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0-6508
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13-3458955
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(Commission File
Number)
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(IRS Employer Identification
No.)
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Item
5.02
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Department
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers
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(b)
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Effective
May 28, 2010, Michael Schlehr resigned as Vice President and Chief
Financial Officer of IEC Electronics Corp. (the
"Company).
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(c)
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Susan
E. Topel-Samek was appointed Vice President and Chief Financial Officer of
the Company effective May 31, 2010. Mrs. Topel-Samek, age 52,
served as Vice President and Treasurer for Bausch & Lomb, Inc. from
February, 2008 to June, 2009. In that capacity, she managed all
aspects of traditional treasury areas and the global risk
management/insurance, real estate and environment/health/safety operations
reported to her. She began her career at Bausch & Lomb in
June, 1978 in MIS department and then held a variety of positions of
increasing responsibility as Vice President of global risk management and
environment/health/safety and assistant treasurer. She holds an
M.B.A. from the William E. Simon Graduate School of Business
Administration at the University of Rochester and is a member of Beta
Gamma Sigma Society.
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Under
the terms of a Letter Agreement with the Company, Mrs. Topel-Samek will
receive an annual base salary of $175,000 and incentive stock options for
40,000 shares of stock, at an exercise price of $4.42 per share, the
closing price of the Company's stock on the date of grant (the first day
of her employment). The option has a seven year term and will
vest as follows: 50% on June 1, 2013 and 50% on June 1,
2014. In addition, Mrs. Topel-Samek will receive 10,000 shares
of restricted stock. The restrictions will lapse after one year
from the date the restricted stock is awarded. In the event of
Mrs. Topel-Samek's termination of employment for any reason other than
cause she will be entitled to six months of severance
compensation. She is entitled to participate in the Company's
Annual Management Incentive Plan with a guaranteed first year's payment of
$30,625. The Letter Agreement also contains provisions relating
to confidentiality and
non-competition.
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(e)
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Pursuant
to the terms of his original offer letter, Mr. Schlehr will receive salary
continuation for a period of six months ($80,500) and medical insurance
for six months (estimated at $2,700) each of which may be reduced if Mr.
Schlehr receives compensation or medical coverage from another employer
during the six-month period.
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Item
9.01
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Financial
Statements and Exhibits
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| (d) | Exhibits | |
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99.1
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Press
Release issued by IEC Electronics Corp. dated June 3,
2010.
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| IEC Electronics Corp. | |||
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(Registrant)
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Date: June
3, 2010
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By:
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W.
Barry Gilbert
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Chairman,
Chief Executive Officer
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