Business Context and Reporting Period
This Form 8-K Current Report was filed by Aerovironment, Inc. on April 24, 2013. The filing reports a corporate governance event: the appointment of a new director to the Board of Directors.
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
The material change reported is the appointment of Stephen F. Page as a Class II director and a member of the Audit Committee, effective April 24, 2013. Mr. Page will be subject to reelection at the 2014 annual meeting of stockholders.
Compensation and Governance Details
In connection with his appointment, Mr. Page received the following equity awards under the Company's Amended and Restated 2006 Equity Incentive Plan:
- Option to purchase 20,000 shares of common stock.
- Restricted stock award covering 7,500 shares of common stock.
Both awards vest annually at a rate of 20% over a five-year period, contingent upon continued service. Mr. Page also entered into the Company's standard director and officer indemnification agreement. His background includes significant executive experience at Black & Decker Corporation and United Technologies Corporation, including roles as CFO and CEO of Otis Elevator.
Key Facts for Investor Verification
- Stephen F. Page was appointed to the Board and Audit Committee on April 24, 2013.
- Total equity compensation granted includes 20,000 stock options and 7,500 restricted shares.
- The equity awards vest 20% annually over five years.
- Mr. Page brings prior experience as a lead director and audit committee chair at major public companies including Lowe's and PACCAR.