Northrop Grumman Corp. Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by Northrop Grumman Corporation on September 18, 2013. The report discloses corporate governance changes, specifically the election of a new director and an adjustment to the Board of Directors' size.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel and governance matters rather than financial performance.
Material Changes
- Board Expansion: The Board of Directors approved an increase in its size from 12 members to 13 members.
- New Director Election: William H. Hernandez was elected to the Board of Directors, effective September 19, 2013.
- Committee Appointments: Mr. Hernandez was appointed to the Audit Committee (designated as an audit committee financial expert) and the Policy Committee.
Compensation and Governance Details
Mr. Hernandez's compensation package includes:
- Cash Retainer: $115,000 annually, plus an additional $10,000 for Audit Committee service.
- Equity Grant: $130,000 in deferred stock units annually, payable upon conclusion of service or earlier if service exceeds five years.
- Proration: Fees and grants are prorated for the 2013 calendar year.
Investor Verification Checklist
- Verify the effective date of Mr. Hernandez's board service (September 19, 2013).
- Confirm the total number of board seats following the expansion to 13 members.
- Review the attached press release (Exhibit 99.1) for additional biographical details on Mr. Hernandez.
- Note that this filing contains no financial data; refer to the most recent 10-Q or 10-K for financial metrics.