Item 5.02 (c) DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT
OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On August 5, 2022, Brady Corporation (the "Company") announced that Olivier
Bojarski has been appointed President - Identification Solutions, effective
August 25, 2022 (the "Hire Date").
Mr. Bojarski, age 43, joins the Company after 6 years at Belden Incorporated, a
manufacturer of networking, connectivity and cable solutions. While at Belden,
Mr. Bojarski served as Executive Vice President of the Broadband and 5G business
with global responsibility for connectivity and cable solutions sold into the
wireline and wireless broadband markets. Prior to joining Belden in 2016, he was
General Manager of a business unit consisting of three global infrastructure
businesses within the electrification division of ABB Ltd. Before joining ABB
Ltd., Mr. Bojarski held a number of positions of increasing responsibility at
Panduit Corporation.
There are no arrangements or understandings between Mr. Bojarski and any other
persons pursuant to which he was selected as an officer of the Company, he has
no family relationships with any of the Company's directors or executive
officers, and he has no direct or indirect material interest in any transaction
required to be disclosed pursuant to Item 404(a) of Regulation S-K.
The Company entered into an employment offer letter dated August 3, 2022 with
Mr. Bojarski (the "Offer Letter"). The Offer Letter provides that Mr. Bojarski
will receive an annual base salary of $440,000, with eligibility for a target
annual bonus at 75% of base salary, a recommendation for a fiscal 2024 annual
equity award with a grant date value of $682,000, a cash sign-on bonus of
$200,000, and will participate in the Company's equity incentive and other
benefit plans on a basis similar to other executive officers, including an
automobile allowance. The Offer Letter further provides that Mr. Bojarski will
receive a sign-on award of time-based restricted stock units ("RSUs") with a
grant date value of $600,000, to be granted on the Hire Date. The RSU award will
vest in equal increments upon the first, second and third anniversaries of the
grant date. Mr. Bojarski will have a Company share ownership requirement equal
to three times his base salary. Pursuant to the terms of the Offer Letter, Mr.
Bojarski will receive a reimbursement, not to exceed $200,000, for relocation
expenses.
A copy of the press release announcing Mr. Bojarski's appointment is being
furnished to the Securities and Exchange Commission as Exhibit 99.1 attached
hereto, and is incorporated herein by reference. The foregoing descriptions of
the Offer Letter and Non-Compete and Non-Disclosure Agreement are qualified in
their entirety by reference to the full text of such agreements, copies of which
are attached hereto as Exhibit 10.1 and 10.2, respectively, and are incorporated
herein by reference.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
EXHIBIT NUMBER DESCRIPTION
Employment Offer Letter between the Company and Mr. Bojarski dated as of
10.1 August 3, 2022.
Employee Non-Compete and Non-Disclosure Agreement between the Company and Mr.
10.2 Bojarski dated as of August 3, 2022 .
Press Release of Brady Corporation, dated August 5, 2022, relating to the
99.1 appointment of Olivier Bojarski as President - Identification Solutions.
104 Cover Page Interactive Data File (embedded within Inline XBRL document).
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses