SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES AND EXCHANGE COMMISSION
For the fiscal year ended August 2, 1998
Commission File No. 0-5411
Herley Industries, Inc.
(Exact name of registrant as specified in its charter)
Delaware 23-2413500
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization Identification No.)
10 Industry Drive, Lancaster, Pennsylvania 17603
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (717) 397-2777
Securities registered pursuant to Section 12(b) of the Act:
Name of Exchange on
Title of Class which registered
None None
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $ .10 par value
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]
Based on the closing sale price of $9.9688 as of November 2, 1998, the
aggregate market value of the voting stock held by non-affiliates of the
registrant was $40,890,452.
The number of shares outstanding of registrant's common stock, $.10 par value
was 5,295,540 as of November 2, 1998.
Documents incorporated by reference: None
<PAGE>
PART III
ITEM TEN - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The directors and executive officers of the Company are as follows:
Name Age Position(s) with the Company
---- --- ----------------------------
Lee N. Blatt 70 Chairman of the Board and Chief Executive
Officer
Myron Levy 58 President and Director
Anello C. Garefino 51 Vice President-Finance, Treasurer and Chief
Financial Officer
Allan Coon 62 Vice President
Adam J. Bottenfield 38 Vice President-Engineering
Ray Umbarger 51 Vice President-Domestic Marketing
George Hopp 60 Vice President-International Marketing
Glenn Rosenthal 38 Vice President
Mark A. Krumm 52 Vice President-Business Development
Howard M. Eckstein 47 Vice President-New Product Development
David H. Lieberman 53 Secretary and Director
Adm.Thomas J.
Allshouse (Ret.) 73 Director, Member of Compensation and
Audit Committees
Alvin M. Silver 67 Director, Member of Compensation and Audit
Committees
John A. Thonet 48 Director
Adm. Edward K. Walker,
Jr. (Ret.) 65 Director, Member of Compensation and Audit
Committees
Mr. Lee N. Blatt is a co-founder of the Company and has been Chairman of
the Board of the Company since its organization in 1965. Mr. Blatt holds a
Bachelors Degree in Electrical Engineering from Syracuse University and a
Masters Degree in Business Administration from City College of New York. Mr.
Blatt's term as a director expires at the 2000 annual meeting of stockholders.
Mr. Myron Levy has been President of the Company since June 1993 and served
as Executive Vice President and Treasurer since May 1991, and prior thereto as
Vice President for Business Operations and Treasurer since October 1988. For
more than ten years prior to joining the Company, Mr. Levy, a certified public
accountant, was employed in various executive capacities, including
Vice-President, by Griffon Corporation (formerly Instrument Systems
Corporation). Mr. Levy's term as a director expires at the 1998 annual meeting
of stockholders.
Mr. Anello C. Garefino has been employed by the Company in various
executive capacities for more than the past five years. Mr. Garefino, a
certified public accountant, was appointed Vice President-Finance, Treasurer and
Chief Financial Officer in June 1993. From 1987 to January 1990, Mr. Garefino
was Corporate Controller of Exide Corporation.
Mr. Allan Coon joined the Company in 1992 and was appointed as a Vice
President in December 1995. Prior to joining the Company, Mr. Coon was Senior
Vice President and Chief Financial Officer of Alpha Industries, Inc. , a
publicly traded company engaged in military and commercial electronic programs.
<PAGE>
Mr. Adam J. Bottenfield was appointed Vice President - Engineering in July
1997. Mr. Bottenfield has been employed by the Company as Systems Engineering
Manager of Herley-Vega Systems since the Company's acquisition of Vega in 1993.
From 1984 to 1993, Mr. Bottenfield was Manager of Digital and Software
Engineering of Vega.
Mr. Ray Umbarger was appointed Vice President - Domestic Marketing in July
1997, having been employed by the Company since June 1995. For more than ten
years prior to that, Mr. Umbarger served in the U.S. Navy where he was a
Captain. His responsibilities in the Navy included the design, development
production, deployment and life cycle support of all Navy, and in some cases,
all Department of Defense target systems. Mr. Umbarger received a Bachelors
Degree in Aeronautical Engineering from the U.S. Naval Academy, a Masters Degree
in Aeronautical Engineering from Princeton University and a Masters Degree in
Business Administration from Monmouth College.
