Business Context and Reporting Period
This Form 8-K Current Report was filed by CTS Corporation on January 15, 2008, regarding events occurring on January 10, 2008. The filing addresses executive leadership changes within the company's finance department.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
- Executive Appointment: Donna L. Belusar was appointed Senior Vice President and Chief Financial Officer, effective January 21, 2008.
- Executive Departure: Matthew W. Long will cease duties as Interim Chief Financial Officer on January 21, 2008, and will continue as Treasurer.
Management Commentary and Compensation Details
Ms. Belusar joins from IBM Credit LLC, where she served as Executive Chief Financial Officer since 2004. Her compensation package includes:
- Base Salary: $275,000 per annum.
- Incentive Plan: Eligible for the Management Incentive Plan with an on-target rate of 45% of base salary (range 0% to 90% based on performance).
- Equity Grant: 25,000 restricted stock units vesting over five years (20% annually).
- Perquisites: $4,000 quarterly allowance.
- Benefits: Includes 401(k), medical/dental, disability, life insurance, five weeks of vacation, and relocation assistance (including a $4,000 miscellaneous moving allowance and tax gross-up for non-deductible expenses).
- Severance: Eligible for a severance agreement operative only in the event of a change-in-control.
Investor Verification Checklist
- Confirm the effective date of the CFO transition (January 21, 2008).
- Verify the vesting schedule and grant date for the 25,000 restricted stock units.
- Review the specific terms of the change-in-control severance agreement to be offered.
- Check subsequent filings for the first quarterly earnings report to assess the impact of the leadership change on financial guidance.