- Current report filing (8-K)
December 18 2009 - 10:43AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Report
(Date of earliest event reported):
December 17, 2009
METHODE
ELECTRONICS, INC.
(Exact name of
registrant as specified in its charter)
Delaware
(State or other
jurisdiction
of incorporation)
|
|
0-2816
(Commission File
Number)
|
|
36-2090085
(IRS Employer
Identification No.)
|
7401 West
Wilson Avenue, Chicago, Illinois 60706
(Address of
principal executive offices) (Zip Code)
Registrants
telephone number, including area code:
(708) 867-6777
Not
Applicable
(Former name or
former address, if changed since last report)
Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02(e)
Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On December 17, 2009, Methode Electronics, Inc. (the Company)
and each of its named executive officers (Messrs. Duda, Glandon, Khoury,
Kill, Koman, Reynolds and Tsoumas) entered into a cancellation agreement (each
an Award Cancellation Agreement), which canceled all outstanding restricted
stock and tandem cash awards (the Awards) held by these named executive
officers (each a Grantee). As a result
of the cancellation, no restricted shares or cash amounts will be paid out
pursuant to the Awards. The Awards,
granted in 2007 and 2008, were to vest May 1, 2010 and April 30,
2011, respectively.
Pursuant to the Award Cancellation Agreements, the Company will, any
time that the Company declares a cash dividend on its common stock, pay each
Grantee a cash amount equal to the number of shares subject to each Award,
multiplied by the per share dividend amount.
Each Grantee will be eligible to receive these cash payments for all
dividends declared until May 1, 2010 and April 30, 2011 for the 2007
and 2008 Awards, respectively. If his
employment with the Company is terminated for any reason whatsoever, a Grantee
will forfeit payment of any further cash amounts to which he would be entitled
under his Award Cancellation Agreement.
The foregoing description is not complete and is qualified in its
entirety by reference to the Award Cancellation Agreement entered into by each
Grantee, a form of which is attached hereto as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d)
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Exhibits.
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10.1
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Form of Award Cancellation Agreement
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2
SIGNATURE
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.
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METHODE ELECTRONICS, INC.
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Date: December 17,
2009
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By:
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/s/ Douglas A. Koman
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Douglas A. Koman
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Chief Financial Officer
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3
INDEX TO EXHIBITS
Exhibit No.
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Description of Exhibit
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10.1
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Form of Award
Cancellation Agreement
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4
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