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[8-K] BRADY CORP Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Brady Corporation entered into a Change of Control Agreement with Andrew T. Gorman, its General Counsel and Secretary, replacing his prior April 6, 2020 agreement. The new agreement, approved by the Management Development and Compensation Committee, aligns Mr. Gorman’s severance arrangements with those of other named executive officers. It provides that if Mr. Gorman experiences a qualifying termination within 24 months after a change of control, he would receive two times his annual base salary and two times his target bonus. The filing notes the written agreement is filed as Exhibit 10.1 and the summary here is qualified by that document.

Brady Corporation ha stipulato un Change of Control Agreement con Andrew T. Gorman, suo Avvocato Generale e Segretario, sostituendo il precedente accordo del 6 aprile 2020. L'accordo, approvato dal Management Development and Compensation Committee, allinea le indennità di licenziamento del signor Gorman a quelle degli altri dirigenti nominati. Prevede che, se il signor Gorman dovesse subire una terminazione qualificata entro 24 mesi da un cambio di controllo, riceverà due volte il suo stipendio base annuo e due volte il suo bonus obiettivo. Il fascicolo indica che l'accordo scritto è allegato come Exhibit 10.1 e il riassunto qui riportato è soggetto a quel documento.
Brady Corporation suscribió un Change of Control Agreement con Andrew T. Gorman, su Asesor Jurídico General y Secretario, reemplazando su anterior acuerdo del 6 de abril de 2020. El nuevo acuerdo, aprobado por el Management Development and Compensation Committee, alinea las indemnizaciones por despido de don Gorman con las de los demás altos ejecutivos nombrados. Establece que si don Gorman sufre una terminación calificada dentro de los 24 meses posteriores a un cambio de control, recibiría dos veces su salario base anual y dos veces su bonificación objetivo. La presentación señala que el acuerdo escrito se presenta como el Anexo 10.1 y el resumen aquí indicado está sujeto a ese documento.
브래디 코퍼레이션은 회사의 일반 법무 책임자이자 비서인 Andrew T. Gorman과 Change of Control Agreement를 체결했고, 2020년 4월 6일의 이전 계약을 대체합니다. 관리 개발 및 보상 위원회가 승인한 새 계약은 Gorman 씨의 해고 보상을 다른 주요 임원들의 보상과 일치시키며, 지배구조 변화 후 24개월 이내에 자격 있는 해고가 발생할 경우 연간 기본급의 두 배목표 보너스의 두 배를 받게 된다고 명시합니다. 제출 문서에는 이 서면 계약이 Exhibit 10.1로 첨부되어 있으며, 이 요약은 그 문서에 의해 제한됩니다.
Brady Corporation a conclu un Change of Control Agreement avec Andrew T. Gorman, son avocat général et secrétaire, remplaçant son accord précédent du 6 avril 2020. Le nouvel accord, approuvé par le Management Development and Compensation Committee, aligne les arrangements de départ de M. Gorman sur ceux des autres dirigeants nommés. Il prévoit que si M. Gorman subit une termination qualifiée dans les 24 mois suivant un changement de contrôle, il recevra deux fois son salaire de base annuel et deux fois son bonus cible. Le dossier indique que l’accord écrit est déposé comme Exhibit 10.1 et que le résumé ici est qualifié par ce document.
Brady Corporation hat eine Change of Control Agreement mit Andrew T. Gorman, seinem General Counsel und Secretary, geschlossen und damit sein früheres Abkommen vom 6. April 2020 ersetzt. Das neue Abkommen, genehmigt vom Management Development and Compensation Committee, richtet Gormans Abfindungsregelungen an die von anderen benannten Führungskräften aus. Es sieht vor, dass er bei einer qualifizierten Beendigung innerhalb von 24 Monaten nach einem Change of Control zweimal sein jährliches Grundgehalt und zweimal seine Zielbonussumme erhält. Die Einreichung vermerkt, dass das schriftliche Abkommen als Exhibit 10.1 beigefügt ist und die hier zusammengefassten Inhalte durch dieses Dokument eingeschränkt sind.
وقّرت شركة Brady Corporation اتفاقية تغيّر السيطرة مع السيد Andrew T. Gorman، مستشارها العام وأمين سرها، لتستبدل اتفاقه السابق المؤرخ في 6 أبريل 2020. وتوافق اللجنة المعنية بتطوير الإدارة والتعويضات على الاتفاق الجديد، الذي ينسّق ترتيبات تعويض الإنهاء لدى السيد غورمان مع باقي كبار الموظفين المعينين. تنص الاتفاقية على أنه إذا تعرّض السيد غورمان لإنهاء مؤهل خلال 24 شهرًا من تغيّر التحكم، فسوف يتلقى مبلغ يساوي مرتبه الأساسي السنوي مضاعفًا ومضاعف من مكافأته المستهدفة. وتفيد الوثيقة بأن الاتفاق المكتوب مُدرج كـ Exhibit 10.1 وأن الملخص هنا مكفول بذلك الوثيقة.
Brady Corporation 与其法务总顾问兼秘书 Andrew T. Gorman 签订了一份控制权变更协议,取代了他此前于2020年4月6日的协议。新协议经管理发展与薪酬委员会批准,将Gorman先生的辞退安排与其他指定高级管理人员的安排统一。协议规定,如果Gorman先生在控制权变更后24个月内发生符合条件的终止,他将获得年基本工资的两倍目标奖金的两倍。文件提到该书面协议作为 Exhibit 10.1 件列出,此处的摘要受该文档约束。
Positive
  • Alignment of Mr. Gorman's change‑of‑control terms with other named executive officers, reducing internal inconsistency
  • Clear double‑trigger severance formula: two times annual base salary and two times target bonus, providing retention clarity
Negative
  • Contingent compensation obligation increased for potential change‑of‑control scenarios; exact dollar exposure is not disclosed in this filing

