Current Report Filing (8-k)

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): July 5, 2020

METHODE ELECTRONICS, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	0-2816	36-2090085
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

8750 West Bryn Mawr Avenue, Chicago, IL		60631
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s 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:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.50 par value

MEI

New York Stock Exchange

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 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Methode Electronics, Inc. (the “Company”) previously reported that Michael Brotherton, Vice President of the Company‎, ceased to be employed by the Company. Mr. Brotherton’s ‎last day of employment was June 11, 2020‎. On June 27, 2020, the Company entered into an ‎Agreement and General Release with Mr. Brotherton which became effective on July 5, 2020 after a ‎revocation period (the “Agreement”).‎

Pursuant to the Agreement, Mr. Brotherton has agreed to a general release of claims in favor of the Company, a six-month non-compete covenant and other terms and conditions in exchange for certain payments and benefits, including the following: payment of $140,080 over six months in accordance with the Company’s regular payroll practices‎; a lump-sum payment of $40,000 to account for June cost-of-living expenses and expenses related to his relocation from Seattle, Washington; and payment of Mr. Brotherton’s COBRA premium for six months.‎

‎A copy of the Agreement is attached hereto as Exhibit 10.1, and this description is qualified by ‎reference to the full text of the Agreement.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits:

Exhibit

Number

Description

10.1

Agreement and General Release between the Company and Michael Brotherton, effective July 5, 2020

104

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.