Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 1, 2022, EnerSys announced the appointment of Andrea J. Funk as
Executive Vice President and Chief Financial Officer. Ms. Funk succeeds Michael
J. Schmidtlein, who retired from EnerSys on March 31, 2022.
Ms. Funk, 52, joined EnerSys in December 2018 as Vice President Finance,
Americas. Prior thereto, from 2013 to 2018, she served as the Chief Executive
Officer for Cambridge Lee Industries LLC, and as its Chief Financial Officer and
Treasurer from 2011 to 2013. Ms. Funk has served in positions of increasing
responsibility at Carpenter Technology, Arrow International, Rhone-Poulenc
Rorer, Bell Atlantic Corporation and Ernst & Young. Since July 2017, she has
served on the Board of Directors of Crown Holdings Inc., a packaging company
whose shares are traded on The New York Stock Exchange, and is a member of its
Audit and Compensation Committees. Ms. Funk holds a Master of Business
Administration degree from The Wharton School of Business and a Bachelor of
Science degree in accounting from Villanova University and was a certified
public accountant.
In her new role, Ms. Funk will be entitled to receive: (i) an annual base salary
of $540,000; (ii) an annual bonus opportunity equal to 70% of her annual base
salary, upon the achievement of target-level performance under the EnerSys
Management Incentive Plan; and (iii) annual long term incentive plan grants
beginning with the 2022 long term incentive program under the Amended and
Restated 2017 Equity Plan. Ms. Funk also entered into a letter agreement that
provides for severance benefits upon a termination of her employment in
connection with a change in control and a non-competition covenant, the form of
which is attached hereto as Exhibit 10.1. Ms. Funk shall also be eligible to
participate in all of EnerSys' benefit plans or arrangements in effect from time
to time with respect to employees and to other named executive officers.
Ms. Funk is not a party to any transaction with the Company that would require
disclosure under Item 404(a) of Regulation S-K promulgated by the Securities and
Exchange Commission.
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Item 9.01. Financial Statements and Exhibits
(d) Exhibits
10.1 Form of Severance Letter Agreement
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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