Innovative Solutions & Support: Director Changes & Officer Compensation
Ticker: ISSC · Form: 8-K · Filed: Nov 22, 2024 · CIK: 836690
| Field | Detail |
|---|---|
| Company | Innovative Solutions & Support INC (ISSC) |
| Form Type | 8-K |
| Filed Date | Nov 22, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $10, $12.00, $14 |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, officer-compensation, governance
TL;DR
ISS board shakeup: Director Smith out, Boyer in. Officer pay details TBD.
AI Summary
Innovative Solutions & Support, Inc. announced on November 20, 2024, the departure of Director Michael L. Smith and the appointment of new Director David L. Boyer. The company also disclosed compensatory arrangements for certain officers, though specific details of these arrangements were not provided in this filing.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Director departures and changes in executive compensation can introduce uncertainty regarding company leadership and financial strategy.
Key Players & Entities
- Innovative Solutions & Support, Inc. (company) — Registrant
- Michael L. Smith (person) — Departing Director
- David L. Boyer (person) — Appointed Director
- November 20, 2024 (date) — Date of earliest event reported
FAQ
Who has been appointed as a new director to the board of Innovative Solutions & Support, Inc.?
David L. Boyer has been appointed as a new director.
Who has departed from the board of directors at Innovative Solutions & Support, Inc.?
Michael L. Smith has departed from the board of directors.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is November 20, 2024.
What specific compensatory arrangements for officers are detailed in this filing?
The filing mentions compensatory arrangements of certain officers but does not provide specific details within the provided text.
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.
Filing Stats: 751 words · 3 min read · ~3 pages · Grade level 10.9 · Accepted 2024-11-22 17:16:33
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share ISSC Nasdaq Stock Market LL
- $10 — sting Prices for the three Tranches are $10.00, $12.00 and $14.00, respectively, bu
- $12.00 — ices for the three Tranches are $10.00, $12.00 and $14.00, respectively, but if the fi
- $14 — e three Tranches are $10.00, $12.00 and $14.00, respectively, but if the first Tran
Filing Documents
- tm2429367d1_8k.htm (8-K) — 27KB
- tm2429367d1_ex10-1.htm (EX-10.1) — 26KB
- 0001104659-24-122176.txt ( ) — 229KB
- issc-20241120.xsd (EX-101.SCH) — 3KB
- issc-20241120_lab.xml (EX-101.LAB) — 33KB
- issc-20241120_pre.xml (EX-101.PRE) — 22KB
- tm2429367d1_8k_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On November 20, 2024 (the "Grant Date"), Innovative Solutions and Support, Inc. (the "Company") granted Shahram Askarpour, the Company's Chief Executive Officer, an award of 2,100,000 performance stock units (the "CEO Performance Award") under the Innovative Solutions and Support, Inc. Amended and Restated 2019 Stock-Based Incentive Compensation Plan (the "Plan"). Pursuant to the CEO Performance Award, Mr. Askarpour would earn one share of the Company's common stock, $0.001 par value per share ("Common Stock") for each performance stock unit that vests if the Company's Common Stock trades for 20 consecutive trading days at or above the applicable trading price thresholds (each such threshold, a "Vesting Price"), described below, during the four-year period following the Grant Date (the "Performance Period"). The performance stock units will vest in three tranches (each a "Tranche"). Each Tranche consists of one-third of the performance stock units. The Vesting Prices for the three Tranches are $10.00, $12.00 and $14.00, respectively, but if the first Tranche has not vested by the third anniversary of the Grant Date, the Vesting Price first Tranche will be increased to $12.00 for the remainder of the Performance Period. Any performance stock units that have not vested as of the end of the Performance Period will be forfeited. In the event Mr. Askarpour's employment with the Company is terminated for any reason, any unvested performance stock units will be immediately forfeited with no compensation or payment due to Mr. Askarpour. If a Change in Control (as defined in the Plan) or similar event occurs during the Performance Period, each unvested Tranche will vest as of the effective time of such Change in Control to the extent that the per share consideration received by the Company's shareholders in connectio
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Performance Stock Unit Award Agreement dated November 20, 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: November 22, 2024 By: /s/ Jeffrey DiGiovanni Jeffrey DiGiovanni Chief Financial Officer