CPI AEROSTRUCTURES, INC. (NYSEMKT:CVU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 4, 2017, the Compensation Committee of the Board of
Directors (the Committee) of CPI Aerostructures, Inc. awarded
discretionary bonuses to Douglas McCrosson its Chief Executive
Officer, and Vincent Palazzolo its Chief Financial Officer, in
the amounts of $100,000 and $50,000, respectively, for their
performance during 2016. The performance bonus awards are based
on quantitative and qualitative achievements by the company
during 2016 and will be paid in cash following completion of the
annual audit of the companys 2016 financial statements.
In addition, the Committee increased the annual base salary of
Mr. McCrosson by 3.5% to $355,108 and of Mr. Palazzolo by 1% to
$280,439. The salary increases are effective as of January 1,
2017.
The Committee also approved the percentage of annual base salary
which may be earned by Mr. McCrosson and Mr. Palazzolo during
2017 under their short-term and long-term incentive plans. Mr.
McCrosson may earn up to 60% and 75% of his 2017 base salary
under his short term and long term incentive plans, respectively,
and Mr. Palazzolo may earn up to 45% and 37.5% of his 2017 base
salary under his short term and long term incentive plans,
respectively. The Committee expects to establish the specific
goals of these plans during the first quarter of 2017.
About CPI AEROSTRUCTURES, INC. (NYSEMKT:CVU)
CPI Aerostructures, Inc. (CPI Aero) is a supplier of aircraft parts for fixed wing aircraft and helicopters in both the commercial and defense markets in the United States. The Company is a manufacturer of structural aircraft parts and aerosystems. It is also a contractor to the United States Department of Defense, primarily the Air Force. In addition to its assembly operations, it provides engineering; program management, supply chain management, and maintenance repair and overhaul (MRO) services. CPI Aero supplies the E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK HAWK helicopter, the S-92 helicopter, the MH-60S mine countermeasure helicopter, the AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet, the F-16 fighter aircraft, the Embraer Phenom 300 light business jet and the New Cessna Citation X+. CPI AEROSTRUCTURES, INC. (NYSEMKT:CVU) Recent Trading Information
CPI AEROSTRUCTURES, INC. (NYSEMKT:CVU) closed its last trading session down -0.05 at 9.15 with 61,919 shares trading hands.
