STONERIDGE, INC. (NYSE:SRI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 1, 2019, Stoneridge, Inc. (the “Company”) and Alisa A. Nagle (“Nagle”), Chief Human Resources Officer, entered into a Separation Agreement and Release of Claims (the “Agreement”) to which the Company and Nagle mutually agreed that Nagle’s employment with the Company would end on April 30, 2019 and Nagle would be entitled to certain separation/severance benefits set forth in the Agreement. to the Agreement, Nagle is entitled to (i) salary continuation and healthcare coverage for a period of 12 months in accordance with the Company’s Amended and Restated Officers’ and Key Employees’ Severance Plan (the “Severance Plan”), (ii) a payment under the 2018 annual incentive plan (the “AIP”) in accordance with the terms of the AIP, (iii) the vesting of prior equity-based awards in accordance with the Company’s Long-Term Incentive Plan for a termination without cause under that plan, (iv) continued life insurance coverage for 12 months in accordance with the Severance Plan, and (v) a separation payment of $265,000. The Agreement contains confidentiality, mutual non-disparagement, non-competition and non-solicitation covenants and a release of claims by Nagle and, subject to certain exceptions, the Company. The Agreement may be revoked by Nagle until March 8, 2019. In addition, the Company has separately agreed to reimburse Nagle’s attorney’s fees incurred in connection with the negotiation of the Agreement. The foregoing summary is qualified in its entirety by reference to the Agreement, which is filed as Exhibit99.1 hereto and incorporated herein by reference.
|Item 9.01||Financial Statements and Exhibits.|
99.1 Separation Agreement and Release of Claims, dated as of March 1, 2019
STONERIDGE INC Exhibit
EX-99.1 2 tv515620_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Separation Agreement and Release of Claims February 27,…
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About STONERIDGE, INC. (NYSE:SRI)
Stoneridge, Inc. is a designer and manufacturer of engineered electrical and electronic components, modules and systems for the automotive, commercial, motorcycle, off-highway and agricultural vehicle markets. The Company operates through three segments: Control Devices, Electronics and PST. The Company’s Control Devices segment designs and manufactures products that monitor, measure or activate specific functions within a vehicle and includes product lines, such as sensors, switches, valves, and actuators. The Company’s Electronics segment designs and manufactures electronic instrument clusters, electronic control units and driver information systems. The PST segment is engaged in the design, manufacture and sale of in-vehicle audio and video devices, electronic vehicle security alarms, convenience accessories, vehicle tracking devices and monitoring services primarily for the automotive and motorcycle industry. It operates in approximately 30 locations in over 10 countries.