secwatch.observer — SEC 8-K summary
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Issuer:     CPI AEROSTRUCTURES INC (CVU)
CIK:        0000889348
Form:       8-K
Filed at:   2024-08-19T23:59:59+00:00
Accession:  0001999371-24-010340
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CPI Aerostructures appoints Philip Passarello as CFO; prior CFO Andrew Davis terminated without cause
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- Philip Passarello, 45, appointed CFO and Secretary effective August 19, 2024; replaces Andrew Davis whose employment was terminated without cause.
- Passarello will receive annual base salary of $350,000, eligibility for annual short-term cash and long-term equity incentive plans up to 40% each.
- One-time equity award of 20,000 restricted shares vesting August 19, 2026; $100,000 in cash bonuses conditional on timely SEC filings.
- Severance and change in control agreement provides for 12 months salary without cause, 1.5x salary in change in control termination.
- Passarello previously VP of Finance at TTM Technologies and Telephonics; earlier career at KPMG.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/889348/000199937124010340/0001999371-24-010340-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/889348/000199937124010340/cvu-8k_081924.htm
  HTML page:      https://secwatch.observer/filing/0001999371-24-010340

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