SPARTON CORPORATION (NYSE:SPA) 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.
Joseph T. Schneider has resigned as Senior Vice President of Sales and Marketing of Sparton Corporation (the “Company”), effective April10, 2018.
Mr.Schneider and the Company are parties to an employment agreement dated as of May26, 2015, and amended as of September23, 2015 (together, the “Employment Agreement”). Under the terms of the Employment Agreement, upon his voluntary resignation, the Company is required to pay Mr.Schneider his base salary on a pro-rata basis that accrued up to the effective date of his resignation.
Mr.Schneider is entitled to exercise any outstanding Company stock options previously awarded to him that are exercisable immediately prior to his resignation until the earlier of (i)the expiration of the 90 day period following his resignation, or (ii)the expiration of the stock option’s term. Under applicable provisions of the Company’s equity plans and Mr.Schneider’s award agreements, all unvested stock options, restricted stock, and restricted stock units held by Mr.Schneider are forfeited upon Mr.Schneider’s termination.
Mr.Schneider remains subject to his existing restrictive covenants under the Employment Agreement, including a covenant not to compete for 12 months following the date of his termination.
The foregoing discussion of the Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement. A copy of the current Employment Agreement is attached to this Current Report on Form 8-K as Exhibit 10.1.
Item 5.02 Financial Statements and Exhibits
SPARTON CORP ExhibitEX-10.1 2 d571633dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Sparton Corporation 425 North Martingale Road Suite 1000 Schaumburg,…To view the full exhibit click
About SPARTON CORPORATION (NYSE:SPA)
Sparton Corporation is a provider of design, development and manufacturing services for electromechanical devices, as well as engineered products complementary to the same electromechanical value stream. The Company operates through two segments: Manufacturing & Design Services (MDS) and Engineered Components & Products (ECP). The Company serves the medical and biotechnology, military and aerospace, and industrial and commercial markets. Its products and services include offerings for original equipment manufacturers (OEM) and emerging technology (ET) customers, which utilize microprocessor-based systems, such as transducers, printed circuit boards and assemblies, and sensors, as well as development and design engineering services. It develops and manufactures sonobuoys, which are anti-submarine warfare (ASW) devices. The Company also manufactures rugged flat panel display systems for military panel personal computer workstations, air traffic control and industrial applications.