secwatch.observer — SEC 8-K summary
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Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2023-05-08T23:59:59+00:00
Accession:  0001140361-23-023511
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000114036123023511/0001140361-23-023511-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000114036123023511/brhc20052622_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-023511

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