CPI Aerostructures (NYSE:CVU) Appoints Richard C. Rosenjack, Jr. as Director

CPI Aerostructures, Inc. recently announced the appointment of Richard C. Rosenjack, Jr. to serve as a Class II director on the company’s Board, effective June 14, 2023. In this new role, Rosenjack will also join the Nominating and Corporate Governance Committee of the Board. The decision came after the Board affirmed his status as an independent director in accordance with the NYSE American, LLC listing rules.

As part of his responsibilities as a non-employee director, Mr. Rosenjack will receive a compensation package totaling $50,000 in 2023. This amount represents a prorated portion of the annual director compensation set at $100,000 for his service on the Board. Of this compensation, 40% will be paid in cash, while the remaining 60% will be issued in the form of Company common equity through restricted stock units that vest quarterly in equal installments. Additionally, CPI Aerostructures has entered into an indemnification agreement with Mr. Rosenjack. This agreement ensures the company will indemnify and advance related expenses to the fullest extent permitted by law. Full details of the indemnification agreement can be found in the Company’s Form 10-K for the fiscal year ending December 31, 2013.

Moreover, the Company recently held its annual meeting of shareholders on June 14, 2023. During the meeting, shareholders voted on various proposals, including the election of Class I directors, approval of amendments to the 2016 Long-Term Incentive Plan, an advisory approval on the compensation of named executive officers, and the ratification of RSM US LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2023.

Richard Caswell and Terry Stinson were both re-elected as Class I directors. Proposals regarding the amendments to the 2016 Plan, compensation of the named executive officers, and the ratification of RSM US LLP were all approved by the shareholders at the meeting.

With these recent developments, CPI Aerostructures continues to enhance its governance structure and align its compensation practices with shareholder interests.

It is important to note that the information contained in this report is as per the Form 8-K filed with the Securities and Exchange Commission.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CPI Aerostructures’s 8K filing here.

About CPI Aerostructures

CPI Aerostructures, Inc engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the commercial and defense markets. The company offers aerostructure and aerosystem assemblies, including new production and repair/overhaul of fielded wing structures and other control surfaces, rudder island, engine inlets/nacelles, engine exhaust manifolds, aircraft doors and windows, aircraft steps and racks, other aircraft secondary structures, airborne pod structures and integration of internal systems, radar housing structures, panel assemblies, and mechanical door locking and canopy lifting systems.