Indiana | 0001-36341 | 38-3924636 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1. | Compensation and Benefits. |
a. | Annual Base Salary. Mr. Wright’s initial base salary was $350,000. |
b. | 2014 Target Annual Incentive. For the performance year 2014, Mr. Wright’s annual incentive target was set at 75% of base salary (“Target Annual Incentive”). The amount earned in respect of the Target Annual Incentive was discretionary and subject to individual and Company performance. |
c. | 2014 Long-Term Incentive Awards. Mr. Wright was eligible to participate in the Exelis 2014 long-term incentive program with an annual target long-term incentive compensation opportunity of $350,000, and the form of the award, vesting provisions and other provisions/requirements were determined at the discretion of the Board of Directors. |
d. | Cash Sign-on Payment. Mr. Wright was paid a sign-on payment in January 2014 in the amount of $175,000. In the event that Mr. Wright’s employment with Exelis or Vectrus is voluntarily terminated within two years from the date of payment, he is required to pay back the $175,000 payment, net of taxes. |
e. | Transaction Success Incentive Award. Mr. Wright was eligible for a Transaction Success Incentive Award in cash the amount of $175,000, which was paid following the spin-off of the Company from Exelis. |
f. | Founders’ Grant. Mr. Wright was entitled to receive a Founders’ Grant on October 10, 2014 in the amount of $787,500. The Vectrus Compensation Committee determined that twenty percent (20%) of the Founders’ Grant be granted in the form of stock options and eighty percent (80%) in the form of restricted stock units. |
2. | Termination of Employment. |
a. | In the event that Exelis or Vectrus terminates Mr. Wright’s employment within his first two years of his employment, for any reason other than cause and without an offer of comparable employment, the Wright Letter provided that he would receive one full year of his current salary paid as a severance payment. Following two years of employment, he will revert to severance eligibility under the company severance policy that is in effect at that time. |
Exhibit No. | Description | ||
10.01 | Wright Letter Agreement dated December 2, 2013 between Exelis Inc. and Mr. Wright | ||
Vectrus, Inc. | ||||||
Date: April 2, 2015 | By: | /s/ Kathryn S. Lamping | ||||
Kathryn S. Lamping | ||||||
Its: | Assistant Secretary | |||||
(Authorized Officer of Registrant) |
/s/ Theodore Wright | 12/2/2013 | |
Theodore Wright | Date | |
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