8-K 1 tm2027617d1_8k.htm 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): August 12, 2020

 

Servotronics, Inc.

(Exact name of registrant as specified in its charter.)

 

Commission File Number: 001-07109

Delaware 16-0837866
(State or other jurisdiction (IRS Employer
of incorporation) Identification No.)

 

1110 Maple Street

Elma, New York 14059-0300

(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)

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock SVT NYSE American

 

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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

 

Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

On August 12, 2020, the Board of Directors of Servotronics, Inc. (the “Company”), on the recommendation of the Compensation Committee approved the following bonuses for the Company’s executive officers.

 

Name Title Bonus
     
Kenneth D. Trbovich Chief Executive Officer $100,000
Lisa F. Bencel Chief Financial Officer $40,000
James C. Takacs Chief Operating Officer $25,000

 

The Board also approved the annual restricted stock award for each Non-employee Director under the Company’s 2012 Long-Term Incentive Plan. As previously disclosed, these automatic awards were deferred by the Board at the time of the Company’s Annual Meeting on May 13, 2020. The award consists of shares of the Company’s common stock with a value of $25,000 as of the date of the grant. These restricted shares will vest one quarter on the date of grant and then quarterly over the remaining service period.

 

 

 

 

Signature(s)

 

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.

 

Date: August 14, 2020

     
       
  Servotronics, Inc.  
       
       
  By:   /s/ Lisa F. Bencel, Chief Financial Officer  
    Lisa F. Bencel  
    Chief Financial Officer