Summary
Northrop Grumman Corporation (NOC) filed an 8-K report on March 24, 2008, to disclose a compensatory arrangement for a former officer. Specifically, on March 19, 2008, the Compensation and Management Development Committee approved a $300,000 cash payment to Scott J. Seymour, a former officer, as a special completion award. This payment recognizes Mr. Seymour's role in the successful acquisition of the KC-45A Tanker Program contract with the United States Air Force, which was awarded to the Company on February 29, 2008. The Integrated Systems sector of Northrop Grumman was a part of the collaborative effort that secured this significant strategic win. This filing is primarily an update on executive compensation related to a major contract win.
Key Highlights
- 1Disclosure of a $300,000 cash payment to former officer Scott J. Seymour.
- 2The payment is designated as a special completion award.
- 3The award recognizes Mr. Seymour's contribution to the KC-45A Tanker Program contract win.
- 4The KC-45A Tanker Program contract was awarded by the United States Air Force on February 29, 2008.
- 5Northrop Grumman's Integrated Systems sector was involved in the winning bid for the tanker program.
- 6The Compensation and Management Development Committee of the Board of Directors approved the payment on March 19, 2008.
- 7This filing falls under Item 5.02(e) of Form 8-K, concerning compensatory arrangements of certain officers.