8-KLeadership ChangesExhibits & Filings

CURTISS WRIGHT CORP 8-K Report, Executive Changes (May 10, 2013)

Filed May 10, 2013For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed an 8-K on May 10, 2013, to report the resignation of David Linton, former President of Curtiss-Wright Flow Control Corporation and Vice-President of Curtiss-Wright Corporation. This departure is part of a previously announced reorganization of the operational management structure. Mr. Linton's resignation was effective May 6, 2013, and he has entered into a Separation and Release Agreement with the company. The agreement outlines severance benefits for Mr. Linton, including 18 months of salary, continued health care coverage for up to 18 months, and half of his targeted 2013 annual bonus. These payments are contingent upon his adherence to the terms of the agreement, including confidentiality, non-competition, and non-solicitation clauses. This filing provides transparency regarding executive changes and the associated financial implications for the company.

Key Highlights

  • 1Resignation of David Linton, former President of Curtiss-Wright Flow Control Corporation and Vice-President of Curtiss-Wright Corporation, effective May 6, 2013.
  • 2Linton's departure is attributed to a reorganization of the operational management structure, previously announced in October 2012.
  • 3Mr. Linton entered into a Separation and Release Agreement with the company.
  • 4Severance package includes 18 months of salary continuation.
  • 5Subsidized health care continuation coverage for up to 18 months is provided.
  • 6Mr. Linton will receive half of his targeted 2013 annual bonus payment.
  • 7Curtiss-Wright's obligations under the agreement are conditional on Mr. Linton's compliance with confidentiality, non-competition, and non-solicitation provisions.

Frequently Asked Questions

David Linton's departure is part of a reorganization of the operational management structure at Curtiss-Wright, which was initially announced in October 2012.

Mr. Linton will receive 18 months of salary, subsidized health care continuation coverage for up to 18 months, and one half of his targeted 2013 annual bonus payment, in addition to any accrued compensation and expense reimbursements.

Yes, the severance benefits are contingent upon Mr. Linton's compliance with the terms of the Separation and Release Agreement, including confidentiality, non-competition, and non-solicitation provisions, and the expiration of a seven-day statutory waiting period.

The filing does not indicate financial distress. It is framed as a management reorganization, and the severance package is a standard component of such executive separations, with provisions to protect the company's interests.