secwatch.observer — SEC 8-K summary
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Issuer:     NORTECH SYSTEMS INC (NSYS)
CIK:        0000722313
Form:       8-K
Filed at:   2022-03-02T23:59:59+00:00
Accession:  0001437749-22-004928
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nortech Systems enters new employment agreement with CEO Jay D. Miller through 2024
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- Base salary set at $498K for first year, increasing to $520K for second year; Board may increase but not decrease without consent.
- Bonus eligible at up to 60% of base salary based on annual performance criteria set by Board.
- Grant of 42,000 non-qualified stock options; 50% vests over 5 years (5,000 each Feb 27 in 2025-2027, 3,000 in 2028-2029), 50% tied to performance metrics.
- Severance: upon termination without cause or for good reason, receives base salary for longer of remaining term or 18 months, prorated bonus, COBRA for up to 18 months, and full option vesting.
- Upon Change of Control within 12 months, severance includes maximum bonus for year, base salary for 18 months or remaining term, and immediate full vesting.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722313/000143774922004928/0001437749-22-004928-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722313/000143774922004928/nsys20220301_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-004928

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