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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PURSUANT TO SECTION 13 OR 15(d) OF THE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES EXCHANGE ACT OF 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)
&ndash; May 23, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>IEC ELECTRONICS CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 33%; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">0-6508</TD>
    <TD STYLE="width: 33%; font-weight: bold; text-align: center">13-3458955</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(State or Other Jurisdiction of Incorporation)</TD>
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>105 Norton Street, Newark, New York 14513</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)
(Zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code <B>(315) 331-7742</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Section 1</B></TD><TD STYLE="text-align: justify"><B>Registrant&rsquo;s Business and Operations</B></TD>
</TR></TABLE>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 1.01</B></TD><TD STYLE="text-align: justify"><B>Entry into a Material Definitive Agreement</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As previously reported, IEC Electronics Corp. (the &ldquo;Company&rdquo;)
entered into an engagement letter (the &ldquo;Insero Agreement&rdquo;), dated December 28, 2011, with Insero &amp; Company CPAs,
P.C. (&ldquo;Insero&rdquo;), pursuant to which Vincent A. Leo, a principal and shareholder of Insero, has served as interim Chief
Financial Officer of the Company since January 2, 2012. A copy of the Insero Agreement was attached as Exhibit 10.2 to the Company&rsquo;s
Current Report on Form 8-K filed on December 28, 2011. On May 25, 2012, the Company and Insero amended the Insero Agreement to
change the compensation paid to Insero from a weekly rate of $7,600 based upon, and subject to, consultant hours spent, to a set
monthly rate of $25,000 per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since November 2010, Insero has provided various services to
the Company, including acquisition support, out-sourced accounting services, Sarbanes-Oxley/internal audit support, and accounting
research services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing summary of the Insero Agreement does not purport
to be complete and is qualified in its entirety by reference to the agreement itself, a copy of which is filed herewith as Exhibit
10.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Section 5</B></TD><TD STYLE="text-align: justify"><B>Corporate Governance and Management</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 5.02</B></TD><TD STYLE="text-align: left"><B>Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Appointment of Vincent A. Leo as Chief Financial Officer</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 23, 2012, the Board of Directors of the Company changed
Vincent A. Leo&rsquo;s title from Interim Chief Financial Officer and appointed him as Chief Financial Officer with the expectation
that Mr. Leo would serve in that position for three years. In connection with his appointment, the Board of Directors granted 20,000
shares of restricted stock to Mr. Leo, vesting 10% on May 23, 2013, 30% on May 23, 2014, and 60% on May 23, 2015 provided that
Mr. Leo continues to be serving as Chief Financial Officer of the Company on the applicable vesting date. The restricted stock
award was granted to Mr. Leo under the Company&rsquo;s 2010 Omnibus Incentive Compensation Plan. In addition, the Board of Directors
approved modifications to the financial arrangements with Insero related to Mr. Leo&rsquo;s services, as described in Item 1.01
above. Mr. Leo is not eligible to participate in the incentive plans made available to the Company&rsquo;s other executive officers,
described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information regarding Mr. Leo and his relationship
with Insero was previously reported under Item 5.02 of the Company&rsquo;s Current Report on Form 8-K filed on December 28, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>2012 Management Incentive Plan for Executive Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 23, 2012, the Compensation Committee and the Board of
Directors of the Company approved the Management Incentive Plan (&ldquo;MIP&rdquo;) for fiscal 2012, applicable to W. Barry Gilbert,
Chief Executive Officer, Jeffrey T. Schlarbaum, President, and Donald S. Doody, Executive Vice President. The MIP provides for
cash awards based upon the 2012 fiscal year performance of the Company. A description of the MIP is filed herewith as Exhibit 10.2
and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>2012 Long Term Incentive Plan for Executive Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 23, 2012, the Compensation Committee and the Board of
Directors of the Company approved the Long Term Incentive Plan (&ldquo;LTIP&rdquo;) for fiscal 2012, applicable to W. Barry Gilbert,
Chief Executive Officer, Jeffrey T. Schlarbaum, President, and Donald S. Doody, Executive Vice President, as well as certain designated
