Business Context and Reporting Period
This Form 8-K is filed by Actuant Corporation (not Enerpac Tool Group Corp as indicated in metadata) for the reporting period of April 3, 2006. The filing discloses the entry into a material definitive agreement regarding the employment of a new executive.
Key Financial Metrics
The filing does not provide consolidated financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation terms.
Material Changes and Employment Terms
On April 3, 2006, Mr. Ted Wozniak commenced employment as Vice President, Director of Corporate Development. Key terms of the agreement include:
- Base Salary: $295,000 per year.
- Bonus Structure: Target bonus of 40% of base salary. A guaranteed minimum bonus of 30% of base salary (prorated) for the first year.
- Equity Awards:
- 10,000 stock options granted on April 3, 2006.
- 6,000 additional options granted on April 4, 2006, matching 6,000 shares of common stock purchased by Mr. Wozniak. These vest on the fifth anniversary.
- Benefits: Eligibility for 401(k), deferred compensation, and a fixed monthly car allowance of $700 plus fuel and maintenance.
- Relocation: Company pays relocation benefits and short-term commuting expenses. Reimbursement is required if employment ends within the first two years.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on market outlook, or discussion of general business risks. The primary contingency noted is the obligation for Mr. Wozniak to reimburse relocation expenses if he leaves the company within two years.
Investor Verification Checklist
- Verify the correct registrant name is Actuant Corporation, not Enerpac Tool Group Corp.
- Confirm the total equity grant size (16,000 options) and vesting schedules.
- Review the impact of the guaranteed bonus on near-term compensation expenses.
- Check subsequent filings for any changes to Mr. Wozniak's employment status or the vesting of the granted options.