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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| Item 5.02 | DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS |
On November 29, 2021, Raven Industries, Inc. (the “Company”) entered into an employment agreement with Lee Magnuson, the former General Counsel and Vice President of the Company (the “Agreement”). Effective as of November 30, 2021, Magnuson will continue to be employed by the Company on a part-time basis as Senior Legal Counsel of the Company. Mr. Magnuson will receive a base salary at a weekly rate of $6,610.58. Mr. Magnuson will receive the payments described in the Retention Award Agreement with the Company, dated June 20, 2021, and, subject to his execution and nonrevocation of a release of claims in favor of the Company and CNH Industrial N.V., the payments described in the Amended and Restated Change in Control Agreement with the Company, dated June 20, 2021 (the “CIC Agreement”), except that Mr. Magnuson will receive the continued group health benefits set forth in the CIC Agreement upon a termination of Mr. Magnuson’s employment with the Company for any reason other than (i) by the Company for “cause” or (ii) a resignation by Mr. Magnuson upon less than fourteen days’ notice of such termination.
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 hereunto duly authorized.
| Date: December 3, 2021 | RAVEN INDUSTRIES, INC. | |
| By: | /s/ Nicole Freesemann | |
| Nicole Freesemann | ||
| Vice President of Human Resources | ||