex10d1.htm EX-10.1 Exhibit 10.1 NORTECH SYSTEMS INCORPORATED EMPLOYMENT AGREEMENT This Employment Agreement (Agreement),…
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About NORTECH SYSTEMS INCORPORATED (NASDAQ:NSYS)
Nortech Systems Incorporated is an electronic manufacturing services (EMS) company. The Company offers a range of value-added engineering, technical and manufacturing services and support, including project management, design, testing, prototyping, manufacturing, supply chain management and post-market services. The Company’s segment is Contract Manufacturing. The Company’s manufacturing and engineering services include medical devices, printed circuit board assemblies, wire and cable assemblies, and electromechanical assemblies. The Company’s manufacturing facilities are located at Bemidji, Blue Earth, Merrifield, Eden Prairie, Milaca and Mankato in Minnesota; Augusta in Wisconsin; Monterrey in Mexico, and Suzhou in China. The Company serves approximately three markets within the EMS industry, such as Aerospace and Defense, Medical/Life Sciences and the Industrial market, which includes industrial equipment, transportation, vision, agriculture, oil and gas.