Insights

TL;DR: Change-of-control severance standardized; limited immediate cash impact but increases contingent post-change obligations.

The agreement formalizes a double‑trigger severance equal to two times base salary and two times target bonus for the general counsel if terminated within 24 months of a change in control. This aligns compensation with other named executives, reducing intra-company inconsistency and potential retention risk around a transaction. The arrangement creates contingent liability that could be payable upon a qualifying termination, but the filing does not disclose Mr. Gorman's current salary or bonus target, so the dollar exposure is not quantifiable from this report.

TL;DR: Governance update standardizes executive protections; committee approval indicates routine board oversight.

The Management Development and Compensation Committee approved the replacement agreement to align terms across named executives, suggesting a deliberate governance decision to harmonize post‑change protections. The double‑trigger structure (change of control plus qualifying termination within 24 months) is common practice and intended to preserve independence during transaction periods. The report references Exhibit 10.1 for full terms; without that exhibit the filing provides only the key payment multipliers and the 24‑month window.

Brady Corporation ha stipulato un Change of Control Agreement con Andrew T. Gorman, suo Avvocato Generale e Segretario, sostituendo il precedente accordo del 6 aprile 2020. L'accordo, approvato dal Management Development and Compensation Committee, allinea le indennità di licenziamento del signor Gorman a quelle degli altri dirigenti nominati. Prevede che, se il signor Gorman dovesse subire una terminazione qualificata entro 24 mesi da un cambio di controllo, riceverà due volte il suo stipendio base annuo e due volte il suo bonus obiettivo. Il fascicolo indica che l'accordo scritto è allegato come Exhibit 10.1 e il riassunto qui riportato è soggetto a quel documento.
Brady Corporation suscribió un Change of Control Agreement con Andrew T. Gorman, su Asesor Jurídico General y Secretario, reemplazando su anterior acuerdo del 6 de abril de 2020. El nuevo acuerdo, aprobado por el Management Development and Compensation Committee, alinea las indemnizaciones por despido de don Gorman con las de los demás altos ejecutivos nombrados. Establece que si don Gorman sufre una terminación calificada dentro de los 24 meses posteriores a un cambio de control, recibiría dos veces su salario base anual y dos veces su bonificación objetivo. La presentación señala que el acuerdo escrito se presenta como el Anexo 10.1 y el resumen aquí indicado está sujeto a ese documento.
브래디 코퍼레이션은 회사의 일반 법무 책임자이자 비서인 Andrew T. Gorman과 Change of Control Agreement를 체결했고, 2020년 4월 6일의 이전 계약을 대체합니다. 관리 개발 및 보상 위원회가 승인한 새 계약은 Gorman 씨의 해고 보상을 다른 주요 임원들의 보상과 일치시키며, 지배구조 변화 후 24개월 이내에 자격 있는 해고가 발생할 경우 연간 기본급의 두 배목표 보너스의 두 배를 받게 된다고 명시합니다. 제출 문서에는 이 서면 계약이 Exhibit 10.1로 첨부되어 있으며, 이 요약은 그 문서에 의해 제한됩니다.
Brady Corporation a conclu un Change of Control Agreement avec Andrew T. Gorman, son avocat général et secrétaire, remplaçant son accord précédent du 6 avril 2020. Le nouvel accord, approuvé par le Management Development and Compensation Committee, aligne les arrangements de départ de M. Gorman sur ceux des autres dirigeants nommés. Il prévoit que si M. Gorman subit une termination qualifiée dans les 24 mois suivant un changement de contrôle, il recevra deux fois son salaire de base annuel et deux fois son bonus cible. Le dossier indique que l’accord écrit est déposé comme Exhibit 10.1 et que le résumé ici est qualifié par ce document.
Brady Corporation hat eine Change of Control Agreement mit Andrew T. Gorman, seinem General Counsel und Secretary, geschlossen und damit sein früheres Abkommen vom 6. April 2020 ersetzt. Das neue Abkommen, genehmigt vom Management Development and Compensation Committee, richtet Gormans Abfindungsregelungen an die von anderen benannten Führungskräften aus. Es sieht vor, dass er bei einer qualifizierten Beendigung innerhalb von 24 Monaten nach einem Change of Control zweimal sein jährliches Grundgehalt und zweimal seine Zielbonussumme erhält. Die Einreichung vermerkt, dass das schriftliche Abkommen als Exhibit 10.1 beigefügt ist und die hier zusammengefassten Inhalte durch dieses Dokument eingeschränkt sind.
0000746598false00007465982025-09-162025-09-16

