8-KLeadership ChangesShareholder Matters

CURTISS WRIGHT CORP 8-K Report, Executive Changes (May 12, 2010)

Filed May 12, 2010For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed an 8-K report on May 12, 2010, detailing two significant events. Firstly, the company announced the payout of performance shares for the 2007-2009 period to its executive officers, including the CEO and CFO, under its 2005 Omnibus Long-Term Incentive Plan. The payouts reflect the company's performance over these three years, with officers achieving between 83.50% and 92.78% of their target awards. Secondly, the report outlines the results of the company's Annual Meeting of Stockholders held on May 7, 2010. Key outcomes include the election of directors, the ratification of Deloitte & Touche LLP as the independent auditor for 2010, and the approval of an amendment to the 2005 Omnibus Long-Term Incentive Plan. The strong shareholder support for these proposals suggests confidence in the company's leadership and financial oversight.

Key Highlights

  • 1Executive officers received performance share payouts for the 2007-2009 performance period, ranging from 83.50% to 92.78% of target awards.
  • 2CEO Martin R. Benante and CFO Glenn E. Tynan were among the executives receiving payouts.
  • 3The company held its Annual Meeting of Stockholders on May 7, 2010.
  • 4All listed director nominees were elected by shareholders.
  • 5Shareholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for 2010.
  • 6An amendment to the Company's 2005 Omnibus Long-Term Incentive Plan was approved by shareholders.

Frequently Asked Questions

The performance share payout was made to executive officers for the 2007-2009 performance period under Curtiss-Wright's 2005 Omnibus Long-Term Incentive Plan. It reflects the company's performance and the achievement of specific targets by the executive team during those years.

The executive officers achieved between 83.50% and 92.78% of their target performance share awards for the 2007-2009 period. For example, CEO Martin R. Benante achieved 83.50% of his target.

At the Annual Meeting, shareholders elected all director nominees, ratified the appointment of Deloitte & Touche LLP as the independent auditor for 2010, and approved an amendment to the 2005 Omnibus Long-Term Incentive Plan.

The approval of the amendment indicates that shareholders support the company's long-term incentive strategies and potentially the changes or additions made to the existing plan, which is crucial for executive compensation and retention.