Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 21, 2023, James Woidke resigned as Chief Operating Officer of The
Eastern Company (the "Company"). On March 24, 2023, the Company announced that
it had eliminated the position of Chief Operating Officer effective as of April
1, 2023. On April 1, 2023, Mark A. Hernandez, the Company's President and Chief
Executive Officer, will assume the duties that were previously the
responsibility of Mr. Woidke, and Mr. Woidke will cease to be an employee of the
Company as of such date. The Company and Mr. Woidke have agreed to treat Mr.
Woidke's departure as a termination by the Company without good reason for
purposes of Mr. Woidke's receipt of any accrued compensation and severance pay
under Mr. Woidke's termination agreement with the Company, dated January 14,
2022 (the "Termination Agreement"). If Mr. Woidke timely enters into a general
release and waiver of claims (and such release and waiver is not revoked), he
will be entitled to the benefits provided under Sections 1(b) and 1(c) of that
Termination Agreement.
Biographical information for Mr. Hernandez can be found in the Company's proxy
statement for its 2023 Annual Meeting of Shareholders, filed with the Securities
and Exchange Commission on March 14, 2023.
Item 7.01. Regulation FD Disclosure.
On March 24, 2023, the Company issued a press release announcing the departure
of Mr. Woidke. A copy of the press release is furnished herewith as Exhibit
99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Exhibit Description
99.1 Press Release issued by The Eastern Company, dated March 24,
2023
104 Cover Page Interactive Data File (cover page XBRL tags are embedded
within the Inline XBRL document)
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