Mr. George Hopp was appointed Vice President - International Marketing in
July 1997. Mr. Hopp has been employed by the Company in a sales and marketing
position since 1995 and directs the operations of the Company's GSS division.
For more than ten years prior to joining the Company, Mr. Hopp was Director of
International Programs for Northrop Grumman, Military Aircraft Division.
Mr. Glenn Rosenthal was appointed Vice President of the Company in August
1997. From June 1988 until its acquisition by the Company in August 1997, Mr.
Rosenthal was employed by Metraplex Corporation holding the positions of
President (from June 1996) and Chief Operating Officer (from 1995). Mr.
Rosenthal holds a Bachelors Degree in Engineering from Carnegie Mellon
University.
Mr. Mark A. Krumm was appointed Vice President for Business Development
upon joining the Company in November 1997. For more than 10 years prior to
joining the Company, Mr. Krumm was program manager for various electronic
defense systems with Harris Corporation. Mr. Krumm has a Bachelors Degree in
Aerospace engineering from St. Louis University and holds a Masters Degree in
Business Administration from Southern Illinois University.
Mr. Howard M. Eckstein was appointed Vice President - New Product
Development upon joining the Company in April 1998. Mr. Eckstein has 25 years
experience in the design and development of aerospace telemetry equipment and
systems. Mr. Eckstein served from 1992 to 1998 as Vice President - Advanced
Products for L3 Communications, and as Vice President - Engineering from 1986 to
1992. Mr. Eckstein earned his Bachelors Degree in Electrical Engineering from
the Pennsylvania State University and holds a Masters Degree in Engineering from
the University of Pennsylvania.
Mr. David H. Lieberman has been a director of the Company since 1985 and
Secretary of the Company since 1994. Mr. Lieberman has been a practicing
attorney in the State of New York for more than the past ten years and is a
member of the firm of Blau, Kramer, Wactlar & Lieberman, P.C., general counsel
to the Company. Mr. Lieberman's term as a director expires at the 1999 annual
meeting of stockholders.
Admiral Thomas J. Allshouse (Ret.) has been a director of the Company since
September 1983. Prior to 1981, when he retired from the United States Navy,
Admiral Allshouse served for 34 years in various naval officer positions,
including acting as commanding officer of the United States Naval Ships Parts
Control Center. Admiral Allshouse holds a Bachelors Degree in Engineering from
the United States Naval Academy and a Masters Degree in Business Administration
from Harvard University. Admiral Allshouse's term as a director expires at the
1999 annual meeting of stockholders.
<PAGE>
Mr. John A. Thonet has been a director of the Company since 1991 and
President of Thonet Associates, an environmental consulting firm specializing in
land planning and zoning matters for the past ten years. Mr. Thonet is the
son-in-law of Mr. Blatt. Mr. Thonet's term as a director expires at the 1998
annual meeting of stockholders.
Dr. Alvin M. Silver has been a director of the Company since October 1997.
Since 1977, Dr. Silver has been Executive Vice President of the Ademco Division
of Pittway Corporation. Dr. Silver holds a Bachelors Degree in Industrial
Engineering from Columbia University, a Masters Degree in Industrial Engineering
from Stevens Institute of Technology and a Doctor of Engineering Science Degree
in Industrial Engineering/Operations Research from Columbia University. Dr.
Silver is a Professor at the Frank G. Zarb School of Business of Hofstra
University. Mr. Silver's term as a director expires at the 1998 annual meeting
of stockholders.
Admiral Edward K. Walker, Jr. (Ret.) has been a director of the Company
since October 1997. Since his retirement from the United States Navy in 1988,
Admiral Walker has been the Director of Corporate Strategy for Resource
Consultants, Inc., a member of Gilbert Associates, Inc. which is a professional
services company supporting the Department of Defense, particularly the Navy, in
a wide range of technical, engineering and management disciplines. Prior to his
retirement from the United States Navy, Admiral Walker served for 34 years in
various naval officer positions, including Commander of the Naval Supply Systems
Command, and Chief of Supply Corps. Admiral Walker holds a Bachelors Degree from
the United States Naval Academy and Masters Degree in Business Administration
from The George Washington University. Admiral Walker's term as a director
expires at the 2000 annual meeting of stockholders.
