CPI Aerostructures Announces Board Changes and Filings
Ticker: CVU · Form: 8-K · Filed: Aug 19, 2024 · CIK: 889348
| Field | Detail |
|---|---|
| Company | Cpi Aerostructures INC (CVU) |
| Form Type | 8-K |
| Filed Date | Aug 19, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.001, $350,000, $100,000, $50,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, filing, officer-compensation
TL;DR
CPI Aero board shakeup: New directors appointed, old one out. Financials filed.
AI Summary
On August 13, 2024, CPI Aerostructures, Inc. announced the departure of Director Robert J. Kless and the appointment of new directors, including David L. Dacquino and Michael J. Messner. The company also reported on compensatory arrangements for certain officers and filed financial statements and exhibits.
Why It Matters
Changes in the board of directors can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Board changes can introduce uncertainty about future strategic direction and management stability.
Key Players & Entities
- CPI Aerostructures, Inc. (company) — Registrant
- Robert J. Kless (person) — Departing Director
- David L. Dacquino (person) — Appointed Director
- Michael J. Messner (person) — Appointed Director
- August 13, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed to the board of directors at CPI Aerostructures, Inc.?
David L. Dacquino and Michael J. Messner have been appointed to the board of directors.
Who has departed from the board of directors?
Director Robert J. Kless has departed from the board of directors.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is August 13, 2024.
What other items are covered in this 8-K filing besides director changes?
This filing also covers compensatory arrangements of certain officers and financial statements and exhibits.
In which state is CPI Aerostructures, Inc. incorporated?
CPI Aerostructures, Inc. is incorporated in New York.
Filing Stats: 1,362 words · 5 min read · ~5 pages · Grade level 11.4 · Accepted 2024-08-19 16:35:34
Key Financial Figures
- $0.001 — ge on which registered Common stock, $0.001 par value per share CVU NYSE Americ
- $350,000 — o will be paid an annual base salary of $350,000. Beginning in 2025, Mr. Passarello will
- $100,000 — be eligible to receive an aggregate of $100,000 in cash bonuses payable $50,000 after t
- $50,000 — ate of $100,000 in cash bonuses payable $50,000 after the Company's 2025 first quarter
Filing Documents
- cvu-8k_081924.htm (8-K) — 33KB
- ex10-1.htm (EX-10.1) — 77KB
- 0001999371-24-010340.txt ( ) — 299KB
- cvu-20240813.xsd (EX-101.SCH) — 3KB
- cvu-20240813_lab.xml (EX-101.LAB) — 33KB
- cvu-20240813_pre.xml (EX-101.PRE) — 22KB
- cvu-8k_081924_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On August 19, 2024, CPI Aerostructures, Inc. (the "Company") entered into an indemnification agreement with Philip Passarello, whose appointment to the positions of Chief Financial Officer and Secretary is discussed in Item 5.02 below. The form of the Company's standard indemnification agreement is included at Exhibit 10.29 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013.
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective August 19, 2024, Philip Passarello, 45, was appointed by the board of directors of CPI Aerostructures, Inc. (the "Company) to the positions of Chief Financial Officer and Secretary. Mr. Passarello will also serve as Chief Financial Officer and Secretary of each of the Company's wholly-owned subsidiaries, Welding Metallurgy, Inc. and Compac Development Corporation. From January 2023 to August 2024, Mr. Passarello served as Vice President of Finance – Integrated Electronics for TTM Technologies ("TTM"), a printed circuit board and aerospace and defense supplier where he was responsible for the financial functions and operational partnering for multiple locations comprising TTM's integrated electronics business and from February 2020 to January 2023, Mr. Passarello served as Vice President of Finance for Telephonics Corporation (which was acquired by TTM) with similar responsibilities. From February 2019 to February 2020, Mr. Passarello served as Controller and Vice President of Financial Planning and Analysis at Telephonics Corporation. At Telephonics Corporation, Mr. Passarello held various managerial and executive level positions for over 15 years. Earlier in his career, Mr. Passarello spent five years at KPMG LLP within their audit practice primarily focused on public companies. Mr. Passarello will be paid an annual base salary of $350,000. Beginning in 2025, Mr. Passarello will participate in the Company's annual short term cash and long term equity incentive plans where he will be eligible to earn up to 40% of his annual base salary for each plan. Mr. Passarello will be eligible to receive an aggregate of $100,000 in cash bonuses payable $50,000 after the Company's 2025 first quarter and $50,000 after the Company's 2026 first quarter if at such times (i) he is employed by the Company and (ii) th
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibit Description 10.1 Severance and Change in Control Agreement, dated August 19, 2024, between the Company and Philip Passarello. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 19, 2024 CPI AEROSTRUCTURES, INC. By: /s/ DORITH HAKIM Dorith Hakim Chief Executive Officer 4