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2: EX-10.1 EX-10.1 CEO Cic & Sev Agreement 2022 HTML 46K
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Registrant’s telephone number, including area code: (i216) i881-8600
N.A.
(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
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Indicate by check mark whether the
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Emerging growth company
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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iCommon Shares
iSIF
iNYSE
American
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
SIFCO Industries, Inc. (the "Company") entered into a new Change in Control Agreement and Severance Agreement with Peter W. Knapper, President and Chief Executive
Officer (replacing the Change in Control Agreement and Severance Agreement the Company and Mr. Knapper entered into when it was renewed in 2019), effective June 29, 2022.
Under the terms of Mr. Knapper's Change in Control Agreement and Severance Agreement, in the event of a qualifying termination (as such term is defined in the Change in Control Agreement and Severance Agreement) of Mr. Knapper’s employment, the Company will provide certain severance benefits to Mr. Knapper. Such severance benefits principally include (a) a lump-sum payment of 2.0 times Mr. Knapper’s annual salary preceding the date of termination and (b) continuation of certain medical and dental benefits
for a period of 24 months. Additionally, in the event of a qualifying termination, long-term stock incentive awards held by Mr. Knapper shall vest on a pro-rata basis.
The foregoing description of Mr. Knapper's Change in Control Agreement and Severance Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreements attached to this Current Report on Form 8-K as Exhibit 10.1, and incorporated herein by reference.
104 Cover
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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.