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): September 16, 2025
BRADY CORPORATION
(Exact name of registrant as specified in its charter)
Commission File Number 1-14959
Wisconsin 39-0178960
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
6555 West Good Hope Road
Milwaukee, Wisconsin 53223
(Address of principal executive offices and Zip Code)
(414) 358-6600
(Registrant’s Telephone Number)
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 classTrading SymbolName of each exchange on which registered
Class A Nonvoting Common Stock, par value $0.01 per shareBRCNew York Stock 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 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
On September 16, 2025, Brady Corporation (the “Company”) entered into a Change of Control Agreement (the “Agreement”) with Andrew T. Gorman, General Counsel and Secretary, which replaces and supersedes the existing Change of Control Agreement between the Company and Mr. Gorman, dated April 6, 2020. The Agreement was approved by the Management Development and Compensation Committee of the Board of Directors to align with the terms of similar agreements with the Company’s other named executive officers. Under the Agreement, Mr. Gorman will receive two times his annual base salary and two times his target bonus in the event of a qualifying termination within 24 months following a change of control (as such events are defined in the Agreement). The description of the Agreement contained herein is a summary only and is qualified by the terms of the Agreement that is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

EXHIBIT NUMBERDESCRIPTION
10.1
Change of Control Agreement between the Company and Andrew T. Gorman dated as of September 16, 2025.
104Cover Page Interactive Data File (embedded within Inline XBRL document).


SIGNATURE
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.
 
  BRADY CORPORATION
Date: September 19, 2025 
 /s/ ANN E. THORNTON
 Ann E. Thornton
 Chief Financial Officer, Chief Accounting Officer and Treasurer


FAQ

What change did Brady Corporation (BRC) announce regarding Andrew T. Gorman?

Brady Corporation announced a new Change of Control Agreement with Andrew T. Gorman replacing his April 6, 2020 agreement, aligning terms with other executives.

What severance payments does the new agreement provide under Brady's 8‑K?

The agreement provides two times Mr. Gorman's annual base salary and two times his target bonus if he has a qualifying termination within 24 months after a change of control.

Who approved the new Change of Control Agreement at Brady (BRC)?

The agreement was approved by the Management Development and Compensation Committee of Brady's Board of Directors.

Is the full text of the Change of Control Agreement included in the filing?

The filing states the agreement is filed as Exhibit 10.1 and that the summary is qualified by that exhibit.

Does the 8‑K disclose the dollar amount of potential severance for Mr. Gorman?

No. The 8‑K specifies multipliers (two times salary and bonus) but does not disclose Mr. Gorman's current base salary or target bonus.
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