Item 5.02 Departure of Directors or Certain Officers; Election of Directors;


           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers.

On April 26, 2023, Servotronics, Inc. (the "Company") announced that the Company's board of directors (the "Board") has appointed Robert Fraass. as its Chief Financial Officer, effective May 1, 2023.

Mr. Fraass, age 52, previously served as Senior Vice President of Finance - Corporate Controller & Treasurer at Stark Technologies Group, Inc. since 2020. He was Vice President of Finance at PostProcess Technologies from 2018 to 2020. He has also held several executive finance roles of increasing responsibility at Ivoclar Vivadent, Inc., Integer, Inc. and Integrys Energy Services, Inc.

Mr. Fraass holds a Bachelor of Science degree in Business Administration and Accounting from Bucknell University. He is a Certified Public Accountant, Certified Management Accountant and a Chartered Global Management Accountant.

Mr. Fraass will be paid an annual base salary of $265,000. His annual target cash bonus is set at 30% of base salary, with a maximum bonus opportunity of 60% of his base salary. Mr. Fraass will receive a one-time new hire equity award with a grant date value of $20,000. The equity award will vest on May 1, 2024, subject to Mr. Fraass' continued employment with the Company.

In addition, Mr. Fraass received a participation agreement under the Company's Executive Change in Control Severance Plan which provides that upon a termination of his employment by the Company without Cause or by Mr. Fraass for Good Reason, in either case following a change in control, Mr. Fraass will receive a lump sum amount equal to 1.5 times his annual total cash compensation, plus a prorated annual cash bonus at the target level of performance. In addition, Mr. Fraass will receive certain COBRA premium payments during a 12-month benefit continuation period.

There are no family relationships between Mr. Fraass and any director or executive officer of the Company and there are no transactions between Mr. Fraass and the Company that would be reportable under Item 404(a) of Regulation S-K.

Mr. Fraass replaces Lisa F. Bencel as Chief Financial Officer effective May 1, 2023. Ms. Bencel has indicated that she will stay with the Company through May 19, 2023 to assist with transition matters.

Item 7.01 Regulation FD Disclosure.

On April 26, 2023, the Company issued a press release titled "Servotronics Appoints Robert Fraass as Chief Financial Officer." A copy of the press release is furnished as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.






Exhibit No. Description



   10.1     Servotronics, Inc. Executive Change in Control Severance Plan
          (Incorporated by reference to Exhibit 10.1 to the Company's Form 10-Q
          filed with the SEC on May 16, 2022)



   10.2     Participation Agreement for Executive Change in Control Severance Plan
          (Incorporated by reference to Exhibit 10.2 to the Company's Form 10-Q
          filed with the SEC on May 16, 2022)



   99.1     Press release of Servotronics, Inc. dated April 26, 2023

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

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