0001181431-12-055527.txt : 20121025 0001181431-12-055527.hdr.sgml : 20121025 20121025163748 ACCESSION NUMBER: 0001181431-12-055527 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121020 ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121025 DATE AS OF CHANGE: 20121025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SERVOTRONICS INC /DE/ CENTRAL INDEX KEY: 0000089140 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 160837866 STATE OF INCORPORATION: DE FISCAL YEAR END: 0101 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07109 FILM NUMBER: 121161890 BUSINESS ADDRESS: STREET 1: 1110 MAPLE ST CITY: ELMA STATE: NY ZIP: 14059 BUSINESS PHONE: 7166335990 MAIL ADDRESS: STREET 1: P O BOX 300 CITY: ELMA STATE: NY ZIP: 14059-0300 8-K 1 rrd358773.htm FORM 8-K FILED OCTOBER 25, 2012 Prepared By R.R. Donnelley Financial -- Form 8-K
 
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):  10/20/2012
 
Servotronics, Inc.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  001-07109
 
Delaware
  
16-0837866
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
1110 Maple Street
Elma, New York 14059
(Address of principal executive offices, including zip code)
 
(716) 655-5990
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since 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:
[  ]   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 1.02.    Termination of a Material Definitive Agreement
 
On October 20, 2012, the Board of Directors of Servotronics, Inc. ("the Company") terminated the Employment Agreement between Servotronics, Inc. and Nicholas D. Trbovich, Jr. dated July 5, 2005 and as amended on January 27, 2012 and August 13, 2012 ("the Agreement"). The Board of Directors' decision to terminate the Agreement pursuant to paragraph 9 thereof is subject to arbitration under paragraph 18 of the Agreement. As of the date hereof, Mr. Trbovich, Jr. has not initiated arbitration proceedings under paragraph 18.

As previously disclosed, on September 29, 2012, Mr. Trbovich, Jr. was removed as President and Chief Operating Officer of the Company, Chief Executive Officer of The Ontario Knife Company (a wholly-owned subsidiary of the Company) and all other Officer positions within the Company or any of the Company's subsidiaries.

 
 
Item 9.01.    Financial Statements and Exhibits
 
The following are filed as exhibits to this Current Report on Form 8-K:

10.1        Employment Agreement for Nicholas D. Trbovich, Jr. (incorporated by reference to Exhibit 10(A)(1) to the Company's Form 8-K filed with the Securities and Exchange Commission on August 18, 2005)

10.2        Amendment to Employment Agreement for Nicholas D. Trbovich, Jr. dated January 27, 2012 (incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q for the quarter ended March 31, 2012)

10.3        Amendment to Employment Agreement for Nicholas D. Trbovich, Jr. dated August 13, 2012 (filed herewith)

 

 

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.
 
           
Servotronics, Inc.
 
 
Date: October 25, 2012
     
By:
 
/s/    Cari L. Jaroslawsky
               
Cari L. Jaroslawsky
               
Chief Financial Officer
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-10.3
  
Amendment to Employment Agreement for Nicholas D. Trbovich, Jr. dated August 13, 2012
EX-10 2 rrd358773_38637.htm AMENDMENT TO EMPLOYMENT AGREEMENT FOR NICHOLAS D. TRBOVICH, JR. DATED AUGUST 13, 2012 July 11, 1996

Exhibit 10.3

 

 

As of August 13, 2012

Nicholas D. Trbovich, Jr.
28 Tanglewood Drive, West
Orchard Park, NY 14127

Dear Mr. Nicholas D. Trbovich, Jr.:

You and Servotronics, Inc. (the "Company") are parties to an Amended Employment Agreement, dated July 1, 2005 and ratified on June 30, 2006 pursuant to which you are employed by the Company. This letter confirms such Amended Employment Agreement and subsequent ratification and subsequent Amendments dated August 4, 2006, July 6, 2007, July 9, 2008, December 31, 2008, July 2, 2009, February 22, 2010, July 2, 2010, July 22, 2010, April 3, 2011, August 12, 2011 and January 27, 2012 any and all other relevant amendments (the "Amended Agreement").

This letter will also confirm your agreement and that of the Company (pursuant to a resolution of the Board of Directors passed at a meeting held on August 13, 2012) to amend Paragraph 3 of the Amended Agreement to delete "$324,170.00" and insert in its place "$330,650.00" (effective May 1, 2012) subject to your acceptance which will be indicated by your signature below.

If the foregoing meets with your approval and you are willing to become bound hereby, will you please sign and return to the undersigned the enclosed copy of this letter.

Very truly yours,

SERVOTRONICS, INC.

/s/ Bernadine E. Kucinski

Bernadine E. Kucinski,
Assistant Corporate Secretary.

 

ACCEPTED AND AGREED

/s/ Nicholas D. Trbovich, Jr.
Nicholas D. Trbovich, Jr.

As of August 13, 2012
Date