Methode Electronics Inc. filed SEC Form 8-K: Leadership Update, Other Events, 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
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 30, 2025, Methode Electronics, Inc. (“Methode” or the “Company”) announced that Andrea J. Barry, Chief Administrative Officer and Chief Human Resources Officer of the Company, will step down from those positions effective January 31, 2025. Ms. Barry will remain an employee of the Company through May 3, 2025 (the “Separation Date”) as a special advisor to the Company’s General Counsel. In connection with her separation from the Company, the Company and Ms. Barry have entered into a Separation Agreement dated as of January 29, 2025 (the “Separation Agreement”).
Subject to the terms and conditions of the Separation Agreement, following the Separation Date, Ms. Barry will be entitled to six months of severance pay in the total amount of $283,500, less applicable withholding taxes and deductions, as well as COBRA premiums for twelve months following the separation. Under the terms of her September 2023 Retention Award Agreement (described in the Company’s Current Report on Form 8-K filed September 18, 2023), Ms. Barry will also be entitled to a cash payment of $750,000 at the time of her separation. She will remain eligible for any vesting under the Restricted Stock Unit Award Agreement dated July 25, 2024 (described in the Company’s Current Report on Form 8-K filed July 29, 2024), the 2020 Long-Term Performance-Based Award Agreement effective as of September 27, 2020 and the 2020 Long-Term Time-Based Award Agreement effective as of September 27, 2020 (each of which is described in more detail in the Company’s Proxy Statements on Schedule 14A) in accordance with the terms of the applicable agreements. The Separation Agreement includes standard releases and cooperation covenants.
The foregoing is a summary description of certain terms of the Separation Agreement and does not purport to be complete, and it is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.
Item 8.01 Other Events
On January 30, 2025, the Company announced the hiring of Karen Keegans as Chief Human Resources Officer, effective February 3, 2025. A copy of the press release announcing Ms. Keegans’ hiring is attached to this Current Report on Form 8-K as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
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10.1 |
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Separation Agreement between Methode Electronics, Inc. and Andrea J. Barry |
99.1 |
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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: |
January 30, 2025 |
By: |
/s/ Laura Kowalchik |
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Laura Kowalchik |