Summary
TransDigm Group Incorporated (TDG) filed an 8-K on July 22, 2008, primarily to report an amendment to the employment agreement of its CEO, W. Nicholas Howley. This amendment clarifies the vesting terms of stock options that Mr. Howley is set to receive upon stockholder approval of an increase in the Company's 2006 stock incentive plan. The potential grant consists of 800,000 stock options.
Key Highlights
- 1Amendment to CEO W. Nicholas Howley's employment agreement is filed.
- 2The amendment clarifies stock option vesting conditions upon termination after the employment agreement term but before full vesting.
- 3Mr. Howley is slated to receive a grant of 800,000 stock options.
- 4The stock option grant is contingent upon stockholder approval to increase the shares available under the 2006 stock incentive plan.
- 5The original employment agreement amendment was effective April 25, 2008, with this filing detailing a subsequent clarification.
- 6The filing includes Amendment No. 1 to the Employment Agreement as an exhibit.