{"url_path":"/sec/nssc/8-k/2026-07-08/item-5-02","section_key":"item-5-02","section_title":"Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-08","source_url":"https://www.sec.gov/Archives/edgar/data/69633/0001104659-26-081794-index.html","accession_number":"0001104659-26-081794","cik":"0000069633","ticker":"NSSC","issuer_name":"NAPCO SECURITY TECHNOLOGIES, INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/69633/0001104659-26-081794-index.html","primary_entity_key":"0000069633","primary_entity_name":"NAPCO SECURITY TECHNOLOGIES, INC"},"word_count":445,"has_tables":true,"body_markdown":"**Item 5.02.     Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers**\n\nOn July 8, 2026, the Board of Directors (the “Board”) of NAPCO Security Technologies, Inc. (the “Company”), approved a leadership transition plan (the “Transition Plan”) whereby Mr. Richard Soloway, currently Chairman and Chief Executive Officer, will serve as Founder and Executive Chairman, and Mr. Kevin Buchel, currently President and Chief Operating Officer, will serve as Chief Executive Officer and President.  The transition will be effective as of July 8, 2026.\n\nMr. Buchel’s and Mr. Soloway’s biographical information as required by Item 5.02(c) of Form 8-K is set forth in the Company’s Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on October 24, 2025, under the heading “*Information Concerning Executive Officers*,” and is incorporated by reference herein.\n\nIn connection with Mr. Soloway’s transition and appointment to Founder and Executive Chairman, the Company entered into an Employment Agreement effective as of July 8, 2026. Under the agreement, Mr. Soloway will receive an annual base salary of $800,000 and be eligible for an annual performance bonus targeted at 50% of base salary In addition, Mr. Soloway will be eligible to participate in the Company's 2022 Employee Stock Option Plan, or any successor equity plan, as determined by the Board’s Compensation Committee in its discretion with an annual target amount equal to 50% of base salary.\n\nAdditionally, in connection the Transition Plan, the Company and Mr. Buchel entered into an Employment Agreement, dated July 8, 2026, which provides for the appointment of Mr. Buchel to the office of Chief Executive Officer, and increases Mr. Buchel’s annual base salary to $900,000 in connection with this promotion. Mr. Buchel will also be eligible for an annual performance bonus targeted at 50% of base salary. In addition, Mr. Buchel will be eligible for an annual equity award targeted at 50% of base salary.\n\nThe employment agreements for each of Mr. Soloway and Mr. Buchel also provide for severance upon a termination without cause or a resignation for good reason, equal to two times their base salary and target bonus amount which is conditioned upon a standard release of claims. Both executives are subject to restrictive covenant obligations, including non-competition and non-solicitation obligations.\n\nThe foregoing is only a summary of the material terms of the employment agreements, do not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the employment agreements, which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ended June 30, 2026."}