Cubic Corporation (NYSE:CUB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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Cubic Corporation (NYSE:CUB) 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. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July11, 2017, John D. Thomas informed Cubic Corporation (the “Company”) that as part of his transition to retirement, he intends to step down from his position as Executive Vice President and Chief Financial Officer of the Company, on October 1, 2017, when his successor assumes that position.

The Company has entered into an employment transition agreement with Mr.Thomas to which Mr.Thomas will assume an executive advisor position from October 1, 2017 through October1, 2018, at his current commitment and compensation levels. Mr.Thomas will continue to vest in his existing time-based and performance-based restricted stock units through October1 2018. At the time of his employment separation on October1, 2018, Mr.Thomas will begin receiving separation pay in the total amount of $535,000, which will be paid in equal biweekly installments over the course of the following 12 months. Following his employment separation, Mr.Thomas has agreed to remain available for as-needed consulting services for a period of one year, through October1, 2019. The separation payments being provided to Mr.Thomas will be in lieu of his rights under the Company’s severance policy, in return for his continued loyalty to the Company, limited consulting advice, and a general release of claims.

The foregoing description is qualified in its entirety by reference to the full text of the separation agreement entered into with Mr.Thomas, a copy of which is expected to be filed with the Company’s Quarterly Report on Form10-Q for the quarter ended June30, 2017.


About Cubic Corporation (NYSE:CUB)

Cubic Corporation (Cubic) designs, integrates and operates systems, products and services that provide situational awareness for its customers in the transportation and defense industries. The Company operates in three business segments across the global transportation and defense markets, which include Cubic Transportation Systems (CTS), Cubic Global Defense (CGD) and Cubic Global Defense Services (CGD Services). The Company’s CTS segment is a systems integrator of payment and information technology and services for travel solutions. The Company’s CGD Systems is focused on two primary lines of business: training systems and secure communications (SC) products. The Company’s CGD Services segment is a provider of training, operations, intelligence, maintenance, technical and other support services to the United States government and its agencies and allied nations. It also provides cross-domain hardware solutions to address multi-level security challenges across common networks.