UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 21, 2023, Sturm, Ruger & Company, Inc. (the “Company”) entered into a separation agreement (the “Sullivan Agreement”) with Thomas P. Sullivan (“Sullivan”), Senior Vice President of Strategy and Development, whose employment with the Company will end on December 31, 2023.
The Sullivan Agreement provides for (i) Mr. Sullivan’s employment with the Company to end on December 31, 2023, (ii) the Company to pay Mr. Sullivan at the rate of $400,000 per annum from January 1, 2024 through June 30, 2025 (the “Separation Period”), (iii) the continued vesting of Mr. Sullivan’s restricted stock unit awards during the Separation Period, and (iv) a prohibition against Mr. Sullivan engaging in certain activities that compete or interfere with the Company from January 1, 2024 through June 30, 2025.
The foregoing description of the Sullivan Agreement is qualified in its entirety by reference to the complete terms and conditions of the Sullivan Agreement, which are attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
| Exhibit No. | Description |
| 99.1 | Separation Agreement, dated as of December 21, 2023 by and between Sturm, Ruger, & Co., Inc. and Thomas P. Sullivan. |
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.
| STURM, RUGER & COMPANY, INC. | |||
| By: | /S/ THOMAS A. DINEEN | ||
| Name: | Thomas A. Dineen | ||
| Title: | Principal Financial Officer, | ||
| Principal Accounting Officer, | |||
| Senior Vice President, Treasurer and | |||
| Chief Financial Officer | |||
Dated: December 22, 2023
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