Business Context and Reporting Period
Company: Optical Cable Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: February 29, 2008
Principal Event: Retirement of Senior Vice President of Operations and Board Member, Mr. Luke J. Huybrechts.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and the termination of an employment agreement.
Material Changes
- Executive Departure: Mr. Luke J. Huybrechts retired effective February 29, 2008, ending over 20 years of service with the Company.
- Role History: Previously served as Senior Vice President of Sales and Senior Vice President of Operations (since May 2004).
- Board Membership: Mr. Huybrechts served on the Board of Directors since 1995. He will complete his current term through the shareholder meeting on March 25, 2008, but will not stand for re-election.
- Agreement Termination: The employment agreement dated November 1, 2002, has terminated, except for surviving provisions regarding confidentiality, non-competition, and non-solicitation.
Guidance, Outlook, and Compensation Details
Compensation at Retirement:
- Mr. Huybrechts is entitled only to his annual base salary and any earned but unpaid paid time off through February 29, 2008.
- No additional compensation is due in connection with his retirement.
- Historical compensation structure included an annual bonus opportunity (35% of base salary, adjusted to 45% for fiscal year 2007) and participation in long-term equity compensation plans.
Outlook and Risks: The filing does not provide management commentary on future business outlook, specific risks, or contingencies related to this departure.
Investor Verification Checklist
- Verify the appointment of a replacement for the Senior Vice President of Operations role.
- Confirm the composition of the Board of Directors following the March 25, 2008, shareholder meeting.
- Review subsequent filings for any impact on operational continuity or strategic direction.