UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported) - February 15, 2008
IEC
ELECTRONICS CORP.
(Exact
Name of Registrant as Specified in its Charter)
Delaware
(State
or
Other Jurisdiction of Incorporation)
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0-6508
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13-3458955
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(Commission
File Number)
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(IRS
Employer Identification No.)
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105
Norton Street, Newark, New York 14513
(Address
of principal executive offices)(Zipcode)
(315)
331-7742
(Registrant’s
Telephone Number, Including Area Code)
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under
the Exchange Act (17
CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
5.02
Effective
February 15, 2008 Brian Davis retired as Vice President and Chief Financial
Officer of IEC Electronics Corp. (the “Company”) and Michael Schlehr was
appointed to that position effective February 18, 2008.
Mr.
Schlehr, age 46, has served as Vice President of Finance and Administration
for
the Process Solutions Group of Robbins & Myers, Inc from 2005 until 2008 and
as Director of Operations Accounting for Birdseye Foods Inc from 2000 until
2005.
Under
the
terms of a Letter Agreement with the Company, Mr. Schlehr, will receive an
annual base salary of $155,000, a hiring bonus of $5,000 and incentive stock
options for 50,000 shares of stock, at an exercise price of $1.70, the closing
price of the Company’s stock on the date of grant. The option has a seven year
term and will vest as follows: 50% on February 18, 2011 and 50% on February
18,
2012. In the event of Mr. Schlehr’s termination of employment for any reason
other than cause he will be entitled to six months of severance
compensation and six months of health insurance provided by the Company. He
is
entitled to participate in the Company's Senior Management Incentive Plan with
a
guaranteed first year's payment of $35,000.
The
information in this Form 8-K and Exhibit 99.1 attached hereto shall not be
deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liabilities of that Section, nor shall it
be
deemed incorporated by reference in any filing under the Securities Act of
1933
or the Securities Exchange Act of 1934, except as shall be expressly set forth
by specific reference in such filing.
Neither
the filing of any exhibit to this report nor the inclusion in such exhibits
of a
reference to IEC Electronics Corp.’s Internet address shall, under any
circumstances, be deemed to incorporate the information available at such
address into this report. The information available at IEC Electronics Corp.’s
Internet address is not part of this report.
Item
9.01 Financial
Statements and Exhibits
(d) Exhibits
99.1
Press Release issued by IEC Electronics Corp. dated February 19,
2008.
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.
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IEC
Electronics Corp.
(Registrant)
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| Date:
February 19, 2008 |
By: |
/s/
W.
Barry Gilbert |
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W.
Barry Gilbert |
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Chairman,
Chief Executive Officer
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