NORTHROP GRUMMAN CORPORATION (NYSE:NOC) 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
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of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.>
Board of Directors of Northrop Grumman Corporation (the Company)
approved the following compensation-related actions for the
Company’s named executive officers.
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Approved the 2017 goals under the Incentive Compensation
Plans (the ICP). The financial metrics selected for inclusion in the ICP (and their relative weightings) are as follows: pension-adjusted operating margin rate (1/3); cash flow from operations conversion before discretionary pension funding (1/3); and pension-adjusted net income growth (1/3). |
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Awarded Restricted Performance Stock Rights (RPSR) for the
performance period 2017-2019 and approved the metrics for such RPSR awards (and their relative weightings), which will be measured in terms of relative total shareholder return (50%) and cumulative free cash flow before pension funding (50%). The Board of Directors also approved the award of Restricted Stock Rights (RSR) that will vest on February 17, 2020. Of the awards granted, 70% were comprised of RPSRs and 30% were comprised of RSRs. Similar to prior years, the Compensation Committee did not award any stock options. There is no material change from 2016 in the terms of the 2017 RPSR and RSR awards for the named executive officers. |
About NORTHROP GRUMMAN CORPORATION (NYSE:NOC)
Northrop Grumman Corporation (Northrop Grumman) is a global security company. The Company provides systems, products and solutions in unmanned systems; cyber; command, control, communications and computers (C4), intelligence, surveillance, and reconnaissance (C4ISR); strike aircraft, and logistics and modernization to Government and commercial customers across the world. The Company operates through four segments: Aerospace Systems, Electronic Systems, Information Systems and Technical Services. It offers a portfolio of capabilities and technologies that enable it to deliver systems and solutions for applications. The Company participates in defense and government programs in the United States and abroad. The Company conducts business with the United States Government, the Department of Defense (DoD) and intelligence community. The Company also conducts business with local, state and foreign Governments, and domestic and international commercial customers. NORTHROP GRUMMAN CORPORATION (NYSE:NOC) Recent Trading Information
NORTHROP GRUMMAN CORPORATION (NYSE:NOC) closed its last trading session down -1.14 at 242.98 with 949,974 shares trading hands.
