VECTRUS, INC. (NYSE:VEC) 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.
related resignation of Kelvin R. Coppock as Senior Vice
President, Contracts, on June 30, 2017, Vectrus Systems
Corporation (the Company) and Mr. Coppock entered into a
Separation Agreement and Complete Release of Liability, dated
June 30, 2017 (the Separation Agreement). to the Separation
Agreement, the Company and Mr. Coppock agreed that (i) his last
day of active full-time employment with the Company will be June
30, 2017 (the Separation Date), (ii) the Company will continue to
pay Mr. Coppock his present salary at the rate of $276,764.80 per
year, payable in normal bi-weekly payments for the period from
July 1, 2017 through February 28, 2019 (the Severance Pay
Period), (iii) he will be paid for any accrued, unused paid time
off (PTO), (iv) he will be eligible for consideration for a
pro-rata bonus for 2017 payable in 2018 based on six months of
active employment in 2017, (v) he will be eligible to continue
participation in the Companys medical, dental and vision plans
through the Severance Pay Period, with the Company and Mr.
Coppock continuing to share the monthly premium expense for such
coverage through the Severance Pay Period (subject to the
Companys Senior Executive Severance Pay Plan), and the COBRA
continuation period will run concurrently from the Separation
Date, (vi) he will not be eligible to participate in any other
Company benefit plans, policies, programs and arrangements
following the Separation Date and his remaining rights in such
plans, policies, programs and arrangements following the
Separation Date shall be governed by the terms thereof, (vii) his
outstanding equity awards will be treated in accordance with the
terms of the applicable plan and award agreements, (viii) he will
be eligible for Company-paid executive outplacement services for
up to six months and (ix) he will be available upon reasonable
notice during the Severance Period to assist the Company in the
defense of certain legal or administrative actions or
proceedings, at the Companys request, at the rate of $133.06 per
hour.
obligations of the Company described above are subject to certain
conditions, which, if not complied with by Mr. Coppock, could
require him to return any severance payments and any bonus
payment made to him and pay any legal fees incurred by the
Company to recover such payments. The Separation Agreement, which
is subject to a seven-day revocation period, also provides for a
release of liabilities.
Agreement is not complete and is subject to and qualified in its
entirety by the terms of the Separation Agreement. A copy of the
Separation Agreement is attached hereto as Exhibit 10.01 and
incorporated herein by reference.
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Exhibit
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No.
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Description
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10.01
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Separation Agreement and Complete Release of Liability,
dated June 30, 2017, between Vectrus Systems Corporation and Kelvin R. Coppock |
Vectrus, Inc. ExhibitEX-10.01 2 kcexhibit1001.htm EXHIBIT 10.01 kcexhibit1001
Exhibit A – Summary of Benefit Programs 2017 – Vectrus
IMPORTANT: This document represents a summary of how your participation in the Vectrus benefit programs will be impacted with your
separation. Full details on benefit continuation and conversion can be found in each benefit plans
Summary Plan Description found at www.cbizesc.com/Vectrus
Page | 1
Benefit Program
Will I Remain Covered
During Severance?
What Do I Pay?
When Does
Coverage
End?
More Info/My Action
Medical
Yes,…To view the full exhibit click here About VECTRUS, INC. (NYSE:VEC)
Vectrus, Inc. is a provider of services to the United States Government across the world. The Company offers services, including infrastructure asset management, logistics and supply chain management, and information technology and network communication. Its infrastructure asset management services support the United States Army, Air Force and Navy, and include infrastructure services, security, warehouse management and distribution, ammunition management, civil engineering, air base maintenance and operations, communications, emergency services, transportation, and life support activities at various global military installations. Its logistics and supply chain management services support and maintain the vehicle and equipment stocks of the United States Army and Marine Corps. Its information technology and network communication services consist of sustainment of communications systems, network security, systems installation and life cycle management of information technology systems.