Methode Electronics Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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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.
On November 11, 2024, Methode Electronics, Inc. (“Methode” or the “Company”) entered into a Settlement Agreement with its former Director and Chief Executive Officer, Avinash Avula (the “Settlement Agreement”) in order to resolve, among other things, certain disputes between the parties following Mr. Avula’s separation from employment on May 1, 2024. In connection with the Settlement Agreement, the Company will pay Mr. Avula a lump sum of $650,000 in full satisfaction of any and all claims of Mr. Avula in connection with his employment. The Settlement Agreement included a mutual release of any claims either the Company or Mr. Avula may have against the other through the date of the Settlement Agreement, subject to limited exceptions. In connection with the Settlement Agreement, Mr. Avula and the Company agreed to dismiss with prejudice certain litigation and arbitration proceedings between the parties concerning Mr. Avula’s employment relationship with the Company.
The foregoing is a summary description of certain terms of the Settlement Agreement and does not purport to be complete, and it is qualified in its entirety by reference to the full text of the Settlement Agreement, a copy of which will be subsequently filed with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits.
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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: |
November 15, 2024 |
By: |
/s/ Laura Kowalchik |
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Laura Kowalchik |