Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 26, 2022, Bryan R. Johnson, the Vice President of Finance and
Principal Accounting Officer of Enerpac Tool Group Corp. (the "Company"),
submitted his resignation, effective as of November 1, 2022, as an officer and
employee of the Company due to a material reduction in the scope of his role and
responsibilities as the result of changes implemented to flatten the Company's
organizational structure. Mr. Johnson's resignation constitutes a qualified
termination under the Company's Key Employee Severance Plan and accordingly he
is entitled to the following benefits under that plan in connection with his
resignation: a lump sum payment equal to 12 months of his base salary;
eligibility for a prorated annual bonus based on performance for the fiscal year
ending August 31, 2023; a lump sum payment equal to 12 months coverage of COBRA
continuation coverage for medical, dental and vision insurance; prorated vesting
of outstanding unvested restricted stock units; and outplacement services. Mr.
Johnson's resignation does not reflect any disagreement with or irregularities
in the Company's accounting principles, practices, financial statements or
disclosures.
On October 27, 2022, the Company's Board of Directors appointed Anthony P.
Colucci, the Company's Executive Vice President and Chief Financial Officer, to
also serve as the Company's principal accounting officer. Biographical
information with respect to Mr. Colucci is included under the heading "Executive
Officers of the Registrant" in Part I, Item 1 of the Company's Form 10-K for
the fiscal year ended August 31, 2022 , which information is incorporated
herein by reference.
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