Innovative Solutions and Support (NASDAQ: ISSC) Grants CEO 2.1 Million Performance Stock Units

Innovative Solutions and Support, Inc. filed an 8-K form with the Securities and Exchange Commission on November 20, 2024, announcing the granting of an award of 2,100,000 performance stock units to its Chief Executive Officer, Shahram Askarpour. The award, known as the CEO Performance Award, was granted under the company’s Amended and Restated 2019 Stock-Based Incentive Compensation Plan.

The terms of the CEO Performance Award stipulate that Mr. Askarpour would earn one share of the company’s common stock for each performance stock unit that vests if Innovative Solutions and Support’s Common Stock trades at or above specific trading price thresholds for 20 consecutive trading days during the four-year Performance Period following the Grant Date.

The performance stock units granted will vest in three tranches, with each Tranche comprising one-third of the total units. The Vesting Prices for the three Tranches are set at $10.00, $12.00, and $14.00, respectively. However, if the first Tranche does not vest by the third anniversary of the Grant Date, the Vesting Price for the first Tranche will be raised to $12.00 for the remainder of the Performance Period. Any unvested performance stock units at the end of the Performance Period will be forfeited.

In the event of termination of Mr. Askarpour’s employment with the company for any reason, all unvested performance stock units will be immediately forfeited, with no compensation owed. Moreover, in the case of a Change in Control or similar event during the Performance Period, any unvested Tranche will vest if the per-share consideration received by the company’s shareholders equals or surpasses the applicable Vesting Price for that Tranche.

It is important to note that the summary of the terms of the CEO Performance Award provided in the filing does not represent the complete agreement. The full terms can be found in the award agreement attached as Exhibit 10.1 to the filing.

Following this announcement, Innovative Solutions and Support did not indicate any intention to communicate further information in relation to this event.

This article is derived from an 8-K filing submitted to the SEC and is purely for informational purposes regarding recent developments at the company.

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

About Innovative Solutions and Support

Innovative Solutions and Support, Inc, a systems integrator, designs, develops, manufactures, sells, and services flight guidance, autothrottles, and cockpit display systems in the United States and internationally. It offers flat panel display systems that replicate the display of analog or digital displays on one screen and replace existing displays in legacy aircraft, as well as used for security monitoring on-board aircraft and as tactical workstations on military aircraft; and flight deck management system, a navigation and performance computer that upgrade for commercial air transport aircraft.