Current Report · Items 5.02, 8.01, 9.01 · 8-K
Nortech Systems Incorporated
NSYSNASDAQEQUITYCurrent
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · Other Events
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Andrew Walko Employment Agreement (b) On January 5, 2026, Nortech Systems Incorporated (the “Company”) entered into an Employment Agreement with Andrew Walko (the “Walko Agreement”) as the Company’s Senior Vice President of Global Operations e…
Filed Jan 6, 2026Accepted Jan 6, 2026, 8:00 AM ESTCIK 722313Accession 0001493152-26-000512
Company context
Nortech Systems is a leading provider of design and manufacturing solutions for complex electromedical devices, electromechanical systems, assemblies, and components. Nortech primarily serves the medical imaging, medical device, aerospace & defense, and industrial markets. Its design services span concept development to commercial design, and include medical device, software, electrical, mechanical, and biomedical engineering. Its manufacturing and supply chain capabilities are vertically integrated around wire, cable, and interconnect assemblies, printed circuit board assemblies, as well as system-level assembly, integration, and final test. Headquartered in Maple Grove, Minn., Nortech currently has six manufacturing locations and design centers across the U.S., Latin America, and Asia. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. Nortech’s website is www.nortechsys.com.
Current securities
Disclosure sections
Items 5.02, 8.01, 9.01Select an item to read the extracted section. The as-filed document remains the primary evidence.
Item 5.02Item 5.02 - Departure/Election of Directors
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
Andrew
Walko Employment Agreement
(b)
On January 5, 2026, Nortech Systems Incorporated (the “Company”) entered into an Employment Agreement with Andrew Walko (the
“Walko Agreement”) as the Company’s Senior Vice President of Global Operations effective January 19, 2026, replacing
John Lindeen who is retiring in the first quarter of 2026 as previously announced. The term of the Walko Agreement continues until
December 31, 2026 which will automatically renew for successive one-year renewal terms unless either party notifies the other party in
writing at least ninety days prior to expiration. Under the Walko Agreement, Mr. Walko is entitled to receive an annualized base salary
of $260,000 and is eligible to participate in the Company’s benefit plans. Mr. Walko is eligible for bonus compensation based upon
satisfaction of specific criteria to be determined each calendar year, with a stated payout percentage of a target of 40% of base
salary under the bonus plan.
Upon
entering into the Walko Agreement, and pursuant thereto, the Company committed to grant Mr. Walko a 25,000 share non-qualified
stock option under the Company’s 2017 Stock Incentive Plan that will vest annually in five equal installments. The stock option
will have an exercise price equal to the fair market value of the Company’s common stock on the grant date and will expire
ten years after the grant date.
The
Walko Agreement has customary non-solicitation and confidentiality provisions.
Under
the Walko Agreement, if Mr. Walko employment is terminated by the Company without Cause (as defined in the Walko Agreement) or by Mr.
Walko for Good Reason (as defined in the Walko Agreement), so long as he has signed and has not revoked a release agreement, he will
be entitled to receive severance comprised of (i) his base salary in effect at time of termination for nine months and (ii) certain
benefits set forth in the Walko Agreement.
If
Mr. Walko’s employment is terminated within 12 months after a Change of Control (as defined in the Walko Agreement) by the Company
without Cause, so long as he has signed and has not revoked a release agreement, he will be entitled to receive severance comprised of
(i) his base salary in effect at time of termination for the longer of (a) the remainder of the term of the Walko Agreement or (b) nine
months and (ii) certain benefits set forth in the Walko Agreement.
The
foregoing summary of the Walko Agreement is qualified in all respects by the Walko Agreement, a copy of which is attached hereto as Exhibit
10.1 and incorporated herein by this reference.
Item 8.01Item 8.01 - Other Events
ITEM
8.01 Other Information.
On
January 6, 2026, the Company issued a press release announcing the employment of Andrew Walko to serve as the Company’s
Senior Vice President of Global Operations effective January 19, 2026. A copy of the Company’s press release is furnished
as Exhibit 99.1 to this report.
Filed exhibits (1)
EX-99.1 (by filename) ex99-1.htmEX-99.1
3
ex99-1.htm
EX-99.1
Exhibit 99.1
Nortech
Systems Names Andrew Walko
Senior
Vice President of Global Operations
MINNEAPOLIS,
January 6, 2026 - Nortech Systems Incorporated (Nasdaq: NSYS) (“Nortech” or the “Company”), a leading provider
of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical imaging, medical
device, industrial, and aerospace & defense markets, announced today that Andrew Walko has been named Senior Vice President of Global
Operations.
“We
welcome Andrew to the Nortech team and are confident that he will provide exceptional leadership to drive the Company’s strategic
initiatives,” said Jay D. Miller, President and CEO of Nortech Systems. “Andrew brings extensive experience in the medical
device field that aligns perfectly with Nortech’s mission to deliver exceptional value by solving complex challenges in the critical
markets we serve. We know Andrew well and we’re thrilled to have him join the Nortech team.”
Walko
has extensive experience in the medical device industry including top-level executive roles at Sanuwave and Biomerics, as well as senior
manufacturing operations leadership r…
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