<PAGE>
ITEM ELEVEN - EXECUTIVE COMPENSATION
The following table sets forth the annual and long-term compensation with
respect to the Chairman/Chief Executive Officer, and the Company's four most
highly compensated executive officers other than the Chief Executive Officer
(the "named executive officers") for services rendered for the fiscal years
ended August 2, 1998, August 3, 1997, and July 28, 1996.
<TABLE>
<CAPTION>
Summary Compensation Table
Annual Compensation (1) Long-Term Compensation
----------------------------------------- ----------------------
Name and Securities
Principal Fiscal Underlying All Other
Position Year Salary(2) Bonus(3) Options/SARs(4) Compensation
- -------- ------ --------- -------- --------------- ------------
<S> <C> <C> <C> <C> <C>
Lee N. Blatt 1998 $ 485,549 $ 303,191 - $ 4,800 (6)
Chairman of 1997 531,629 302,432 599,999 (5) 4,500
the Board 1996 483,028 203,068 133,333 (7) 4,500
Myron Levy 1998 $ 333,912 $ 242,553 - $ 9,300 (6)
President 1997 307,764 181,460 400,000 (5) 9,000
1996 288,726 121,841 66,667 (7) 7,380
Allan Coon 1998 $ 110,011 $ 30,000 - $ 6,153 (6)
Vice President 1997 110,011 - 73,332 (5) 5,751
1996 110,011 $ 30,000 13,333 (7) 4,569
Anello C. Garefino 1998 $ 100,760 $ 20,000 - $ 3,845 (6)
Vice President 1997 101,914 - 59,999 (5) 3,579
Finance-Treasurer 1996 97,885 $ 15,000 13,333 (7) 3,424
George Hopp 1998 $ 107,615 $ 7,500 - $ 1,488 (6)
Vice President 1997 107,615 - 18,666 (5) 1,422
1996 104,000 - - 1,185
<FN>
- --------
(1) Does not include Other Annual Compensation because amounts of certain
perquisites and other non-cash benefits provided by the Company do not
exceed the lesser of $50,000 or 10% of the total annual base salary and
bonus disclosed in this table for the respective officer.
(2) Amounts set forth herein include cost of living adjustments under
employment contracts.
(3) Represents for Messrs. Blatt and Levy incentive compensation under
employment agreements.
(4) Adjusted to give effect to a four-for-three stock split on September 30,
1997. This table includes warrants issued to these individuals outside the
stock option plans.
(5) Consisting of the following options issued in October 1996 for the right to
purchase Common Stock of the Company at a price of $6.9375: Lee N. Blatt -
133,333; Myron Levy - 100,000, Allan Coon - 26,666, Anello C. Garefino -
13,333; options granted in February 1997 at a price of $8.3438 and repriced
to $6.0938 in April 1997: Lee N. Blatt 133,333, Myron Levy - 100,000, Allan
Coon - 20,000, Anello C. Garefino - 20,000, and George Hopp - 5,333; and
options granted in May 1997 at a price of $6.4688: Lee N. Blatt - 333,333,
Myron Levy - 200,000, Allan Coon - 26,666, Anello C. Garefino - 26,666, and
George Hopp - 13,333.
(6) All Other Compensation includes: (a) group term life insurance as follows:
$4,500 for Mr. Levy, $2,387 for Mr. Coon, $522 for Mr. Garefino, and $1,488
for Mr. Hopp, and (b) contributions to the Company's 401(k) Plan as a
pre-tax salary deferral as follows: $4,800 for each of Messrs. Blatt and
Levy, $3,766 for Mr. Coon, and $3,323 for Mr. Garefino.
(7) Represents warrants issued in December 1995 for the right to purchase
Common Stock of the Company at a price of $4.6425.
</FN>
</TABLE>
<PAGE>
Option/SAR Grants in Last Fiscal Year
No options were granted to the named executive officers during the fiscal year
ended August 2, 1998.
Aggregate Option/SAR Exercises in Last Fiscal Year and Fiscal Year End
Option/SAR Values
The following table sets forth stock options exercised during fiscal 1998
and all unexercised stock options and warrants held by the named executive
officers as of August 2, 1998.
