Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 13, 2018, Aerojet Rocketdyne Holdings, Inc. (the “Company”) entered into an amended and restated employment agreement (the “Amended and Restated Agreement”) with Eileen Drake, to which Ms. Drake agreed to continue to serve as the Company’s CEO and President. The Amended and Restated Agreement has an initial one-year term, which will be automatically extended, upon the same terms and conditions, for successive one-year periods unless either party, at least 60 days prior to the expiration of the then-current term, gives written notice to the other of its intention not to renew such employment.
The Amended and Restated Agreement provides that Ms. Drake will receive an annual base salary increase from $728,000 to $825,000 with such base salary increase effective March 24, 2018. Additionally, the Amended and Restated Agreement provides to Ms. Drake, among other things: (i) an annual bonus based on a target opportunity to the Company’s Annual Incentive Plan which shall be adopted annually by the Company’s Board of Directors (currently at 50% of annual base salary); and (ii) annual equity awards based on a target opportunity of 345.5% of annual base salary (increased from 200%).
The foregoing description of the Amended and Restated Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
AEROJET ROCKETDYNE HOLDINGS, INC. ExhibitEX-10.1 2 exhibit101employmentagreem.htm EXHIBIT 10.1 Exhibit Exhibit 10.1AMENDED AND RESTATED EMPLOYMENT AGREEMENTThis AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of March 13,…To view the full exhibit click