CPI Aerostructures Appoints Pamela Levesque as Director and Member of Audit and Finance Committee

CPI Aerostructures, Inc. (NYSE: CVU) recently announced the appointment of Pamela Levesque to the Company’s Board of Directors. Effective October 23, 2023, Levesque will serve as a Class II director and will also join the Audit and Finance Committee of the Board.

The Board of CPI Aerostructures has confirmed Levesque’s status as an independent director in accordance with the listing rules of the NYSE American, LLC.

In recognition of her role as a non-employee director, Levesque is set to receive $19,178 in compensation for the year 2023. This amount represents a pro-rated annual director compensation of $100,000. Of this, forty percent will be disbursed in cash, while the remaining sixty percent will be provided in the form of Company common equity through restricted stock units.

To ensure indemnification and the advancement of related expenses, CPI Aerostructures has entered into an indemnification agreement with Levesque. This agreement stipulates that the Company will indemnify and cover expenses for Levesque to the fullest extent permitted by applicable law. It is essential to note that the specifics of the indemnification agreement are outlined in the Company’s form of indemnification agreement, accessible in Exhibit 10.29 of the Company’s Annual Report on Form 10-K for the fiscal year concluded on December 31, 2013.

As per regulatory requirements, an Interactive Data File has been attached as Exhibit 104 to meet financial reporting standards.

The signing of this report on October 24, 2023, for CPI Aerostructures, Inc., was carried out by Andrew Davis, the Chief Financial Officer of the Company.

This marks a significant development within CPI Aerostructures, highlighting the strategic appointment of Pamela Levesque to the Board of Directors and the Audit and Finance Committee.

This news is in adherence to the disclosure made under Form 8-K to keep shareholders and the market informed about key corporate activities.

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.