<TABLE>
<CAPTION>
Value of
Number of Unexercised Unexercised In the-Money
Shares Options and Warrants Options and Warrants
Acquired on Value at Fiscal Year-End(2) at Fiscal Year-End (3)
Name Exercise(#) Realized($)(1) Exercisable Unexercisable Exercisable Unexercisable
- ---- ----------- -------------- -------------------------------- -----------------------------------
<S> <C> <C> <C> <C> <C> <C>
Lee N. Blatt - $ - 311,112 - $ 1,491,505 $ -
Myron Levy - - 255,559 66,666 1,091,078 231,244
Allan Coon 15,000 111,408 49,444 8,888 160,883 30,830
Anello C. Garefino - - 43,335 8,888 192,802 30,830
George Hopp - - 10,223 10,666 46,205 36,997
<FN>
- --------
(1) Values are calculated by subtracting the exercise price from the trading
price of the Common Stock as of the exercise date.
(2) Adjusted to give effect to a four-for-three stock split on September 30,
1997.
(3) Based upon the trading price of the Common Stock of $9.9375 on August 2,
1998.
</FN>
</TABLE>
Employment Agreements
Lee N. Blatt has entered into a new employment agreement with the Company,
dated as of October 1, 1998, which provides for a four year and three month
term, terminating on December 31, 2002. Pursuant to the agreement, Mr. Blatt
receives compensation consisting of a base salary of $475,000, with an annual
cost of living increase and an incentive bonus. Mr. Blatt's incentive bonus is
5% of the pretax income of the Company in excess of 10% of the Company's
stockholders' equity for specific periods, as adjusted for stock issuances. Mr.
Blatt's incentive bonus cannot exceed his base salary.
Myron Levy has entered into a new employment agreement with the Company,
dated as of October 1, 1998, which provides for a four year and three month
term, terminating on December 31, 2002, and a five year consulting period
commencing at the end of the active employment period. Pursuant to the
agreement, Mr. Levy receives compensation consisting of a base salary of
$325,000, with an annual cost of living increase and an incentive bonus. Mr.
Levy's incentive bonus is 4% of the pretax income of the Company in excess of
10% of the Company's stockholders' equity for specific periods, as adjusted for
stock issuances. Mr. Levy's incentive bonus cannot exceed his base salary. Mr.
Levy's compensation during the consulting period is at the annual rate of
$100,000.
<PAGE>
The employment agreements with Messrs. Blatt and Levy provide for certain
payments following death or disability. The employment agreements also provide,
in the event of a change in control of the Company, as defined therein, the
right, at their election, to terminate the agreement and receive a lump sum
payment of approximately three times their annual salary.
Glenn Rosenthal entered into an employment agreement with the Company and
Metraplex, dated as of August 4, 1997, which provides for a three year term,
terminating on August 4, 2000. Pursuant to this agreement, Mr. Rosenthal
receives annual compensation consisting of a base salary of $130,000 and an
incentive bonus based on 3% of the pre-tax income of Metraplex. The employment
agreement also provides that if Mr. Rosenthal is relocated out of Frederick,
Maryland, he shall receive $260,000 if during the first year of the employment
agreement, $195,000 if during the second year, and $130,000 if during the third
year or beyond.
Allan Coon has entered into a severance agreement with the Company, dated
June 11, 1997, which provides that in the event Mr. Coon is terminated other
than for cause prior to June 12, 1999, he is entitled to two years' base salary
and in the event he is so terminated after June 11, 1999 and before June 12,
2002, he is entitled to one year's base salary. Mr. Coon's present base salary
is $110,000.
Anello C. Garefino has entered into a severance agreement with the Company,
dated February 18, 1998, which provides that in the event Mr. Garefino is
terminated other than for cause prior to February 19, 2000, he is entitled to
two years' base salary and in the event he is so terminated after February 18,
2000 and before February 19, 2003, he is entitled to one year's base salary. Mr.
Garefino's present base salary is $105,000.
Indemnification Agreements
Herley has entered into separate indemnification agreements with the
officers and directors of Herley. Herley has agreed to provide indemnification
with regard to certain legal proceedings so long as the indemnified officer or
director has acted in good faith and in a manner he or she reasonably believed
to be in, or not opposed to, the best interests of Herley and with respect to
any criminal proceeding, had no reasonable cause to believe his or her conduct
was unlawful. Herley only provided indemnification for expenses, judgments,
fines and amounts paid in settlement actually incurred by the relevant officer
or director, or on his or her behalf, arising out of proceedings brought against
such officer or director by reason of his or her corporate status.
