SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 15, 2020
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
|(Commission File Number)||(IRS Employer Identification No.)|
One Dauch Drive, Detroit, Michigan
|(Address of Principal Executive Offices)||(Zip Code)|
|(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))
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||Trading Symbol(s)||Name of each exchange on which registered|
|Common Stock, par value $0.01 per share||AXL||The New York Stock Exchange|
Indicate by check mark whether the registrant is an emerging growth company 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 September 15, 2020, the Executive Committee of the Board of Directors (the “Committee”) of American Axle & Manufacturing Holdings, Inc. (“AAM”) determined that the base salaries of its executive officers, including its named executive officers, David C. Dauch, Christopher J. May, Michael K. Simonte, Gregory S. Deveson and Norman Willemse, would be restored to pre-pandemic amounts. Effective October 1, 2020, the current reduction in base salary of 30% will be discontinued for all executive officers. At the same time, AAM is fully restoring base salaries of a broad group of salaried associates whose pay had also been reduced in response to the COVID-19 pandemic.
Item 8.01. Other Events.
On September 15, 2020, the Committee also determined that the current 40% reduction in the annual cash retainer for each non-employee director would be restored to the pre-pandemic amount effective October 1, 2020.
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.
| ||AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.|
| || |
Dated: September 18, 2020
|By:||/s/ David E. Barnes|
| ||Name:||David E. Barnes|
| ||Title:||Vice President, General Counsel & Secretary|