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Posted 13 September, 2022

COMTECH TELECOMMUNICATIONS CORP /DE/ appointed new CEO

CEO Change detected for ticker Nasdaq:CMTL in a 8-K filed on 13 September, 2022.


  On September 12, 2022, Comtech Telecommunications Corp. (the "Company") and its Chief Executive Officer, Ken Peterman, entered into an Employment Agreement (the "CEO Employment Agreement") which expires on August 9, 2025.  

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Overview of COMTECH TELECOMMUNICATIONS CORP /DE/
Technology • Networking
Comtech Telecommunications Corp. engages in the provision of emergency systems and wireless and satellite communications. It operates through Satellite and Space Communications and Terrestrial and Wireless Networks segments. The Satellite and Space Communication segment offers satellite ground station technologies, services and system integration that facilitate the transmission of voice, video, and data over GEO, MEO, and LEO satellite constellations, including solid-state and traveling wave tube power amplifiers, modems, VSAT platforms and frequency converters. The Terrestrial and Wireless Networks segment provides SMS Text to 911 services, providing alternate paths for individuals who need to request assistance method to reach Public Safety Answering Points. The company was founded in 1967 and is headquartered in Melville, NY.
Market Cap
$185M
View Company Details
COMTECH TELECOMMUNICATIONS CORP /DE/ by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Employment Agreement with Chief Executive Officer


On September 12, 2022, Comtech Telecommunications Corp. (the "Company") and its Chief Executive Officer, Ken Peterman, entered into an Employment Agreement (the "CEO Employment Agreement") which expires on August 9, 2025. The CEO Employment Agreement was approved by Comtech's Board of Directors.


According to the CEO Employment Agreement, Mr. Peterman will receive an annual base salary of $750,000, an annual target bonus opportunity equal to 100% of base salary, an annual grant of $500,000 in restricted stock units (vesting in equal annual installments over three years), an annual grant of $750,000 in long-term performance shares (vesting on the third anniversary of the grant date based on achievement of performance objectives relating to Adjusted EBITDA, revenue and the relative total shareholder return of the Company's common stock), a one-time grant of 200,000 long-term performance shares eligible to vest on the third anniversary of the grant date upon the achievement of certain stock price targets for the Company's common stock, and a one-time cash sign-on bonus in the amount of $1,000,000 to purchase shares of the Company's common stock in open market transactions.


The foregoing description of the CEO Employment Agreement and equity incentive award grants does not purport to be complete and is qualified in its entirety by reference to the full text of the CEO Employment Agreement and award agreements, copies of which are filed as Exhibits 10.1 to 10.4 hereto and incorporated herein by reference.