UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Stoneridge, Inc. (the “Company”) and Robert R. Willig, Jr. (“Willig”), President of Control Devices, reached a mutual agreement that Willig will separate from his employment with the Company effective March 31, 2020. The Company filed a Form 8-K with the SEC on March 9, 2020 disclosing Willig’s separation from service and the Company’s expectation that it would enter into a separation agreement and release with Willig on or around the separation date.
On March 31, 2020, the Company and Willig entered into a separation agreement and release (the “Separation Agreement”). Pursuant to the Separation Agreement, the Company and Willig mutually agreed that Willig’s employment with the Company would end on March 31, 2020 and Willig would be entitled to certain separation benefits set forth in the Separation Agreement. Willig is entitled to (i) salary continuation for 12 months, (ii), if elected by Willig, the Company will pay COBRA premiums for Willig and his eligible dependents for 12 months for continued healthcare coverage, (iii) the vesting of prior equity-based awards in accordance with the Company’s Long-Term Incentive Plan for a termination without cause under that plan, and (iv) continued life insurance benefits for 12 months. The Agreement contains confidentiality, non-disparagement, non-competition and non-solicitation covenants and a release of claims by Willig. The Agreement may be revoked by Willig until April 7, 2020. The foregoing summary is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 99.1 hereto and incorporated herein by reference.
| ITEM 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit No. | Description |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |
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.
| Stoneridge, Inc. | |
| Date: April 3, 2020 | /s/ Robert R. Krakowiak |
|
Robert R. Krakowiak, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |