Strattec enters employment and change-in-control agreements with CFO Dennis Bowe

STRATTEC SECURITY CORP

Employment agreement with CFO Dennis Bowe effective Sept 9, 2022; base salary $310,000/yr.
Term auto-renews each June 30 unless 30-day nonrenewal notice given by either party.
Severance on termination without cause: base salary for longer of 6 months or 1 month per year of service (max 12 months).
Change-in-control agreement: on qualifying termination after change of control, lump sum of 2x salary plus highest bonus in prior 10 years.
Non-compete during employment and for up to 1 year after termination; confidentiality until 2 years after termination.

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