secwatch.observer — SEC 8-K summary
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Issuer:     COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL)
CIK:        0000023197
Form:       8-K
Filed at:   2022-01-05T23:59:59+00:00
Accession:  0000023197-22-000006
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Comtech appoints Michael Porcelain as CEO with base salary $780,000; Kornberg gets $500k/yr consulting
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- Michael Porcelain appointed CEO and President effective Dec 31, 2021; also joins Board on Jan 3, 2022.
- Porcelain's employment agreement: base salary $780,000, total direct compensation ≥ $3.15M per fiscal year.
- Fred Kornberg steps down as CEO after 50 years, remains Chairman and Senior Technology Advisor under consulting agreement.
- Consulting agreement pays Kornberg $500,000 annually plus Restricted Stock Grants of $1.25M (immediate) and $1M (Jan 2023), each vesting monthly over 12 months.
- Two new independent directors, Mark Quinlan and Wendi Carpenter, appointed effective Jan 3, 2022.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/23197/000002319722000006/0000023197-22-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/23197/000002319722000006/cmtl-20211231.htm
  HTML page:      https://secwatch.observer/filing/0000023197-22-000006

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