Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously announced, effective April 1, 2009, Richard Langley ceased to be the President of Sparton Corporation ("Sparton" or the "Company"). On April 6, 2009, the Company and Mr. Langley entered into a Retirement Agreement and Release of All Claims (the "Retirement Agreement"). The Retirement Agreement provides that Mr. Langley will continue to receive his salary, being $265,000 annually, less payroll taxes required to be withheld by law, through the term of his Employment Agreement which expires on July 1, 2010. The Employment Agreement was previously filed with the Securities and Exchange Commission. Pursuant to the Retirement Agreement, such amounts shall be paid to Mr. Langley in equal installments and in accordance with the Company's normal payroll practices.
Additionally, under the Retirement Agreement: (i) Mr. Langley will receive accumulated unused paid time off, totaling $51,216, less payroll taxes required to be withheld by law; (ii) Mr. Langley has agreed to provide consulting services to the Company on an ongoing basis, without additional charge, not to exceed 1,000 hours per year; (iii) Mr. Langley agreed to cooperate fully with the Company in its defense of or participation in any litigation relating to any matter that occurred during Mr. Langley's employment with the Company;
(iv) Sparton and Mr. Langley have mutually released any claims, including claims related to Mr. Langley's employment with Sparton; and (v) Mr. Langley's confidentiality, non-solicitation and non-competition obligations under his Employment Agreement will remain in effect. The description of the Retirement Agreement herein is qualified in its entirety by the terms of the Retirement Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit 10.1 - Retirement Agreement and Release of All Claims dated April 6, 2009, by and between Sparton Corporation and Richard Langley.

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