Chicago Rivet & Machine : 02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers - Form 8-K

02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 9, 2023, Chicago Rivet & Machine Co. (the "Company") announced Gregory D. Rizzo as the new Chief Executive Officer of the Company, effective immediately. The Board of Directors intends to appoint Mr. Rizzo to the Board following the Company's Annual Meeting of Shareholders to be held on May 9, 2023. Mr. Rizzo, age 57, joins the Company from MacLean-Fogg Company where he served as Vice President and General Manager. Mr. Rizzo has served as the General Manager of MacLean-Fogg's Maynard high temperature engineered fastener business since 2016. In addition, Mr. Rizzo led efforts at MacLean-Fogg to start a new division, MacLean Additive, that has developed 3D printing production tooling for the automotive industry and other industries, and he was a founding member of the MacLean-Fogg Innovation Board. Prior to MacLean-Fogg, Mr. Rizzo held various positions at Ford Motor Company, Magna International and TRW Automotive. Mr. Rizzo also holds an engineering degree from the University of Michigan.

In connection with his appointment, Mr. Rizzo will receive an annual base salary of $315,000 and a sign-on bonus of $26,000. In addition, Mr. Rizzo will be eligible for an annual bonus of up to 30% of base salary, subject to achieving certain financial and non-financial metrics. Mr. Rizzo will also be eligible to participate in a long-term incentive plan that will be established. If the Company terminates Mr. Rizzo's employment without cause within twelve (12) months of his hiring, he will be entitled to receive severance equal to one (1) year of base salary.

As the Chief Executive Officer of the Company, Mr. Rizzo will serve as the Company's principal executive officer. Michael J. Bourg, President and Chief Operating Officer of the Company, served as the Company's principal executive officer from December 10, 2022 (following the death of the Company's former chief executive officer) until May 9, 2023.