CPI AEROSTRUCTURES, INC. (NYSEMKT:CVU) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On December 12, 2016, CPI Aerostructures, Inc. (the Company)
entered into an indemnification agreement with Carey E. Bond,
whose appointment is discussed below. The form of the Companys
standard director indemnification agreement is included at
Exhibit 10.29 of the Companys Annual Report on Form 10-K for the
fiscal year ended December 31, 2013.
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On December 12, 2016, the Companys Board of Directors (the Board)
increased the size of the Board from seven to eight members and
appointed Mr. Bond as a director of the Company. Mr. Bond will
serve as a Class III director and has been appointed to the
Boards Nominating and Corporate Governance and Compensation
Committees.
Kenneth McSweeney, a Class I director of the Company, plans on
retiring at the end of his current term which expires at the
Companys 2017 Annual Meeting and at that time, the number of
Company directors will return to seven.
In accordance with the Companys non-employee director
compensation plan, Mr. Bond, will earn an annual fee of $75,000,
of which $24,750 will be paid in cash and $50,250 will be paid in
shares of the Companys common stock, payable in equal quarterly
installments. Mr. Bonds compensation will be prorated for the
current year.
The Company issued a press release announcing Mr. Bonds
appointment, which is filed herewith as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 99.1 |
Press release, dated December 12, 2016, announcing the appointment of Carey E. Bond as a director. |
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 00.00 at 8.00 with 47,350 shares trading hands.
