Summary
TransDigm Group Incorporated (TDG) filed an 8-K on November 3, 2014, reporting on an employment agreement entered into with Kevin Stein, who will serve as an executive vice president. The agreement outlines Mr. Stein's compensation, including a base salary of at least $585,000 and eligibility for an annual bonus targeting 80% of his base salary. It also details terms for termination, severance packages, and restrictive covenants such as non-compete and non-solicitation clauses, standard for executive roles within the company. In conjunction with this new role, Mr. Stein was granted 13,000 shares of the Company's common stock, which will vest in equal one-third increments over three years. This filing provides transparency on key executive appointments and compensation structures, important for understanding the company's leadership and associated costs.
Key Highlights
- 1TransDigm Group entered into an employment agreement with Kevin Stein, appointing him Executive Vice President.
- 2Mr. Stein's annual base salary is set at a minimum of $585,000.
- 3He is eligible for an annual bonus with a target of 80% of his base salary.
- 4The employment agreement includes provisions for termination, severance pay (up to 1.5 times salary plus target bonus in specific scenarios), and customary benefits.
- 5Restrictive covenants include non-compete and non-solicitation clauses for specified periods post-termination.
- 6Mr. Stein received an award of 13,000 restricted shares of common stock, vesting in one-third increments annually from December 31, 2015, to December 31, 2017.
- 7The agreement includes indemnification for Mr. Stein to the fullest extent permitted by Delaware law.