Twin Disc, Incorporated (NASDAQ:TWIN) 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
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Departure of Directors or Certain Officers; Election of |
At a meeting on June 13, 2017, the Board of Directors of Twin
Disc, Incorporated (the Company) approved increases in the base
salaries of the Companys named executive officers (as used in
Instruction 4 to Item 5.02 of Form 8-K). The increases were
designed to restore reductions in the base salaries of the named
executive officers that took place in November 2015. The new base
salaries were effective retroactive to the payroll period
beginning May 8, 2017, to coincide with pay restorations of the
rest of the Companys Racine, Wisconsin-based workforce. The
annualized base salaries for the named executive officers were
set as follows:
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Name and Position |
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Base Salary |
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John H. Batten |
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$500,000 |
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President and Chief |
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Executive Officer |
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Jeffrey S. Knutson |
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$315,000 |
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Vice President Finance, |
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Chief Financial Officer, |
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Treasurer, and Secretary |
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Malcolm F. Moore |
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$397,500 |
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Executive Vice President, |
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Chief Operating Officer |
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Dean J. Bratel |
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$275,000 |
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Vice President Sales |
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and Applied Technology |
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Denise L. Wilcox |
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$230,000 |
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Vice President Human |
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Resources |
FORWARD LOOKING STATEMENTS
The disclosures in this report on Form 8-K and in the documents
incorporated herein by reference contain or may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words believes,
expects, intends, plans, anticipates, hopes, likely, will, and
similar expressions identify such forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of the Company (or
entities in which the Company has interests), or industry
results, to differ materially from future results, performance or
achievements expressed or implied by such forward-looking
statements. Certain factors that could cause the Companys actual
future results to differ materially from those discussed are
noted in connection with such statements, but other unanticipated
factors could arise. Readers are cautioned not to place undue
reliance on these forward-looking statements which reflect
managements view only as of the date of this Form 8-K. The
Company undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the
occurrence of unanticipated events, conditions or circumstances.
About Twin Disc, Incorporated (NASDAQ:TWIN)
Twin Disc, Incorporated designs, manufactures and sells marine and heavy duty off-highway power transmission equipment. The Company operates through two segments: manufacturing and distribution. Its products include marine transmissions, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. Its industrial products include clutches and pump drives sold to the agriculture, recycling, construction, and oil and gas markets. Its land-based transmission products include applications for oilfield and natural gas, military, and airport rescue and firefighting. Its marine and propulsion systems include marine transmission, controls, surface drives, propellers and boat management systems for the commercial, pleasure craft and patrol boat markets. Its other products include non-Company manufactured product sold through Company-owned distribution entities.