sypris8k051209.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 6, 2009
Sypris
Solutions, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-24020
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61-1321992
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer
Identification
No.)
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101
Bullitt Lane, Suite 450
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Louisville,
Kentucky
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40222
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(Address
of Principal
Executive
Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (502) 329-2000
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Section
5 – Corporate Governance and Management
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Item
5.02 –
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Departure
of Directors or Certain Executive Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
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On May 6,
2009, the Company accepted the resignation of M. Glen French as the principal
accounting officer and Controller for Sypris Solutions, Inc. (the “Company”),
effective as of May 12, 2009. Also effective as of May 12, 2009, the
Company has appointed Rebecca R. Eckert to serve as the Company’s principal
accounting officer and Controller. Mrs. Eckert, age 30, had served as
the Company’s Financial Planning Manager from May 2005 to May 2009 and as a
Senior Auditor for
Ernst & Young LLP from October 2002 to April 2005.
On May
12, 2009, the Company’s Board of Directors (the “Board”) and the Compensation
Committee of the Board (the “Committee”) granted incentive awards to certain key
employees, including Chief Financial Officer, Brian A. Lutes, and Senior Vice
President, Richard L. Davis. These incentive awards will become fully
vested by May 12, 2012, the third anniversary of the grant, but are subject to
forfeiture if the participant resigns or is terminated for cause before that
date. The Company has the right to pay such awards in cash or an
equivalent value of stock. Accordingly, Mr. Lutes and Mr. Davis will
be entitled to receive up to $450,000 as of the third anniversary of the grant
date.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Sypris Solutions,
Inc. |
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Dated:
May 12, 2009
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By:
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/s/
John R. McGeeney |
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John R.
McGeeney |
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General
Counsel and Secretary |
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