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CVU > SEC Filings for CVU > Form 8-K/A on 6-Nov-2013All Recent SEC Filings

Show all filings for CPI AEROSTRUCTURES INC



Change in Directors or Principal Officers, Financial Statements and Exhi

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective August 15, 2013, the Board of Directors of the Company voted to increase the size of the Board from five members to six. Effective the same date, the Board has appointed Michael Faber to fill the newly created vacancy on the Company's board of directors.

In connection with his appointment, Mr. Faber was granted, pursuant to the Company's Performance Equity Plan 2009, a five-year, immediately exercisable option to purchase 2,185 shares of the Company's common stock at an exercise price of $11.01 per share. In accordance with the Company's non-employee director compensation plan, Mr. Faber will receive an annual fee of $75,000, of which $24,750 shall be payable quarterly in cash and the remainder of which shall be payable in options to purchase shares of the Company's common stock, the value of which will be calculated using the Black-Sholes option pricing model, granted on the first business day following January 1st of each year. Mr. Faber's compensation will be prorated for the current fiscal year.

On October 31, 2013, upon the recommendation of the Board's Nominating and Corporate Governance Committee, the Board appointed Mr. Faber to serve on the Company's Strategic Planning Committee and Nominating and Corporate Governance Committee.

The Company issued a press release announcing the increase in the size of the Company's Board of Directors and Mr. Faber's appointment, which is filed herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press release, dated August 15, 2013, announcing increase in Board size and appointment of Michael A. Faber as a director. (1)

(1) Previously filed.

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