Sypris Solutions, Inc. (NASDAQ:SYPR) 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 Arrangements of Certain Officers
Salary Reductions for Executive Officers
On April 6, 2020, in light of the uncertainty created by the rapidly evolving novel coronavirus (“COVID-19”) pandemic on Sypris Solutions, Inc. (the “Company”), Jeffrey T. Gill, the Company’s President and Chief Executive Officer, agreed with the Board of Directors (the “Board”) to forgo 30% of his base salary indefinitely. The Company’s other named executive officers have also agreed to forego 20% of their base salary indefinitely. These base salary reductions will be effective until such time as the Compensation Committee of the Board determines otherwise in light of the COVID-19 pandemic.
Item 7.01. Regulation FD Disclosure.
Reduction in Annual Retainers for the Board of Directors
On April 6, 2020, the Board of Directors (“Board”) determined that, effective as of such date, in recognition of the uncertainty created by the rapidly evolving COVID-19 pandemic, each non-employee director serving on the Board will forgo 100% of the cash-based portion of the 2020 annual retainer indefinitely. This reduction will be effective until such time as the Board determines otherwise in light of the COVID-19 pandemic.
The information included in this Item 7.01 shall not be deemed “filed” for the purposes of, or otherwise subject to, the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Unless expressly incorporated into a filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act made after the date hereof, the information contained in this Item 7.01 shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
About Sypris Solutions, Inc. (NASDAQ:SYPR)
Sypris Solutions, Inc. (Sypris) is a provider of outsourced services and specialty products. The Company offers a range of manufacturing, engineering, design and other technical services. The Company operates through two segments: Sypris Technologies and Sypris Electronics. Sypris Technologies segment, which consists of Sypris Technologies, Inc. and its subsidiaries, is engaged in the sale of goods and manufacturing services to customers in the market for truck components and assemblies and from the sale of products to the energy and chemical markets. Sypris Electronics segment, which consists of Sypris Electronics, LLC and its subsidiary, is engaged in the sale of manufacturing services, technical services and products to customers in the market for aerospace and defense electronics. The Sypris Electronics is organized in three business lines: Information Security Solutions (ISS), Electronic Manufacturing Services (EMS), and Cyber Security and Analytics (Cyber).
