Bel Fuse Inc. (BELFA) filed a Form 8K - Director, Officer or Compensation Filing - with the U.S Securities and Exchange Commission on July 02, 2026.
On July 1, 2026, the compensation committee (the "Committee") of the Board of Directors of Bel Fuse, Inc. (the "Company") authorized and approved the First Amendment (the "Tuweiq First Amendment") to the Amended and Restated Employment Agreement by and between the Company and Farouq Tuweiq, the Company's President and Chief Executive Officer (the "Tuweiq Employment Agreement") and the First Amendment (the "Hutkin First Amendment") to the Employment Agreement by and between the Company and Lynn Hutkin, the Company's Chief Financial Officer and Principal Accounting Officer (the "Hutkin Employment Agreement"). These amendments to each respective employment agreement were executed on July 2, 2026 and were effective as of June 1, 2026.
The changes to the Tuweiq Employment Agreement resulting from the Tuweiq First Amendment are to:
● increase his base salary from $600,000 to $725,000;
● increase his target annual variable compensation from $1,600,000 to $2,100,000, and change the allocation of his variable compensation from 50% cash and 50% in the form of time-based restricted stock units ("RSUs") to 40% cash and 60% RSUs; and
● increase his annual Long-Term Performance Award (as defined in the Tuweiq Employment Agreement) from $1,200,000 to $1,875,000.
The changes to the Hutkin Employment Agreement resulting from the Hutkin First Amendment are to:
● increase her base salary from $300,000 to $400,000;
● increase her annual variable compensation percentage from 125% to 150% of base salary, and change the allocation of her variable compensation from 60% cash and 40% in the form of RSUs to 55% cash and 45% RSUs; and
● increase the percentage of her annual Long-Term Performance Award (as defined in the Hutkin Employment Agreement) from 75% to 100% of base salary.
The foregoing descriptions of the Tuweiq First Amendment and the Hutkin First Amendment are summaries only and are qualified in their entirety by reference to the full text of the Tuweiq First Amendment and the Hutkin First Amendment, respectively, which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated herein by reference.
The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/729580/000143774926022539/belfa20260701_8k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/729580/000143774926022539/0001437749-26-022539-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.