Business Context and Reporting Period
This Form 8-K Current Report was filed by Integer Holdings Corporation on September 11, 2023. The filing addresses a specific corporate governance event regarding the departure of a senior executive.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to a specific severance package.
- Severance Payment: Approximately $484,500 (comprising current annual salary plus medical insurance contributions).
Material Changes
The primary material change is the departure of Jennifer M. Bolt as Executive Vice President, Global Operations and ESG, effective immediately. The departure was requested by the Company due to a restructuring of the position. Ms. Bolt will remain with the Company until November 9, 2023, to facilitate a transition of responsibilities.
Management Commentary and Contingencies
The Company determined Ms. Bolt's separation to be an involuntary termination of employment without cause. Consequently, she is eligible for severance benefits consistent with the treatment of other Named Executive Officers (excluding the CEO). The payment is contingent upon Ms. Bolt signing a separation and release agreement containing customary release conditions.
Investor Verification Checklist
- Verify the exact terms of the separation and release agreement to confirm the final payout amount.
- Review the Company's 2023 proxy statement for the full details of the executive compensation and benefit plans referenced.
- Monitor future filings for the appointment of a successor to the Executive Vice President, Global Operations and ESG role.
- Assess the impact of the restructuring on the Company's global operations and ESG initiatives.