WSI Industries, Inc. (NASDAQ:WSCI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02
On December 20, 2017, the Compensation Committee of the Board of Directors of WSI Industries, Inc. (the “Company”) recommended and the Company’s Board of Directors approved a cash bonus to Michael J. Pudil, the Company’s President and Chief Executive Officer, of $80,000 in recognition of his achievements in 2017. Additionally, the Compensation Committee recommended and the Board of Directors approved continuing Mr. Pudil’s annual base salary at the current amount of $150,000.
On December 20, 2017, the Company’s Compensation Committee also approved equity awards to the Company’s executive officers. Mr. Pudil was awarded 25,000 shares of the Company’s common stock, vested immediately, and an option for 50,000 shares of the Company’s common stock, vesting as to one-half of the shares on the date of grant and as to one-half of the shares on the six month anniversary of the date of grant. Mr. Paul D. Sheely, the Company’s Chief Financial Officer, was awarded an option to purchase 12,000 shares of the Company’s common stock that will vest in three equal installments on the 6 month, 18 month, and 30 month anniversaries of the date of grant. The equity awards were granted under the Company’s 2005 Stock Plan, as amended (the “Plan”). The stock options have an exercise price of the fair market value of the Company’s common stock on the date of grant as determined under the Plan, have a term of ten years and in other respects are subject to the terms and conditions of the Plan. The grant date for the equity awards will be December 26, 2017.
About WSI Industries, Inc. (NASDAQ:WSCI)
WSI Industries, Inc. is involved in the precision machining and assembly of complex parts and components business. The Company primarily serves a range of markets, including aerospace, avionics, defense, energy and power sports. It offers a range of engineering, design, machining, sourcing, assembly, shipping and project management solutions. The Company caters its services to a range of industries, such as engine components, energy, aerospace, defense, semiconductor, medical and others. It offers precision machining and complex assembly for power sports and other engine and powertrain components, including all-terrain vehicle (ATV), automotive, marine engines, motorcycle, personal watercraft, flight controls, passive defense, commercial off the shelf (COTS), projectiles, special forces devices, deoxyribonucleic acid (DNA) sequencers, imaging and forensics technologies. It is engaged in small engine development, radar/microwave tracking and general aviation, among others.
