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General Dynamics 8-K Report, Executive Changes (Mar 7, 2024)

Reports
Leadership Changes·Exhibits & Filings
Filing Date
Filed March 7, 2024
Period End
March 5, 2024
Security
GD
In the record · 2016–202610-K1110-Q338-K98

GD filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 98 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’18Apr ’18
  2. Leadership change8-K · Feb ’21Feb ’21
  3. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed March 7, 2024. Cited figures are marked; the original filing is the authoritative source.

General Dynamics Corporation (GD) filed an 8-K on March 6, 2024, primarily to disclose the upcoming retirement of Mark C.

Roualet, Executive Vice President of Combat Systems, effective April 30, 2024. This departure marks the end of Mr. Roualet's tenure with the company after a significant period. In connection with his retirement, the Compensation Committee has approved equity-based awards for Mr. Roualet, including stock options and restricted stock units, granted on March 6, 2024.

Notably, a nine-month forfeiture provision for these awards has been waived, ensuring Mr. Roualet is not subject to forfeiture based on continued employment for that period post-grant. Furthermore, GD and Mr. Roualet anticipate entering into a consulting agreement where he will provide advisory services through the end of 2024 for a monthly fee of $36,500a. This arrangement suggests a continued, albeit advisory, relationship with the company post-retirement.

02—Key points

Key Highlights

  1. Mark C. Roualet, EVP of Combat Systems, will retire on April 30, 2024.
  2. Mr. Roualet will receive equity awards (stock options and RSUs) granted on March 6, 2024.
  3. A nine-month forfeiture condition on Mr. Roualet's equity awards has been waived.
  4. General Dynamics plans to enter into a consulting agreement with Mr. Roualet.
  5. Mr. Roualet will provide advisory consulting services through December 31, 2024.
  6. The monthly compensation for Mr. Roualet's consulting services will be $36,500.

03—Questions

Frequently Asked Questions

  1. What is the main reason for this 8-K filing?

    This 8-K filing is primarily to report the planned retirement of Mark C. Roualet, Executive Vice President of Combat Systems, effective April 30, 2024, and to disclose related compensation arrangements.

  2. What compensation is Mr. Roualet receiving upon his retirement?

    Mr. Roualet is receiving equity awards, including stock options and restricted stock units, granted on March 6, 2024. Additionally, he is expected to enter into a consulting agreement for advisory services through December 31, 2024, with a monthly payment of $36,500.

  3. Is there any special condition regarding Mr. Roualet's equity awards?

    Yes, the Compensation Committee waived a provision that would typically cause forfeiture of awards if the grantee is not continuously employed for nine months following the grant date. This ensures Mr. Roualet's awards are not subject to this specific forfeiture clause.

  4. Will Mr. Roualet continue to have any involvement with General Dynamics after his retirement?

    Yes, General Dynamics and Mr. Roualet expect to enter into a consulting agreement where he will provide advisory consulting services to the company until December 31, 2024.

04—Continue

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