SKYLINE CORPORATION (NYSEMKT:SKY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February27, 2017, the Board of Directors of Skyline
Corporation (the Corporation) appointed Jeffrey A. Newport to the
position of Chief Operating Officer. Mr.Newport, who is 52 years
old, is responsible for overall operations including the areas of
manufacturing, procurement, quality, human resources and
engineering. Since February1, 2016, he has served as the
Corporations Senior Vice President of Operations. In the four
years prior to Mr.Newport being employed by the Corporation, he
served as President of Goldshield Fiberglass, a manufacturer of
fiberglass components located in Decatur, Indiana. Mr.Newports
appointment as Chief Operating Officer became effective as of
February27, 2017.
Mr.Newport will receive an annual base salary of $250,000 and is
employed on an at-will basis. In addition, in connection with his
appointment on February27, 2017 the Corporation granted
Mr.Newport 6,000 stock options to the Corporations 2015 Stock
Incentive Plan (2015 SIP). The option grant will be subject to
the terms and conditions of an award agreement, which will
provide that the options will vest and become exercisable in five
equal installments on February27, 2018, 2019, 2020, 2021, and
2022. The options have an expiration date of February27, 2027. In
addition, Mr.Newport was granted 3,000 shares of restricted stock
to the 2015 SIP. The restricted stock will vest on February27,
2022. Other terms and conditions of the awards are described in
the 2015 SIP, a copy of which is available as Exhibit 10.2 to the
Corporations Quarterly Report on Form 10-Q filed on October15,
2015. Mr.Newport is eligible to participate in the Corporations
bonus program. Mr.Newport did not enter into an employment
agreement or any other compensatory plan, contract, or
arrangement in connection with his appointment.
Mr.Newport was not selected as Chief Operating Officer to any
arrangement or understanding between him and any other person.
There are no family relationships between Mr.Newport and any of
the Corporations other directors or executive officers. Since the
beginning of the Corporations last fiscal year, there has been no
transaction or currently proposed transaction in which the
Corporation was or is to be a participant and in which Mr.Newport
or any of his immediate family members had or will have a direct
or indirect material interest required to be disclosed under
Item404(a) of Regulation S-K.
On March1, 2017, the Corporation issued a press release
announcing the appointment of Mr.Newport as the Corporations
Chief Operating Officer. A copy of the press release is attached
as Exhibit 99.1 to this report on Form 8-K and incorporated by
reference herein.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits: |
| 99.1 | News release of Skyline Corporation dated March1, 2017 |
About SKYLINE CORPORATION (NYSEMKT:SKY)
Skyline Corporation designs, produces and markets manufactured housing, modular housing and park models to independent dealers and manufactured housing communities located throughout the United States and Canada. As of May 31, 2016, the Company sold 3,217 manufactured homes, 360 modular homes and 337 park models. Its housing products are marketed under a number of trademarks. They are available in lengths ranging from 30 feet to 76 feet and in singlewide widths from 12 feet to 18 feet, doublewide widths from 18 feet to 32 feet, and triplewide widths from 36 feet to 46 feet. As of May 31, 2016, the area of a singlewide ranges from approximately 400 to 1,200 square feet, a doublewide from approximately 700 to 2,400 square feet, and a triplewide from approximately 1,600 to 2,900 square feet. The Company’s Modular homes are built according to state, provincial or local building codes. Park models are marketed under the Shore Park trademark. SKYLINE CORPORATION (NYSEMKT:SKY) Recent Trading Information
SKYLINE CORPORATION (NYSEMKT:SKY) closed its last trading session up +0.49 at 12.49 with 69,270 shares trading hands.