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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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 September 9, 2020, Rajasekhar Menon, the Company’s President of CVT, resigned, effective September 25, 2020. In connection with his resignation, the Company and Mr. Menon entered into a Separation Agreement (the “Separation Agreement”), under which Mr. Menon agreed to a customary release in exchange for severance payments as follows:
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the continuation of Mr. Menon’s $386,000 annual base salary for the twelve (12) month period following the effective date, payable bi-weekly through September 24, 2021; |
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2020 annual short-term incentive compensation award at target, which is 50% of his base salary; |
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a lump sum of $24,169, less applicable withholdings, reflecting the value of twelve (12) months of continuing health, dental and vision coverage under COBRA; and |
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vesting of the 5,418 Restricted Stock Units (RSUs) awarded in April 2020 to occur one year from the date of separation. |
The Separation Agreement contains a release and certain restrictive covenants that are binding upon Mr. Menon. The foregoing description of the Separation Agreement is not complete and is qualified in its entirety by reference to the Separation Agreement, which the Company intends to file as an exhibit to the Company’s quarterly report on Form 10-Q for the quarter ended September 26, 2020.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
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HELIOS TECHNOLOGIES, INC. |
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Dated: September 9, 2020 |
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By: |
/s/ Tricia L. Fulton |
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Tricia L. Fulton |
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Chief Financial Officer (Principal Financial and Accounting Officer) |