Business Context and Reporting Period
This Form 8-K Current Report was filed by Curtiss-Wright Corporation on May 10, 2013. The report discloses a material corporate event regarding the departure of a senior officer rather than a standard financial reporting period.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document focuses exclusively on executive compensation and separation terms.
Material Changes
The primary material change reported is the resignation of David Linton, former President of Curtiss-Wright Flow Control Corporation and Vice-President of Curtiss-Wright Corporation. His departure is part of a reorganization of the operational management structure announced in October 2012.
Management Commentary and Unusual Items
Management executed a Separation and Release Agreement with Mr. Linton effective upon the expiration of a seven-day statutory waiting period. The agreement includes the following severance benefits:
- 18 months of salary.
- Subsidized health care continuation coverage for up to 18 months.
- One-half of his targeted 2013 annual bonus payment.
- Accrued but unpaid compensation and reimbursement for previously incurred business expenses.
These benefits are conditioned upon Mr. Linton's compliance with confidentiality, non-competition, and non-solicitation provisions, and his release of the company from claims related to his employment.
Investor Verification Checklist
- Verify the effective date of the separation agreement following the seven-day waiting period.
- Confirm the specific terms of the "Key Employee Severance Agreement" referenced in the filing.
- Review the October 2012 announcement regarding the operational management reorganization to understand the strategic context of this departure.
- Check subsequent filings for the appointment of a successor to Mr. Linton's roles.