UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code:
N/A
(Former name or former address, if changed since last report)
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)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Fiscal 2022 Annual Executive Cash Bonus Program. On July 28, 2021, Graham Corporation’s (the “Company”) Compensation Committee renewed and amended the Company’s Annual Executive Cash Bonus Program (the “Cash Bonus Program”) for the fiscal year ending March 31, 2022 (“Fiscal 2022”). The objective of the Cash Bonus Program is to motivate the Company’s named executive officers to attain short-term objectives through an annual cash bonus related both to Company and personal performance. On July 28, 2021, the Compensation Committee set target bonus levels under the Cash Bonus Program for Fiscal 2022 at 100% attainment of both Company and personal objectives, as follows: Mr. Lines — 80% of base salary; Mr. Glajch — 50% of base salary; and Mr. Smith — 50% of base salary. Each named executive officer will be eligible to receive anywhere from 0% to 200% of his target bonus level depending on the attainment of such objectives. A summary of the performance goal weightings for the Company’s named executive officers for Fiscal 2022 is as follows:
| Named Executive Officer |
Net Income (1) | Bookings (2) | Personal Goals | |||
| James R. Lines |
40% | 40% | 20% | |||
| Jeffrey Glajch |
40% | 40% | 20% | |||
| Alan E. Smith |
40% | 40% | 20% |
| (1) | For Messrs. Lines and Glajch net income includes consolidated net income and for Mr. Smith net income includes consolidated net income (10%) and divisional income (30%). |
| (2) | For Messrs. Lines and Glajch bookings include consolidated bookings and for Mr. Smith bookings include consolidated bookings (10%) and divisional bookings (30%). |
The Cash Bonus Program in effect for Fiscal 2022, with respect to the Company’s named executive officers, is attached to this Current Report on Form 8-K as Exhibit 99.1 and the above summary of the Cash Bonus Program is qualified in its entirety by reference to such Exhibit 99.1.
| Item 5.07 | Submission of Matters to a Vote of Security Holders. |
At the Annual Meeting of Stockholders held on July 28, 2021, the stockholders of the Company voted on the matters described below.
| 1. | The Company’s stockholders elected three directors, each for a three-year term expiring in 2024 or until his or her successor is duly elected and qualified. The number of shares that: (i) voted for the election of each such director; (ii) withheld authority to vote for each such director; and (iii) represented broker non-votes with respect to each such director is summarized in the table below. |
| Director Nominee |
Votes For |
Votes Withheld |
Broker Non-Votes | |||
| Alan Fortier |
6,878,264 | 1,468,561 | 959,788 | |||
| James R. Lines |
8,028,764 | 318,061 | 959,788 | |||
| Lisa M. Schnorr |
8,124,632 | 222,193 | 959,788 |
| 2. | On an advisory basis, the Company’s stockholders approved the compensation of the Company’s named executive officers as such compensation information was disclosed in the Company’s definitive proxy statement filed with the Securities and Exchange Commission and dated June 16, 2021, including the Compensation Discussion and Analysis, compensation tables and other related narrative disclosures included therein. The table below summarizes the number of shares that voted for, against and abstained from voting on the compensation of the Company’s named executive officers, as well as the number of shares representing broker non-votes with respect to such advisory vote. |
| Votes For |
Votes Against |
Abstentions |
Broker Non-Votes | |||
| 7,711,920 |
552,485 | 82,415 | 959,793 |
| 3. | The Company’s stockholders ratified the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2022. The number of shares that voted for, against and abstained from voting for the ratification of the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2022 is summarized in the table below. |
| Votes For |
Votes Against |
Abstentions | ||
| 8,831,698 |
162,757 | 312,158 |
| Item 8.01. | Other Events. |
On July 28, 2021, the Company issued a press release announcing the payment of a cash dividend. The Company’s press release is attached to this Current Report on Form 8-K as Exhibit 99.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Graham Corporation Annual Executive Cash Bonus Program in effect for Company’s named executive officers for the fiscal year ending March 31, 2022. | |
| 99.2 | Press Release dated July 28, 2021 regarding the payment by Graham Corporation of a cash dividend. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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.
| Graham Corporation | ||||||||
| Date: July 29, 2021 |
By: | /s/ Jeffrey Glajch |
||||||
| Jeffrey Glajch | ||||||||
| Vice President – Finance & Administration and | ||||||||
| Chief Financial Officer | ||||||||