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| LGL > SEC Filings for LGL > Form 8-K on 8-Jul-2009 | All Recent SEC Filings |
8-Jul-2009
Entry into a Material Definitive Agreement, Change in Directors or Principal Office
On July 1, 2009, Robert Zylstra, the Chief Executive Officer of The LGL Group, Inc. (the "Company"), resigned from all of his positions with the Company and its subsidiaries. Mr. Zylstra has agreed to remain with the Company as an advisor to the Company's new President and Chief Executive Officer for a transition period. Mr. Zylstra will also serve as Chairman of a newly-formed Board of Advisors, which will assist the Company in its ongoing efforts to restore profitability and growth.
Effective July 2, 2009, the Board of Directors appointed Greg Anderson to serve as the Company's President and Chief Executive Officer. Mr. Anderson, age 49, has served in various senior management positions with the Company's MtronPTI subsidiaries over the past 10 years, most recently as Vice President Operations of MtronPTI.
Effective July 2, 2009, the Company entered into an Employment Agreement with Mr. Anderson (the "Anderson Employment Agreement"). Mr. Anderson will be employed as the Company's President and Chief Executive Officer on an "at will" basis and will receive an annual base salary of $170,000. Subject to Mr. Anderson and the Company's meeting certain performance targets, Mr. Anderson will also be eligible for (i) an annual bonus of up to 40% of his annual base salary, to be paid 50% in cash and 50% in restricted shares of the Company's common stock, and (ii) a one-time cash bonus payment in recognition of his performance in 2009, in an amount to be determined by the Board of Directors.
The foregoing summary of the Anderson Employment Agreement is subject to, and qualified in its entirety by, the full text of the Anderson Employment Agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.
The information contained in Item 1.01 is incorporated by reference into this Item 5.02.
The events described in this Current Report on Form 8-K are part of the Company's ongoing restructuring effort initiated in July 2008 to improve overall operational efficiency and increase shareholder value in the face of an ongoing global economic slowdown.
On July 8, 2009, the Company issued a press release announcing the events described in this Current Report on Form 8-K. A copy of the press release is attached as Exhibit 99.1 hereto.
(d) Exhibits
Exhibit No. Description
10.1 Employment Agreement by and between The LGL Group, Inc. and Greg Anderson.
99.1 Press release dated July 8, 2009.
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