SIGMATRON INTERNATIONAL, INC. (NASDAQ:SGMA) 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.
On, April 21, 2017, the Board of Directors (the “Board”) of SigmaTron International, Inc. (the “Company”), adopted (a) the SigmaTron International, Inc. Employee Bonus Plan for Fiscal Year 2018 (the “Employee Plan”), a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The following is only a summary of the Plan, and in the event of any inconsistencies between the summary below and the Plan, the Plan shall control. The stated purpose of the Plan is to align stockholder, employee and officer objectives, to motivate employees and officers of the Company and to increase shareholder value. The Plan will be administered and interpreted by the Board. The Plan, as a whole, is also subject to amendment, suspension or termination by the Board.
The Employee Plan.
The Employee Plan applies to all U.S. payroll non-union employees of the Company (“Employee Participants”), all full-time employees of the Company with a corporate position of vice president or higher (“Officers”) and all employees designated by the Company as an executive officer to the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (“Executive Officers”).
to the Employee Plan, a Bonus Pool shall be created under the Employee Plan shall be calculated as a percentage of Pre-Tax Income (as defined in the Employee Plan) to the scale set forth in the Employee Plan. The Company’s Chief Executive Officer will submit to the Company’s Compensation Committee a recommendation (i) of target objectives for each Executive Officer and (ii) for a specified percentage or dollar allocation of the Bonus Pool for each Executive Officer and Officer, individually, and all of the Employee Participants, in the aggregate. The Compensation Committee will review such submissions for recommendation to the Board. Awards to Executive Officers under the Employee Plan will be based, in part, on the Executive Officer achieving the Executive Officer’s specified target objectives and, in any event, will be subject to the sole discretion of the Board. Awards to Employee Participants under the Employee Plan will be contingent upon the Company being in compliance with all of the Company’s covenants under its primary credit facility, or having obtained a waiver thereof, at the end of the Company’s 2018 fiscal year.
ITEM 9.01.Financial Statements and Exhibits.
Exhibit 10.1SigmaTron International, Inc. Employee Bonus Plan for Fiscal Year 2018
About SIGMATRON INTERNATIONAL, INC. (NASDAQ:SGMA)
SigmaTron International, Inc. is a provider of electronic manufacturing service (EMS), which includes printed circuit board assemblies, and assembled (box-build) electronic products. The Company also provides services to its customers, including automatic and manual assembly and testing of products; material sourcing and procurement; manufacturing and test engineering support, and assistance in obtaining product approval from governmental and other regulatory bodies. The Company provides manufacturing and assembly services ranging from the assembly of individual components to the assembly and testing of box-build electronic products. Its technologies and services include manufacturing and testing services, design services, supply chain management, and warehousing and distribution. The Company’s products are sold in various industries, including appliance, consumer electronics, gaming, fitness, industrial electronics, medical/life sciences, semiconductor and telecommunications. SIGMATRON INTERNATIONAL, INC. (NASDAQ:SGMA) Recent Trading Information
SIGMATRON INTERNATIONAL, INC. (NASDAQ:SGMA) closed its last trading session up +0.03 at 5.17 with 9,101 shares trading hands.