Nortech Systems hires Andrew LaFrence as CFO, effective Dec. 1, 2023

NORTECH SYSTEMS INC

Andrew LaFrence appointed CFO and Senior VP of Finance effective Dec. 1, 2023, succeeding Alan Nordstrom.
Annual base salary of $315,000; eligible for bonus up to 45% of base salary.
Received non-qualified stock option for 40,000 shares at $9.04, vesting over 5 years.
Employment term through Nov 30, 2024, with auto-renewal; severance for termination without cause or after change of control.
LaFrence has 39 years of experience; prior CFO roles at Vyant Bio, KORU Medical, StemoniX, Biothera, and Surmodics.

item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Alan Nordstrom

Chief Financial Officer

NSYS · NORTECH SYSTEMS INC

Effective: 2023-12-01
Successor: Andrew D.C. LaFrence
Filed: December 5, 2023, 6:59 PM ET

Mr. LaFrence assumed the duties of chief financial officer and principal accounting officer from Alan Nordstrom.

Appointed

Andrew D.C. LaFrence

Chief Financial Officer and Senior Vice President of Finance

NSYS · NORTECH SYSTEMS INC

Effective: 2023-12-01
Filed: December 5, 2023, 6:59 PM ET

On December 1, 2023, the Company entered into an Employment Agreement with Andrew D. C. LaFrence (the “LaFrence Agreement”) as the Company’s Chief Financial Officer and Senior Vice President of Finance effective December 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.85

Alan Nordstrom departed as Chief Financial Officer at NORTECH SYSTEMS INC.

Action: departed
Role: Chief Financial Officer

Exact text from the filing

Mr. LaFrence assumed the duties of chief financial officer and principal accounting officer from Alan Nordstrom.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew D.C. LaFrence was appointed as Chief Financial Officer and Senior Vice President of Finance at NORTECH SYSTEMS INC.

Action: appointed
Role: Chief Financial Officer and Senior Vice President of Finance

Exact text from the filing

On December 1, 2023, the Company entered into an Employment Agreement with Andrew D. C. LaFrence (the “LaFrence Agreement”) as the Company’s Chief Financial Officer and Senior Vice President of Finance effective December 1, 2023.

View on SEC.gov

NORTECH SYSTEMS INC filing history →

Source: SEC EDGAR

accession 0001437749-23-033686

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