Tecumseh to reimburse Herrick Foundation for proxy battle expenses

By Lisa Kerner

Charlotte, N.C., Nov. 4 - Tecumseh Products Co. agreed to reimburse Herrick Foundation $1.12 million for costs and expenses incurred in connection with the parties' proxy contest, according to a form 8-K filed with the Securities and Exchange Commission.

Herrick's nominees were elected to Tecumseh's board of directors in August.

Kent B. Herrick, chairman of the company's board, is also trustee, vice president and executive director of Herrick Foundation, the filing said.

Tecumseh manufactures compressors and other products. The company is located in Tecumseh, Mich.

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