<PAGE>
ITEM TWELVE - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT.
The following table sets forth the indicated information as of November 2,
1998 with respect to the beneficial ownership of the Company's securities by:
(i) all persons known to the Company to be beneficial owners of more than 5% of
the outstanding shares of Common Stock, (ii) each director and named executive
officer of the Company, and (iii) by all executive officers and directors as a
group:
<TABLE>
<CAPTION>
Shares of Common
Stock Beneficially
Name Owned (1)(4)
------------------
Shares Percent
------ -------
<S> <C> <C>
Lee N. Blatt (2)(5) ................................. 608,552 10.7%
Myron Levy (5)(6) ................................... 548,687 9.7%
Anello C. Garefino (5) ............................... 56,424 1.1%
Allen Coon ........................................... 49,444
George Hopp .......................................... 14,667
Adam J. Bottenfield .................................. 20,667
Ray Umbarger ......................................... 13,620
Glenn Rosenthal ...................................... 8,256
Mark A. Krumm ........................................ 1,000
Adm. Thomas J. Allshouse (5) ......................... 26,666
David H. Lieberman(5) ............................... 7,933
John A. Thonet(3)(5) ................................. 21,693
Alvin M. Silver ...................................... 6,500
Adm. Edward K. Walker, Jr. (Ret.) ................... 2,500
Directors and executive
officers as a group
(14 persons) ....................................... 1,386,609 22.3%
<FN>
- ----
(1) No executive officer or director owns more than one percent of the
outstanding shares of Common Stock unless otherwise indicated. Ownership
represents sole voting and investment power.
(2) Does not include an aggregate of 470,229 shares owned by family members,
including Hannah Thonet, Rebecca Thonet, Kathi Thonet, Randi Rossignol, Max
Rossignol, Henry Rossignol, Patrick Rossignol and Allyson Gerber, of which
Mr. Blatt disclaims beneficial ownership.
(3) Does not include 133,332 shares, owned by Mr. Thonet's children, Hannah and
Rebecca Thonet, and 76,278 shares owned by his wife, Kathi Thonet. Mr.
Thonet disclaims beneficial ownership of these shares.
(4) Includes shares subject to options exercisable within the 60 days after
November 2, 1998 at prices ranging from $2.535 to $9.25 per share pursuant
to the Company's Stock Plans: Lee N. Blatt - 261,113, Myron Levy - 272,226,
Anello C. Garefino - 30,002, Allan Coon - 49,444, George Hopp - 10,223,
Adam J. Bottenfield - 17,332, Ray Umbarger - 12,667, Glenn Rosenthal -
6,667, Mark A. Krumm - 1,000, Adm. Thomas J. Allshouse - 13,333, David H.
Lieberman - 7,333, John A. Thonet - 13,333, Alvin M. Silver - 2,500, Edward
K. Walker - 2,500.
(5) Includes shares subject to outstanding warrants exercisable within 60 days
after November 2, 1998 at a price of $4.6406: Lee N. Blatt - 133,333, Myron
Levy - 66,667, Anello C. Garefino - 13,333.
(6) Does not include 5,000 shares owned by Mr. Levy's daughter, Stephanie Levy,
of which Mr. Levy disclaims beneficial ownership.
</FN>
</TABLE>
<PAGE>
Stock Plans
Certain officers and directors of the Company hold options or warrants to
purchase Common Stock under the Company's 1992 Non-Qualified Stock Option Plan,
1996 Stock Option Plan, 1997 Stock Option Plan (collectively, the "Stock Plans")
and warrant agreements.
1992 Non-Qualified Stock Option Plan. The 1992 Non-Qualified Stock Option
Plan covers 1,333,333 shares of Common Stock. Under the terms of the plan, the
purchase price of the shares, subject to each option granted, is 100% of the
fair market value at the date of grant. The date of exercise is determined at
the time of grant by the Compensation Committee or the Board of Directors. If
not specified, 50% of the shares can be exercised each year beginning one year
after the date of grant. The options expire ten years from the date of grant. In
December 1995, this plan was terminated except for outstanding options
thereunder. At August 2, 1998, non-qualified options to purchase 97,119 shares
of Common Stock were outstanding under this plan.
