0001144204-14-066543.txt : 20141110 0001144204-14-066543.hdr.sgml : 20141110 20141110163824 ACCESSION NUMBER: 0001144204-14-066543 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140609 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141110 DATE AS OF CHANGE: 20141110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NAPCO SECURITY TECHNOLOGIES, INC CENTRAL INDEX KEY: 0000069633 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 112277818 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10004 FILM NUMBER: 141209193 BUSINESS ADDRESS: STREET 1: 333 BAYVIEW AVE CITY: AMITYVILLE STATE: NY ZIP: 11701 BUSINESS PHONE: 631-842-9400 MAIL ADDRESS: STREET 1: 333 BAYVIEW AVE STREET 2: XXXXXXXXXXXXXXXXXXX CITY: AMITYVILLE STATE: NY ZIP: 11701 FORMER COMPANY: FORMER CONFORMED NAME: NAPCO SECURITY SYSTEMS INC DATE OF NAME CHANGE: 19920703 8-K 1 v393690_8k.htm CURRENT REPORT

 

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)

June 9, 2014

 

NAPCO SECURITY TECHNOLOGIES, INC.

(Exact name of registrant as specified in charter)

 

Delaware   0-10004   11-2277818

(State or other jurisdiction of

incorporation)

   (Commission File Number)   (IRS Employer Identification No.)

 

333 Bayview Avenue, Amityville, New York 11701

(Address of principal executive offices)

 

Registrant’s telephone number, including area code   (631) 842-9400

 

 

 

(Former name and former address if changed from 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 (see General Instruction A.2 below):

 

¨   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 5.02DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

 

(e)On June 9, 2014 the Registrant and its Senior Vice President of Corporate Sales and Marketing agreed to a two (2) year extension (“Extension”) of the existing Employment Agreement dated December 20, 1999, as amended, between the Registrant and the Executive. The Extension extends the term of the Employment Agreement through October 5, 2016 and provides for a salary of $296,905.76 and bonus plan for fiscal 2015.

 

 

ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS

 

(d)EXHIBITS.

 

Exhibit 10.NTwo (2) Year Extension, dated June 9, 2014, of Employment Agreement between the Registrant and Jorge Hevia

 

 

SIGNATURE

 

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 thereunder duly authorized.

 

  NAPCO SECURITY TECHNOLOGIES, INC.
  (Registrant)
   
   
Date:  November 10, 2014 By:  /s/ Kevin S. Buchel
    Kevin S. Buchel
Senior Vice President and Chief Financial Officer

 

 
 

 

 EX-10.N 2 v393690_ex-10n.htm EXHIBIT 10.N

 

Exhibit 10.N

 

June 9, 2014

 

HAND-DELIVERED

 

Mr. Jorge D. Hevia

Senior Vice President of Corporate Sales and Marketing

NAPCO Security Technologies, Inc.

333 Bayview Avenue

Amityville, New York 11701

 

Re:Employment Agreement

 

Dear Jorge:

 

NAPCO is pleased to offer a two-year extension of your Employment Agreement (from October 6, 2014 through October 5, 2016) at an annual salary of $296,905.76, subject to discretionary salary increases during each of your annual performance evaluations.

 

Assuming no further acquisitions, mergers or similar developments, and presuming that profit margins do not decrease, NAPCO will also pay you a bonus for Fiscal Year 2015 based on increased fiscal year-over-year net sales volume increases as follows:

 

(i)$50,000.00 should NAPCO net sales increase by five percent (5%) or more, or
(ii)$60,000.00 should NAPCO net sales increase by six percent (6%) or more, or
(iii)$70,000.00 should NAPCO net sales increase by seven percent (7%) or more, or
(iv)$80,000.00 should NAPCO net sales increase by eight percent (8%) or more, or
(v)$90,000.00 should NAPCO net sales increase by nine percent (9%) or more, or
(vi)$100,000.00 should NAPCO net sales increase by ten percent (10%) or more, or

 

The pay date of any earned bonus will be within one month of the close of the 2015 Fiscal Year and shall take into account any returns and/or credits.

 

All other terms and conditions of your Employment Agreement will remain the same. Please sign below to acknowledge your acceptance of this offer.

 

I have greatly enjoyed working with you during our many years together and greatly look forward to us continuing to work together for years to come.

 

Kindest personal regards.

 

Sincerely,

 

NAPCO SECURITY TECHNOLOGIES, INC.

 

 

/s/ Richard Soloway

 

Richard L. Soloway

Chairman of the Board

 

Accepted by:  /s/Jorge D. Hevia                                

          Jorge D. Hevia

 

Dated:  June 9, 2014