Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
As previously announced, effective April 16, 2020, MTS Systems Corporation (the
"Company") temporarily reduced cash compensation for the Company's Board of
Directors (the "Board") and the base salaries of the Company's named executive
officers. Each member of the Board took a temporary reduction of their cash
compensation of 20% and each of the Company's named executive officers took a
temporary reduction in their base salaries of at least 15%.
On October 5, 2020, the Board approved cash compensation for the Board and base
salaries of the Company's named executive officers at the levels previously in
place, effective October 4, 2020 and October 11, 2020, respectively. In
considering the changes, the Board evaluated several factors, including the
importance of retaining the executive team during these challenging times, the
decision to not otherwise grant a merit increase to the named executive officers
for fiscal year 2021, the lack of incentive compensation or bonus payable for
fiscal year 2020 due to the impact of the pandemic, and the reduction to 50% of
target incentive compensation for all named executive officers for fiscal year
2021.
Effective October 11, 2020, the base salaries for each of the named executive
officers will be as follows: Randy J. Martinez, Interim President and Chief
Executive Officer, $720,000; Brian T. Ross, Executive Vice President and Chief
Financial Officer, $450,000; Steven B. Harrison, Executive Vice President and
President, Test & Simulation, $480,000; and David T. Hore, Executive Vice
President and President, Sensors, $500,000.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit is being furnished herewith:
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
2
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
MTS SYSTEMS CORPORATION 