Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective May 1, 2023, Crawford United Corporation (the "Company") will appoint
Jeff Salay as the Company's Vice President and Chief Financial Officer. Mr.
Salay, age 38, joins the Company from Diebold Nixdorf, Incorporated (NYSE: DBD),
where he has served as Chief Accounting Officer since July 2022 and served as
Corporate Controller from November 2020 to July 2022. Prior to that, he was
Senior Assurance Manager with Ernst & Young LLP from December 2014 to November
2020. Mr. Salay began his career with KPMG LLP. He is a licensed Certified
Public Accountant in Ohio and is a graduate of Ohio Northern University, summa
cum laude.
In connection with Mr. Salay's appointment as Vice President and Chief Financial
Officer, his base salary will be $265,000 on an annualized basis and he will be
eligible to participate in the Company's profit-sharing plan for executives and
other standard employee benefit arrangements.
There are no arrangements or undertakings between Mr. Salay and other persons
pursuant to which he was selected to serve as the Company's Vice President and
Chief Financial Officer, nor are there any family relationships between Mr.
Salay and any of the Company's directors or executive officers. Mr. Salay has no
material interest in any transactions, relationships or arrangements with the
Company that would require disclosure under Item 404(a) of Regulation S-K
promulgated under the Securities Exchange Act of 1934, as amended.
Mr. Salay will succeed John P. Daly, who, on March 29, 2023, informed the
Company of his resignation as the Company's Vice President and Chief Financial
Officer, effective April 30, 2023. In connection with Mr. Daly's resignation,
the Company has entered into a Separation Agreement and Release dated March 31,
2023 (the "Separation Agreement") with Mr. Daly. Under the Separation Agreement,
if Mr. Daly signs the related release and does not revoke it within the
statutory seven-day revocation period, he will be entitled to continue to
receive his base salary and health care benefits through May 31, 2023. The
foregoing summary is qualified in its entirety by the full text of the
Separation Agreement, which is filed as Exhibit 10.1 to this Current Report on
Form 8-K.
Item 7.01. Regulation FD Disclosure.
On April 4, 2023, the Company issued a press release regarding the appointment
of its new Chief Financial Officer. The full text of the press release is
furnished as Exhibit 99.1 to this Current Report on Form 8-K.
--------------------------------------------------------------------------------
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
10.1 Separation Agreement and Release by and between Crawford United
Corporation and John P. Daly.
99.1 Press Release, dated April 4, 2023.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses
CRAWFORD UNITED CORPORATION 
