Spirit AeroSystems' new CFO's employment agreement includes $525,000 salary, incentives and bonuses
08/27/2013 6:02 AM
08/08/2014 10:18 AM
Spirit AeroSystems' new senior vice president and chief financial officer, Sanjay Kapoor, will earn an annual salary of $525,000, two cash sign-on bonuses totaling $250,000 and two $1 million buyout signing bonus stock awards, according to a filing Monday with the Securities and Exchange Commission.
The company announced last week that Kapoor, 53, a former vice president for Raytheon Integrated Defense Systems, will join the company as senior vice president and chief financial officer. The current CFO, Phil Anderson, will switch positions and lead the company’s defense and contracts.
Kapoor’s job becomes effective September 23.
As vice president of Raytheon’s Integrated Defense Systems division, Kapoor led a team of 4,000 employees and managed “every aspect of that business,” the filing said.
Prior to that position, he was vice president of finance and chief financial officer for the Raytheon division.
Kapoor received a bachelor of technology degree from the Indian Institute of Technology in New Delhi and earned dual master of business administration degree in finance and entrepreneurial management from The Wharton School at the University of Pennsylvania.
His annual salary may be adjusted from time to time based on Kapoor’s and the company’s performance, the filing said.
One of the two restricted stock awards valued at $1 million per award will be subject to a three-year vesting schedule with one-third of the award vesting after each year of service. The other award has a four-year vesting schedule with one-fourth of the award vesting after each year of service.
He also will be eligible for a cash or equity discretionary bonus with a target of 10 percent of his annual salary.
Kapoor’s employment agreement provides short-term and long-term incentives. He will receive an award equal to 100 percent of his base salary if target performance goals are reached and up to 200 percent of his salary if outstanding performance goals are reached. The amount will be depend on Spirit’s achievement of performance objectives, the filing said. Under the plan they could be less, more or equal to the target bonus and “could be zero.”
Kapoor’s employment may be terminated at any time by Spirit or Kapoor “for any reason or no reason, without cause,” the filing said. It may also be terminated by Spirit “for cause.”
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