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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
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Date of Report (Date of earliest event reported): September 22, 2026 |
METHODE ELECTRONICS, INC.
(Exact name of Registrant as Specified in Its Charter)
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Delaware |
001-33731 |
36-2090085 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(IRS Employer
Identification No.) |
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25650 W 11 Mile Rd |
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Southfield, Michigan |
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48034 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (708) 867-6777 |
(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:
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Title of each class
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Trading
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Name of each exchange on which registered
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Common Stock, $0.50 Par Value |
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MEI |
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New 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 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.
On September 22, 2026, the Compensation Committee (the “Committee”) of the Board of Directors of Methode Electronics, Inc. (“Methode” or the “Company”) awarded time-based restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) to the Company’s executive officers. The RSUs and PSUs were each awarded under the Methode Electronics, Inc. 2026 Omnibus Incentive Plan (the “2026 Plan”).
Together, the RSUs and PSUs awarded to executive officers represent the Company’s long-term incentive program for fiscal 2027 (the “2027 LTI Program”). The 2027 LTI Program was adopted by the Committee after a comprehensive review of the various design alternatives and market practices presented by the Committee’s independent executive compensation consultant, Frederic W. Cook & Co., Inc. The Compensation Committee believes the mix of performance-based and time-based awards supports Methode’s operating performance and retention objectives. The tables below set forth details regarding the awards:
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Executive |
RSUs |
Target PSUs |
Jonathan B. DeGaynor Chief Executive Officer |
155,840 |
155,840 |
Laura Kowalchik Chief Financial Officer |
41,831 |
41,830 |
Lars Ullrich SVP, Global Automotive |
27,625 |
27,624 |
John Erwin Chief Procurement Officer |
18,045 |
18,044 |
Kerry A. Vyverberg General Counsel |
16,634 |
16,634 |
Time-Based RSUs
The RSUs are subject to a three-year vesting period based on continued service, with 33%, 33% and 34% of the award vesting on each of the first three anniversaries of the grant date. Dividend equivalents will not be paid on the RSUs until the units have vested. At such time, the executives will be entitled to a dividend equivalent payment based on the dividends declared during the vesting period and the number of vested RSUs.
Subject to the terms of the applicable award agreement, (i) in the event of an executive’s death, disability or qualifying retirement (as defined in the agreement), all unvested RSUs will become immediately and fully vested and (ii) in the event an executive is terminated without cause, a prorated number of RSUs will vest through the date of termination subject to the executive’s execution of a general release. In the event of a change in control of the Company, as defined in the 2026 Plan, in which either (a) the successor company does not assume or replace the RSUs or (b) the successor company assumes or replaces the RSUs and then the executive is terminated without cause or resigns for good reason within two years, any unvested RSUs will immediately vest.
Performance-Based PSUs
The PSUs may be earned on July 15, 2029 based on a cumulative three-year performance period relative to established goals for threshold, target and maximum performance. The performance measures are based on return on invested capital (ROIC) and annualized total stockholder return (TSR), in each case through the end of the Company’s fiscal 2029, with 60% of the award allocated to the TSR measure and 40% to ROIC. For performance below the threshold level of each performance measure, no shares would be earned with respect to that measure. For performance at threshold levels, 50% of the underlying shares would be earned, with 100% of the shares earned at the target levels of performance and a maximum of 200% earned at the maximum levels, with share payments prorated between these levels. Dividends will not be paid on the PSUs until the shares have been earned. At such time, the executives will be entitled to a dividend equivalent payment based on the dividends declared during the restricted period and the number of shares earned.
Subject to the terms of the applicable award agreement, (i) in the event of an executive’s death or disability prior to the end of the three-year performance period, all unvested PSUs will become immediately and fully vested at target levels; (ii) in the event of an executive’s qualifying retirement (as defined in the agreement), the PSUs will vest (if at all) at the end of the performance period based upon actual performance; and (iii) in the event an executive is terminated without cause, a prorated number of PSUs, based on the date of termination, will vest at the end of the performance period based on actual performance. In the event of a change in control of the Company prior to the end of the three-year performance period, in which either (a) the successor company does not assume or replace the PSUs or (b) the successor company assumes or replaces the PSUs and then the executive is terminated without cause or resigns for good reason within two years, any unvested PSUs will immediately vest at target performance levels.
CEO Award
On September 22, 2026, the Committee awarded 150,000 time-based RSUs to Jonathan DeGaynor under the 2026 Plan (the “CEO Award”). The Committee granted the CEO Award after review with Frederic W. Cook & Co., Inc. The Compensation Committee believes the CEO Award is critical to ensure Mr. DeGaynor’s retention as he continues to lead Methode in its ongoing transformation.
The Compensation Committee determined a five-year cliff vest is appropriate and the CEO Award vests in full on September 22, 2031, subject to Mr. DeGaynor’s continued employment. Dividend equivalents will not be paid on the CEO Award until the units have vested. At such time, Mr. DeGaynor will be entitled to a dividend equivalent payment based on the dividends declared during the vesting period and the number of vested units.
Subject to the terms of the award agreement, (i) in the event of Mr. DeGaynor’s death or disability, all unvested RSUs will become immediately and fully vested and (ii) in the event Mr. DeGaynor is terminated without cause, a prorated number of RSUs will vest through the date of termination subject to his execution of a general release. In the event of a change in control of the Company, as defined in the 2026 Plan, in which either (a) the successor company does not assume or replace the RSUs or (b) the successor company assumes or replaces the RSUs and then Mr. DeGaynor is terminated without cause or resigns for good reason within two years, any unvested RSUs will immediately vest.
Award Agreements
The descriptions of these awards are qualified by reference to the full text of the Form of Time-Based Restricted Stock Unit Award Agreement (2026 Plan), Form of Performance-Based Restricted Stock Unit Award Agreement (2026 Plan) and Form of CEO Restricted Stock Unit Award Agreement, attached hereto as Exhibit 10.1, 10.2 and 10.3, respectively.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
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Description |
10.1 |
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Form of Time-Based Restricted Stock Unit Award Agreement (2026 Plan) |
10.2 |
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Form of Performance-Based Restricted Stock Unit Award Agreement (2026 Plan) |
10.3 |
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Form of CEO Restricted Stock Unit Award Agreement (2026 Plan) |
104 |
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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.
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Methode Electronics, Inc. |
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Date: |
September 25, 2026 |
By: |
/s/ Laura Kowalchik |
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Laura Kowalchik
Chief Financial Officer |
