secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC)
CIK:        0000836690
Form:       8-K
Filed at:   2024-09-12T23:59:59+00:00
Accession:  0001104659-24-099324
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ISSC amends CEO severance: 12 months base pay or 2x salary plus bonus on change of control
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- CEO Shahram Askarpour gets 12 months base salary + COBRA if terminated without cause or for good reason outside a change of control.
- On a change of control (6 months before to 2 years after), severance rises to 2x (base salary + max bonus), immediate equity vesting, extended option exercise, and 18 months health coverage.
- Good reason definition includes material reduction in title/duties, pay cut, relocation >25 miles, or successor not assuming obligations.
- Amendment applies a 30-day notice and cure period before resignation for good reason is effective.
- Non-compete valuation may reduce excise tax risk under Code Sections 280G and 4999.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/836690/000110465924099324/0001104659-24-099324-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/836690/000110465924099324/tm2423912d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-099324

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