UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Consistent with prior years, in the first quarter of fiscal 2024, the Compensation Committee of the Board of Directors of Methode Electronics, Inc., established annual performance-based cash bonus opportunities for the Company’s named executive officers serving at the beginning of the year.
Following the completion of the fiscal 2024 performance period for these annual performance-based bonuses, the Compensation Committee offered Kevin M. Martin and Andrea J. Barry, the named executive officers who were employed by the Company at the time, along with certain other management team members, the opportunity to receive their annual performance-based awards in restricted stock units (or RSUs) rather than cash. The number of RSUs was determined by reference to the closing price of our common stock on July 25, 2024, the deadline to make such an election. RSU awards received in lieu of the cash bonuses will vest, subject to continued service, on March 7, 2025, or upon the recipient’s earlier death, disability, or termination of employment without cause.
In making this decision, the Compensation Committee determined that providing an opportunity to receive equity upon settlement of the performance-based bonus program would, among other objectives, contribute to aligning executives with stockholder interests. Ms. Barry and Mr. Martin elected to receive their annual performance-based awards in the form of 32,734 RSUs and 44,746 RSUs, respectively.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Methode Electronics, Inc. |
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Date: |
July 29, 2024 |
By: |
/s/ David Rawden |
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David Rawden |