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): | April 11, 2016 |
Servotronics, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Delaware | 1-07109 | 16-0837866 |
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
of incorporation) | File Number) | Identification No.) |
1110 Maple Street, Elma, New York | 14059-0300 | |
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
Registrants telephone number, including area code: | 716-655-5990 |
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))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 11, 2016, the Independent Directors Committee of Servotronics, Inc., acting as the Plan Committee pursuant to the 2012 Long-Term Incentive Plan (the Incentive Plan), approved equity incentive awards to executive officers of the Company. The restricted share awards are a continuation of the restricted stock awards originally made in April 2013 and the additional tranche will vest on January 1, 2018, subject to continued service as of the vesting date.
The time-based long-term equity incentive awards that the Companys executive officers are eligible to receive are as follows:
Name |
Title | Number of Restricted Shares | ||||||
Dr. Nicholas D. Trbovich |
Chief Executive Officer | 15,000 | ||||||
Kenneth D. Trbovich |
President | 15,000 | ||||||
Cari L. Jaroslawsky |
Chief Financial Officer | 4,500 | ||||||
James C. Takacs |
Vice President | 3,750 | ||||||
Salvatore San Filippo |
Senior Vice President | 3,750 |
On April 11, 2016, the Independent Directors Committee also approved equity incentive awards to six other key employees at the Company and its subsidiaries (9,000 shares in the aggregate). These restricted shares will vest one-third on January 1, 2017 and two-thirds on January 1, 2018, in each case subject to continued service as of the vesting date.
All awards of equity have been made under and in accordance with the Incentive Plan and are governed by individual award agreements. The Companys stockholders approved the Incentive Plan at the Companys 2012 Annual Meeting of Shareholders.
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 hereunto duly authorized.
Servotronics, Inc. | ||||
April 13, 2016 | By: |
Cari L. Jaroslawsky
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Name: Cari L. Jaroslawsky | ||||
Title: Chief Financial Officer |