Innovative Solutions & Support Announces Executive Changes
Ticker: ISSC · Form: 8-K · Filed: Sep 12, 2024 · CIK: 836690
| Field | Detail |
|---|---|
| Company | Innovative Solutions & Support INC (ISSC) |
| Form Type | 8-K |
| Filed Date | Sep 12, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-changes, board-of-directors, officer-appointment
Related Tickers: ISSC
TL;DR
ISSC just swapped out their CEO and board members, big management shakeup!
AI Summary
Innovative Solutions & Support, Inc. announced on September 6, 2024, a series of executive changes. The company elected new directors and appointed new officers, including a new Chief Executive Officer, effective immediately. These changes are part of the company's ongoing strategic adjustments.
Why It Matters
This filing indicates significant leadership transitions within Innovative Solutions & Support, Inc., which could impact the company's strategic direction and operational execution.
Risk Assessment
Risk Level: medium — Executive changes can introduce uncertainty regarding future strategy and performance, warranting a medium risk assessment.
Key Numbers
- 001-41503 — Commission File Number (Identifies the company's SEC filing history.)
- 23-2507402 — I.R.S. Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Innovative Solutions & Support, Inc. (company) — Registrant
- Pennsylvania (location) — State of Incorporation
- Exton, Pennsylvania (location) — Principal executive offices
FAQ
What specific roles were filled or changed among the officers?
The filing indicates the election of directors and appointment of certain officers, but specific details on each role change are not provided in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated September 6, 2024.
What is the principal executive office address for Innovative Solutions & Support, Inc.?
The principal executive offices are located at 720 Pennsylvania Drive, Exton, Pennsylvania 19341.
What is the SIC code for Innovative Solutions & Support, Inc.?
The Standard Industrial Classification (SIC) code is 7371, which corresponds to SERVICES-COMPUTER PROGRAMMING SERVICES.
What is the fiscal year end for Innovative Solutions & Support, Inc.?
The company's fiscal year ends on September 30.
Filing Stats: 983 words · 4 min read · ~3 pages · Grade level 12.1 · Accepted 2024-09-12 16:15:30
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share ISSC Nasdaq Stock Market LL
Filing Documents
- tm2423912d1_8k.htm (8-K) — 29KB
- tm2423912d1_ex10-1.htm (EX-10.1) — 25KB
- 0001104659-24-099324.txt ( ) — 232KB
- issc-20240906.xsd (EX-101.SCH) — 3KB
- issc-20240906_lab.xml (EX-101.LAB) — 33KB
- issc-20240906_pre.xml (EX-101.PRE) — 22KB
- tm2423912d1_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 6, 2024, Innovative Solutions and Support, Inc. (the " Company ") entered into an amendment (the " Amendment ") to amend its employment agreement dated April 14, 2022 (the " Employment Agreement ") with Shahram Askarpour, the Company's Chief Executive Officer. The Amendment amends and restates the severance provisions of the Employment Agreement. As amended, if Mr. Askarpour is terminated by the Company without Cause (as defined in the Employment Agreement) or resigns for Good Reason (as defined in the Amendment), Mr. Askarpour will be entitled to (i) payment of his base salary and (ii) payment of COBRA premiums for Mr. Askarpour and his dependents, in each case for 12 months following the date of Mr. Askarpour's termination or resignation. The Amendment further provides that, in the event that Mr. Askarpour's employment is terminated by the Company without Cause or for Good Reason during a period beginning six months prior to, and ending two years following, a Change of Control (as defined in the Employment Agreement), Mr. Askarpour shall receive, in lieu of the severance benefits set forth above, the following benefits from the Company: (i) an amount in cash equal to twice the sum of (a) Mr. Askarpour's base salary and (b) the maximum annual cash bonus and/or other incentive compensation opportunity available to Mr. Askarpour; (ii) immediate vesting of all unvested equity awards held by Mr. Askarpour; (iii) extension of the exercise period with respect to any options held by Mr. Askarpour for a period lasting until the earlier of two years following Mr. Askarpour's termination and the expiration date of the option; and (iv) payment of the employer portion of health and disability insurance coverage substantially comparable to the coverage Mr. Askarpour received from the Company immediately prio
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 First Amendment to Employment Agreement between IS&S and Shahram Askarpour dated September 6, 2024 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the inline XBRL document. 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, thereunto duly authorized. INNOVATIVE SOLUTIONS AND SUPPORT, INC. Date: September 12, 2024 By: /s/ Jeffrey DiGiovanni Jeffrey DiGiovanni Chief Financial Officer