key employees of the Company. The LTIP provides for awards of restricted stock under the Company&rsquo;s 2010 Omnibus Incentive
Compensation Plan based upon 2012 fiscal year performance of the Company. A description of the LTIP is filed herewith as Exhibit
10.3 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Change in Compensatory Arrangements for Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 23, 2012, the Board of Directors of the Company approved
an increase by $1,000 in the compensation paid to the independent directors in recognition of the ongoing increase in the level
of activities of the Company, resulting in increased time spent by the directors in calls and meetings outside of regularly scheduled
board meetings. A description of the additional director compensation is filed herewith as Exhibit 10.4 and is incorporated herein
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Section 9</B></TD><TD><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD>Exhibits.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.1</TD><TD>May 25, 2012 Letter amending Engagement letter dated December
28, 2011 between the Company and Insero &amp; Company CPAs, P.C.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.2</TD><TD>Summary of Management Incentive Plan for Fiscal 2012</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.3</TD><TD>Summary of Long Term Incentive Plan for Fiscal 2012</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.4</TD><TD>Summary of Supplemental Compensation for Independent Directors</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Neither the filing or furnishing of any exhibit to this report
nor the inclusion in such exhibit of a reference to the Company&rsquo;s Internet address shall, under any circumstances, be deemed
to incorporate the information available at such address into this report. The information available at the Company&rsquo;s Internet
address is not part of this report.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: black 1pt solid">IEC Electronics Corp.</TD>
    <TD STYLE="width: 10%; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>(Registrant)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">Date:&nbsp;May 30, 2012</TD>
    <TD STYLE="border-bottom: white 3pt solid">By:</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid">/s/ W. Barry Gilbert</TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">W. Barry Gilbert</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.1</TD><TD>May 25, 2012 Letter amending Engagement letter dated December
28, 2011 between the Company and Insero &amp; Company CPAs, P.C.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.2</TD><TD>Summary of Management Incentive Plan for Fiscal 2012</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.3</TD><TD>Summary of Long Term Incentive Plan for Fiscal 2012</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 1in; text-align: left">Exhibit 10.4</TD><TD>Summary of Supplemental Compensation for Independent Directors</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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[{"type": "8-K", "sequence": "1", "filename": "v314760_8k.htm", "description": "CURRENT REPORT", "secsgml_size_bytes": 24113}]
{"company-data": {"conformed-name": "IEC ELECTRONICS CORP", "cik": "0000049728", "assigned-sic": "3672", "irs-number": "133458955", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34376", "film-number": "12875688"}, "business-address": {"street1": "105 NORTON ST", "city": "NEWARK", "state": "NY", "zip": "14513", "phone": "3153317742"}, "mail-address": {"street1": "PO BOX 271", "city": "NEWARK", "state": "NY", "zip": "14513"}, "former-company": {"former-conformed-name": "INTERCONTINENTAL ELECTRONICS CORP", "date-changed": "19730601"}}
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)
– May 23, 2012
IEC ELECTRONICS CORP.
(Exact Name of Registrant as Specified in
its Charter)
Delaware
0-6508
13-3458955
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
105 Norton Street, Newark, New York 14513
(Address of principal executive offices)
(Zip code)
Registrant's telephone number, including
area code
(315) 331-7742
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:
¨
Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
Section 1
Registrant's Business and Operations
Item 1.01
Entry into a Material Definitive Agreement
As previously reported, IEC Electronics Corp. (the "Company")
entered into an engagement letter (the "Insero Agreement"), dated December 28, 2011, with Insero & Company CPAs,
P.C. ("Insero"), pursuant to which Vincent A. Leo, a principal and shareholder of Insero, has served as interim Chief
Financial Officer of the Company since January 2, 2012. A copy of the Insero Agreement was attached as Exhibit 10.2 to the Company's
Current Report on Form 8-K filed on December 28, 2011. On May 25, 2012, the Company and Insero amended the Insero Agreement to
change the compensation paid to Insero from a weekly rate of $7,600 based upon, and subject to, consultant hours spent, to a set
monthly rate of $25,000 per month.
Since November 2010, Insero has provided various services to
the Company, including acquisition support, out-sourced accounting services, Sarbanes-Oxley/internal audit support, and accounting
research services.
