SUN HYDRAULICS CORPORATION (NASDAQ:SNHY) 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 Arrangement with Certain Officers
On April 2, 2019, Sun Hydraulics Corporation and Wolfgang Dangel, its CEO, entered into an amendment to Mr. Dangel’s Executive Continuity Agreement dated April 4, 2016 (the “Agreement”). In the amendment, Mr. Dangel agreed to forego the tax gross-up provided for in the Agreement in the event of a change in control.
On April 5, 2019, the Employment Agreement of Kennon Guglielmo, Co-General Manager of Enovation Controls, LLC (“Enovation”), expired.Mr. Guglielmo served as Co-General Manager to the Employment Agreement that was entered into in connection with the December 5, 2016 acquisition of Enovation by Sun Hydraulics Corporation. With the expiration of his Employment Agreement, Mr. Guglielmo is no longer serving in this capacity.Ms. Jinger McPeak, who served with Mr. Guglielmo as Co-General Manager, will continue to lead the business.
Item 9.01.Financial Statements and Exhibits
99.1 Amendment to Executive Continuity Agreement.
SUN HYDRAULICS CORP Exhibit
EX-99.1 2 snhy-ex991_6.htm EX-99.1 snhy-ex991_6.htm Exhibit 99.1 AMENDMENT TO EXECUTIVE CONTINUITY AGREEMENT THIS AMENDMENT TO EXECUTIVE CONTINUITY AGREEMENT (“Agreement”) made and entered into as of April 2 2019,…
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About SUN HYDRAULICS CORPORATION (NASDAQ:SNHY)
Sun Hydraulics Corporation (Sun) designs and manufactures screw-in hydraulic cartridge valves and manifolds, which control force, speed and motion as integral components in fluid power systems. The Company operates through manufacturing and distribution of hydraulic components segment. The Company, at components level, designs and manufactures screw-in hydraulic cartridge valves, manifolds, and integrates fluid power packages and subsystems for industrial and mobile markets. It is also engaged in power controls and vehicle technologies lines of business. The Company sells its products across the globe through subsidiaries and independent distributors. It has operations in the United States, England, Germany, France, South Korea, China and India. Sun’s standard cartridge valves and manifolds are offered in multiple versions and size ranges. Its subsidiaries include Sun Hydraulik Holdings Limited, Sun Hydraulics Korea Corporation, High Country Tek, Inc. and Enovation Controls, LLC.