1996 Stock Option Plan. The 1996 Stock Option Plan covers 666,666 shares of
Common Stock. Options granted under the plan may be incentive stock options
qualified under Section 422 of the Internal Revenue Code of 1986, as amended, or
non-qualified stock options. Under the terms of the plan, the exercise price of
options granted under the plan will be the fair market value at the date of
grant. The nature and terms of the options to be granted are determined at the
time of grant by the Compensation Committee or the Board of Directors. If not
specified, 100% of the shares can be exercised one year after the date of grant.
The options expire ten years from the date of grant. At August 2, 1998,
non-qualified options to purchase 337,331 shares of Common Stock were
outstanding under this plan.
1997 Stock Option Plan. The 1997 Stock Option Plan covers 1,666,666 shares of
Common Stock. Options granted under the plan may be incentive stock options
qualified under Section 422 of the Internal Revenue Code of 1986, as amended, or
non-qualified stock options. Under the terms of the plan, the exercise price of
options granted under the plan will be the fair market value at the date of
grant. The nature and terms of the options to be granted are determined at the
time of grant by the Compensation Committee or the Board of Directors. If not
specified, 100% of the shares can be exercised one year after the date of grant.
The options expire ten years from the date of grant. Options for 88,333 shares
of Common Stock were granted during the fiscal year ended August 2, 1998. At
August 2, 1998, options to purchase 426,394 shares of Common Stock were
outstanding under this plan. On August 14, 1998, the Company issued 10 year
options to purchase 250,000 shares of Common Stock under this plan to each of
Lee N. Blatt and Myron Levy, which options vest one third on each of the grant
date and on the first and second anniversary dates of the grant date.
Warrant Agreements. In April 1993, common stock warrants were issued to
certain officers and directors for the right to acquire 573,333 shares of Common
Stock at an exercise price of $5.3475 per share, which was the closing price of
the Common Stock on the date of issue. In December 1995, warrants with respect
to 533,333 of these shares were canceled. The warrants expire April 30, 1998. In
December 1995, warrants were issued to certain officers for the right to acquire
293,333 shares of Common Stock at an exercise price of $4.6425 per share at date
of issue. These warrants expire December 13, 2005. At August 2, 1998, warrants
to purchase 280,000 shares of Common Stock were outstanding.
<PAGE>
Employee Savings Plan
The Company maintains an Employee Savings Plan that qualifies as a thrift
plan under Section 401(k) of the Internal Revenue Code. This plan allows
employees to contribute between 2% and 15% of their salaries to the plan. The
Company, at its discretion, can contribute 100% of the first 2% of the
employees' salary so contributed and 25% of the next 4% of salary. Additional
Company contributions can be made, depending on profits. The aggregate benefit
payable to an employee depends upon the employee's rate of contribution, the
earnings of the fund, and the length of time such employee continues as a
participant. The Company accrued approximately $197,000 for the 52 weeks ended
August 2, 1998, and contributed approximately $181,000 and $159,000 to this plan
for the fiscal years ended August 3, 1997 and July 28, 1996, respectively. For
the year ended August 2, 1998, $4,800, $4,800, $3,766, and $3,323 was
contributed by the Company to this plan for Messrs. Blatt, Levy, Coon and
Garefino, respectively, and $24,328 was contributed for all officers and
directors as a group.
ITEM THIRTEEN - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized on the 16 day of
November, 1998
Herley Industries, Inc.
By: /s/ Lee N. Blatt
--------------------
Lee N. Blatt
Chairman of the Board
(Chief Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below on November 16, 1998 by the following persons in
the capacities indicated:
Signature Title
/s/ Lee N. Blatt Chairman of the Board
Lee N. Blatt (Chief Executive Officer)
/s/ Myron Levy President and Director
Myron Levy
/s/ Anello C. Garefino Vice President - Finance, Treasurer (Chief
Anello C. Garefino Financial Officer and Principal Accounting
Officer)
/s/ Thomas J. Allshouse Director
Thomas J. Allshouse
/s/ David H. Lieberman Secretary and Director
David H. Lieberman
/s/ John Thonet Director
John Thonet
/s/Alvin M. Silver Director
Alvin M. Silver
/s/ Edward K. Walker, Jr. Director
Edward K. Walker, Jr.
