LCI Industries
06/09/2025 | Press release | Distributed by Public on 06/09/2025 06:34
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 6, 2025, Andrew J. Namenye, Executive Vice President, Chief Legal and HR Officer, and Corporate Secretary of LCI Industries (the "Company"), notified the Company of his intention to voluntarily resign from the Company. To support an orderly transition, Mr. Namenye intends to remain an employee at the Company until July 31, 2025.
On June 6, 2025, Mr. Namenye and the Company, Lippert Components, Inc., Lippert Components Manufacturing, Inc., and all related companies, entered into a Separation Agreement and General Release (the "Separation Agreement"). The Separation Agreement provides that Mr. Namenye's employment will terminate on July 31, 2025, or a date sooner as determined by the Company (the "Separation Date"). Between June 6, 2025, and the Separation Date, Mr. Namenye's salary, benefits, and title will remain the same as prior to the entry into the Separation Agreement, though his duties and responsibilities will be transitioned to others over such period.
The Separation Agreement includes a mutual general release of claims. The Separation Agreement also provides that, subject to the execution and non-revocation of a further release following the Separation Date, Mr. Namenye will receive severance compensation and other benefits that are substantially similar to those set forth in the Executive Employment Agreement, dated as of July 26, 2022, between Mr. Namenye and Lippert Components, Inc. that would be provided in the event of a voluntary resignation by Mr. Namenye with good reason and include: (i) an amount equivalent to two times Mr. Namenye's annual base salary, in the gross amount of $1.25 million, payable over the 24-month period following the Separation Date, (ii) an amount equivalent to two times Mr. Namenye's average bonus or incentive compensation paid during the prior three years, in the gross amount of $887,418, payable over the 24-month period following the Separation Date, (iii) an amount payable related to the Company's current management incentive plan, in the gross amount of $662,500, to be paid no later than January 9, 2026, (iv) accelerated vesting on the Separation Date of all unvested restricted stock units held by Mr. Namenye, (v) a lump sum amount equivalent to 12 months of COBRA premiums, in the gross amount of $15,000, payable within 30 days following the Separation Date, and (vi) six months of outplacement services. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference and constitutes a part of this report.
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