The foregoing summary of the Insero Agreement does not purport
to be complete and is qualified in its entirety by reference to the agreement itself, a copy of which is filed herewith as Exhibit
10.1 and is incorporated herein by reference.
Section 5
Corporate Governance and Management
Item 5.02
Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Appointment of Vincent A. Leo as Chief Financial Officer
On May 23, 2012, the Board of Directors of the Company changed
Vincent A. Leo's title from Interim Chief Financial Officer and appointed him as Chief Financial Officer with the expectation
that Mr. Leo would serve in that position for three years. In connection with his appointment, the Board of Directors granted 20,000
shares of restricted stock to Mr. Leo, vesting 10% on May 23, 2013, 30% on May 23, 2014, and 60% on May 23, 2015 provided that
Mr. Leo continues to be serving as Chief Financial Officer of the Company on the applicable vesting date. The restricted stock
award was granted to Mr. Leo under the Company's 2010 Omnibus Incentive Compensation Plan. In addition, the Board of Directors
approved modifications to the financial arrangements with Insero related to Mr. Leo's services, as described in Item 1.01
above. Mr. Leo is not eligible to participate in the incentive plans made available to the Company's other executive officers,
described below.
Additional information regarding Mr. Leo and his relationship
with Insero was previously reported under Item 5.02 of the Company's Current Report on Form 8-K filed on December 28, 2011.
2012 Management Incentive Plan for Executive Officers
On May 23, 2012, the Compensation Committee and the Board of
Directors of the Company approved the Management Incentive Plan ("MIP") for fiscal 2012, applicable to W. Barry Gilbert,
Chief Executive Officer, Jeffrey T. Schlarbaum, President, and Donald S. Doody, Executive Vice President. The MIP provides for
cash awards based upon the 2012 fiscal year performance of the Company. A description of the MIP is filed herewith as Exhibit 10.2
and is incorporated herein by reference.
2012 Long Term Incentive Plan for Executive Officers
On May 23, 2012, the Compensation Committee and the Board of
Directors of the Company approved the Long Term Incentive Plan ("LTIP") for fiscal 2012, applicable to W. Barry Gilbert,
Chief Executive Officer, Jeffrey T. Schlarbaum, President, and Donald S. Doody, Executive Vice President, as well as certain designated
key employees of the Company. The LTIP provides for awards of restricted stock under the Company's 2010 Omnibus Incentive
Compensation Plan based upon 2012 fiscal year performance of the Company. A description of the LTIP is filed herewith as Exhibit
10.3 and is incorporated herein by reference.
Change in Compensatory Arrangements for Directors
On May 23, 2012, the Board of Directors of the Company approved
an increase by $1,000 in the compensation paid to the independent directors in recognition of the ongoing increase in the level
of activities of the Company, resulting in increased time spent by the directors in calls and meetings outside of regularly scheduled
board meetings. A description of the additional director compensation is filed herewith as Exhibit 10.4 and is incorporated herein
by reference.
Section 9
Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits.
Exhibit 10.1
May 25, 2012 Letter amending Engagement letter dated December
28, 2011 between the Company and Insero & Company CPAs, P.C.
Exhibit 10.2
Summary of Management Incentive Plan for Fiscal 2012
Exhibit 10.3
Summary of Long Term Incentive Plan for Fiscal 2012
Exhibit 10.4
Summary of Supplemental Compensation for Independent Directors
Neither the filing or furnishing of any exhibit to this report
nor the inclusion in such exhibit of a reference to the Company's Internet address shall, under any circumstances, be deemed
to incorporate the information available at such address into this report. The information available at the Company's Internet
address is not part of this report.
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.
IEC Electronics Corp.
(Registrant)
Date: May 30, 2012
By:
/s/ W. Barry Gilbert
W. Barry Gilbert
Chief Executive Officer
EXHIBIT INDEX
Exhibit 10.1
May 25, 2012 Letter amending Engagement letter dated December
28, 2011 between the Company and Insero & Company CPAs, P.C.
Exhibit 10.2
Summary of Management Incentive Plan for Fiscal 2012
Exhibit 10.3
Summary of Long Term Incentive Plan for Fiscal 2012
Exhibit 10.4
Summary of Supplemental Compensation for Independent Directors