Winnebago Industries, Inc. (NYSE:WGO) 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
Sarah N. Nielsen, the Companys former Vice President and Chief
Financial Officer, entered into a Separation Agreement (the
Separation Agreement) to which Ms. Nielsen separated from
employment with the Company effective June 2, 2017.
receive thirty-one weeks of pay in equal weekly installments at
her base salary at the time of her separation beginning once the
Agreement becomes irrevocable and totaling $205,700. The Company
will also pay Ms. Nielsen a pro rata share based on Ms. Nielsens
actual time worked in Fiscal 2017 of any bonus under the Companys
Fiscal 2017 Annual Incentive Compensation Plan, which payment
shall be determined in October and paid no later than November 1,
2017. Ms. Nielsen will also receive a lump sum of $8,400 which is
approximately equivalent to the premium cost of COBRA coverage
during the 31 weeks of separation pay. All other Company benefits
such as life insurance, disability insurance, 401(k) plan, and
vacation accruals ceased effective with Ms. Nielsens separation.
In addition, 9,166 unvested shares of stock from stock awards
granted in October of 2014 and 2015 and December of 2016, will
vest on June 27, 2017, unless this Agreement is rescinded by Ms.
Nielsen. The Human Resources Committee agreed to waive the
vesting requirements and permit the foregoing shares to vest upon
the agreement becoming enforceable.
not solicit Company employees or compete against the Company for
a period of one year. Ms. Nielsen also agreed to a general
release of claims against the Company arising under various
employment laws. Under the terms of the Separation Agreement, Ms.
Nielsen is entitled to rescind the Agreement for seven days
following execution of the Separation Agreement.
to Ms. Nielsen under the Separation Agreement.
purport to be complete and is subject to and qualified in its
entirety by reference to the Separation Agreement, which is
attached hereto as Exhibit 10.1 to this Form 8-K, and is
incorporated by reference into this Item 5.02.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit Number
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Description
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10.1
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Separation Agreement dated June 19, 2017, by Winnebago
Industries, Inc. and Sarah Nielsen |
WINNEBAGO INDUSTRIES INC ExhibitEX-10.1 2 exh101separation-nielsen.htm EXH 10.1 SEPARATION AGREEMENT-NIELSEN Exhibit SEPARATION AGREEMENT AND GENERAL RELEASEThis is a Separation Agreement and General Release (hereinafter “Agreement” or “Separation Agreement”) entered into by and between Sarah Nielsen,…To view the full exhibit click here About Winnebago Industries, Inc. (NYSE:WGO)
Winnebago Industries, Inc. is a manufacturer of recreation vehicles (RVs) used primarily in leisure travel and outdoor recreation activities. The Company designs, develops, manufactures and markets motorized and towable recreation products along with supporting products and services. Its other products manufactured by the Company consist of original equipment manufacturer (OEM) parts, including extruded aluminum and other component products for other manufacturers and commercial vehicles. The Company offers products under categories, which include motorhomes, towables and other manufactured products. The Company produces all of its motorhomes in vertically integrated manufacturing facilities in Iowa and it produces all travel trailer and fifth wheel trailers in Indiana. The Company operates under the brand, Winnebago. The Company distributes its products primarily through independent dealers throughout the United States and Canada, who then retail the products to the end consumer.