Summary
TransDigm Group Incorporated (TDG) announced the execution of an employment agreement with Terrance Paradie, appointing him as Executive Vice President and Chief Financial Officer. The agreement, effective April 27, 2015, outlines Mr. Paradie's compensation, including a base salary of at least $480,000, eligibility for an annual bonus targeted at 65% of his base salary, and participation in executive benefit plans. The term of the agreement extends to May 1, 2020, with provisions for severance payments and benefits in case of termination without cause, for good reason, death, or disability, generally equivalent to one year's salary and bonus. Furthermore, the agreement includes standard non-compete and non-solicitation clauses, restricting Mr. Paradie from engaging in competing businesses or soliciting employees for a specified period following termination. Mr. Paradie also received an award of 4,700 shares of common stock that vest over three years. This filing is significant as it formalizes key executive leadership and compensation arrangements, providing transparency to investors regarding the company's financial stewardship and executive retention strategies.
Key Highlights
- 1Appointment of Terrance Paradie as Executive Vice President and Chief Financial Officer.
- 2Employment agreement for Mr. Paradie runs until May 1, 2020.
- 3Annual base salary for Mr. Paradie is not less than $480,000.
- 4Mr. Paradie is eligible for an annual bonus with a target of 65% of his base salary.
- 5Severance provisions include payment of salary and bonus in case of termination without cause, for good reason, death, or disability.
- 6Non-compete and non-solicitation clauses are included for a specified post-termination period.
- 7Mr. Paradie received an award of 4,700 shares of common stock, vesting over three years.