8-KLeadership Changes

NORTHROP GRUMMAN CORP /DE/ 8-K Report, Executive Changes (Mar 25, 2008)

Filed March 25, 2008For Securities:NOC

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.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose a specific compensatory payment made to a former officer, Scott J. Seymour, in recognition of his role in securing the KC-45A Tanker Program contract.

Scott J. Seymour, a former officer of Northrop Grumman, is receiving a $300,000 cash payment as a special completion award. This award is specifically for his contribution to the company's successful bid for the KC-45A Tanker Program contract.

The KC-45A Tanker Program contract was awarded by the United States Air Force on February 29, 2008.

The filing describes the payment as a 'special completion award' in recognition of his role in the KC-45A Tanker Program contract win. While it's made after the contract award and to a former officer, the filing doesn't explicitly state it's a severance or departure-related payment; rather, it's tied to his contribution to the specific contract.