Woodward, Inc. Amends Director/Officer Filings
Ticker: WWD · Form: 8-K/A · Filed: Mar 28, 2024 · CIK: 108312
Sentiment: neutral
Topics: amendment, director-changes, officer-changes, compensation
Related Tickers: WWD
TL;DR
Woodward Inc. 8-K/A filed - changes in execs/directors.
AI Summary
Woodward, Inc. filed an amendment (8-K/A) on March 28, 2024, to a previous report dated March 12, 2024. This amendment pertains to the departure of directors or certain officers, the election of directors, the appointment of certain officers, and compensatory arrangements for certain officers. Specific details regarding the individuals involved, their roles, and any associated financial implications are not provided in this excerpt.
Why It Matters
This filing indicates changes in the company's leadership structure or executive compensation, which can signal shifts in strategy or governance.
Risk Assessment
Risk Level: medium — Amendments to director and officer filings can sometimes precede or follow significant corporate events, requiring closer monitoring.
Key Players & Entities
- Woodward, Inc. (company) — Registrant
- March 12, 2024 (date) — Earliest event date
- March 28, 2024 (date) — Filing date
FAQ
What specific event triggered the original March 12, 2024, filing?
The filing does not specify the exact event that triggered the original report, only that the amendment pertains to director/officer changes and compensation.
Who are the directors or officers departing or being appointed?
This amendment does not name the specific individuals involved in the departure, election, or appointment.
Are there any changes to executive compensation detailed in this amendment?
The filing indicates that compensatory arrangements of certain officers are part of the amendment, but specific details are not provided in this excerpt.
What is the purpose of filing an 8-K/A?
An 8-K/A is an amendment to a previously filed 8-K report, used to correct or supplement information previously disclosed.
What is Woodward, Inc.'s primary business?
Woodward, Inc. is in the ELECTRICAL INDUSTRIAL APPARATUS industry, SIC code 3620.
Filing Stats: 994 words · 4 min read · ~3 pages · Grade level 10.5 · Accepted 2024-03-28 16:11:05
Key Financial Figures
- $0.001455 — ch registered Common Stock, par value $0.001455 WWD Nasdaq Global Select Market I
- $927,500 — ll receive a lump sum cash severance of $927,500, representing the sum of Mr. Fawzy's ba
- $57,000 — provide Mr. Fawzy a one-time payment of $57,000, approximating the costs of (and in lie
Filing Documents
- f8ka_032824.htm (8-K/A) — 22KB
- 0001171843-24-001685.txt ( ) — 194KB
- wwd-20240312.xsd (EX-101.SCH) — 3KB
- wwd-20240312_lab.xml (EX-101.LAB) — 33KB
- wwd-20240312_pre.xml (EX-101.PRE) — 22KB
- f8ka_032824_htm.xml (XML) — 4KB
02. Departure of Directors
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Mr. Fawzy's departure was a Qualifying Termination under his Amended and Restated Executive Severance and Change in Control Agreement, and thus Mr. Fawzy is entitled to certain severance payments and benefits. In addition, at the Company's request, Mr. Fawzy has agreed to make himself available for consultation regarding Company matters that require his experience and institutional memory, and to assist during the onboarding of his successor at such time his successor is appointed. Mr. Fawzy will also continue his service as a trustee of the Woodward Charitable Trust, a position he has held for more than ten years. In connection with his departure, on March 22, 2024, Mr. Fawzy entered into a Separation Agreement and Release with the Company. Pursuant to such agreement, Mr. Fawzy will receive a lump sum cash severance of $927,500, representing the sum of Mr. Fawzy's base salary and target annual incentive bonus under the Company's short-term annual incentive plan (the "STI Plan") for fiscal year 2024. Mr. Fawzy is eligible to receive cash payments under both the STI Plan and the Company's cash long-term incentive plan (the "Cash LTI Plan") with resulting payments, if any, based on the achievement of previously established targets under each such plan. With respect to the STI Plan, if any payout is to be made under the STI Plan for fiscal year 2024, Mr. Fawzy will receive a prorated payout equal to 45.48% of what Mr. Fawzy otherwise would have earned under the STI Plan had he remained employed for the entirety of fiscal year 2024, such proration representing Mr. Fawzy's number of completed days in fiscal year 2024. Mr. Fawzy will not be entitled to any additional payouts under the STI Plan following fiscal year 2024. With respect to the Cash LTI Plan, Mr. Fawzy will receive payouts (if any) for the two open Ca