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OFLX > SEC Filings for OFLX > Form 8-K on 12-Jun-2014All Recent SEC Filings

Show all filings for OMEGA FLEX, INC.

Form 8-K for OMEGA FLEX, INC.


12-Jun-2014

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


ITEM 1.01 Entry into a Material Definitive Agreement

On June 11, 2014, Omega Flex, Inc. (the "company") executed amendments to the employment agreements with each of Kevin R. Hoben, President & CEO, and Mark F. Albino, Executive Vice President & Chief Operating Officer. The amendments amend the employment agreement between each of the officers and the company that were entered into on December 15, 2008. The amendments with Mr. Hoben and Mr. Albino contain for the following terms:

Clawback. Any incentive based compensation paid or payable to the executive under the agreement that is subject to recovery under any law, rule, listing requirement or company policy will be subject to deductions or recovery as may be required by applicable law, rule requirement, or policy.

Compensation on Termination. The amendment with Mr. Hoben provides that if he is terminated for "without cause" or resigns for "good reason," then in those events, Mr. Hoben will have the right to continue the use of the company car leased pursuant to the employment agreement for a one year period after the termination or resignation (as the case may be), and thereafter Mr. Hoben will acquire the legal title to that leased vehicle.

The amendment with Mr. Albino provides that upon Mr. Albino's termination of employment with the company, the company will provide health insurance benefits under the then existing company benefit policies until the later of March 1, 2016 or the last day of the one-year severance period. Thereafter Mr. Albino will have the right and option to elect and pay for COBRA coverage after the company health benefits insurance is no longer available.



ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(a) AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT - HOBEN

(b) AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT - ALBINO

(c) none

(d) none


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