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AVAV > SEC Filings for AVAV > Form 8-K on 2-May-2014All Recent SEC Filings

Show all filings for AEROVIRONMENT INC



Change in Directors or Principal Officers

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

On April 29, 2014, the Company and Thomas Herring, our Senior Vice President and Chief Operating Officer, mutually agreed that Mr. Herring's employment with the Company will cease effective as of April 30, 2014. The functions previously reporting to Mr. Herring have been redistributed to other members of AV's executive management team.

The terms and conditions of his departure from the Company are contained in a letter agreement with Mr. Herring dated April 29, 2014. Pursuant to the letter agreement, we agreed to pay Mr. Herring $215,000, less applicable tax and other withholdings. In addition, the Company agreed to enter into a consulting agreement with Mr. Herring on terms acceptable to the Company, for a six-month period beginning on May 1, 2014, with a monthly retainer of $1,000.

Mr. Herring ceases to be eligible to participate in any bonus, incentive compensation, retirement or other compensation or benefit plans as of April 30, 2014, but retains all vested benefits. He also reaffirmed his existing confidentiality obligations and further agreed to customary provisions relating to non-disparagement, cooperation and the release of certain claims.

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