0000023197-16-000066.txt : 20160929 0000023197-16-000066.hdr.sgml : 20160929 20160929165807 ACCESSION NUMBER: 0000023197-16-000066 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160929 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20160929 DATE AS OF CHANGE: 20160929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMTECH TELECOMMUNICATIONS CORP /DE/ CENTRAL INDEX KEY: 0000023197 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 112139466 STATE OF INCORPORATION: DE FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07928 FILM NUMBER: 161910500 BUSINESS ADDRESS: STREET 1: 68 SOUTH SERVICE ROAD STREET 2: SUITE 230 CITY: MELVILLE STATE: NY ZIP: 11747 BUSINESS PHONE: 6319627000 MAIL ADDRESS: STREET 1: 68 SOUTH SERVICE ROAD STREET 2: SUITE 230 CITY: MELVILLE STATE: NY ZIP: 11747 FORMER COMPANY: FORMER CONFORMED NAME: COMTECH INC DATE OF NAME CHANGE: 19870503 FORMER COMPANY: FORMER CONFORMED NAME: COMTECH TELECOMMUNICATIONS CORP DATE OF NAME CHANGE: 19831215 FORMER COMPANY: FORMER CONFORMED NAME: COMTECH LABORATORIES INC DATE OF NAME CHANGE: 19780425 8-K 1 cmtl8k-09292016.htm CURRENT REPORT Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

September 29, 2016
 
0-7928
Date of Report
(Date of earliest event reported)
 
Commission File Number
form8k.jpg
(Exact name of registrant as specified in its charter)
Delaware
 
11-2139466
(State or other jurisdiction of
incorporation or organization)

 
(I.R.S. Employer Identification Number)









 
68 South Service Road, Suite 230
Melville, New York 11747
 
 
(Address of Principal Executive Offices) (Zip Code)
 
 
 
 
 
 
 
 
(631) 962-7000
 
 
(Registrant’s telephone number, including area code)
 



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 





Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On September 29, 2016, Comtech Telecommunications Corp. (the “Company”) announced that Mr. Fred Kornberg, the Company’s Chairman of the Board of Directors, has resumed his former role as Chief Executive Officer of the Company, replacing Stanton D. Sloane, who has resigned as Chief Executive Officer, President and a member of the Company’s Board of Directors.
Under the terms of a Transition Agreement between Dr. Sloane and the Company, Dr. Sloane will be available to the Company to provide transition and consulting services for one year. The Transition Agreement also provides, in lieu of payments and benefits under his Employment Agreement with the Company, that Dr. Sloane is entitled to Accrued Benefits (as defined) through the Effective Date of the Transition Agreement, continued payment of his base salary for twelve months, a lump sum payment of $300,000 in respect of fiscal 2016 and fiscal 2017 non-equity incentive compensation, $1,200 per month for medical coverage, and accelerated vesting of equity awards granted by the Company to Dr. Sloane in his capacity as an employee and equity awards granted to him in his capacity as a member of the Board of Directors prior to his becoming an employee.
The Company also announced that Michael Galletti has become Chief Operating Officer of the Company, a newly created position. Under the terms of an offer letter extended by the Company to Mr. Galletti, the Executive Compensation Committee of the Company’s Board of Directors has established a fiscal 2017 total direct compensation target of $1,200,000, consisting of a base salary of $400,000, a non-equity incentive target of $350,000, $200,000 of restricted stock (which vests 20% per year ratably over the next 5 years) and $250,000 of performance-based restricted stock units covering the three annual fiscal years ending July 31, 2019. The amounts for fiscal 2017 will be pro-rated based on his start date and the equity awards were granted on September 28, 2016.
        
Item 9.01    Financial Statements and Exhibits.

(d)     Exhibits.

Exhibit Number
Description
 
 
99.1
Press release dated September 29, 2016 announcing appointment of Fred Kornberg as Chief Executive Officer, the resignation of Stanton D. Sloane as Chief Executive Officer and Director, and the appointment of Michael Galletti as Chief Operating Officer.






SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, Comtech Telecommunications Corp. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
COMTECH TELECOMMUNICATIONS CORP.
Dated:    September 29, 2016
By:
    /s/ Michael D. Porcelain    
Name:    Michael D. Porcelain
Title:    Senior Vice President and
Chief Financial Officer





EXHIBIT INDEX
Exhibit Number
Description
 
 
99.1
Press release dated September 29, 2016 announcing appointment of Fred Kornberg as Chief Executive Officer, the resignation of Stanton D. Sloane as Chief Executive Officer and Director, and the appointment of Michael Galletti as Chief Operating Officer.






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Exhibit 99.1

Comtech Telecommunications Corp. Announces Fred Kornberg’s Return to CEO Role,
Names New COO Hire and Other Management Changes


MELVILLE, N.Y. - September 29, 2016 - Comtech Telecommunications Corp. (NASDAQ:CMTL) announced today that Comtech’s Chairman of the Board, Fred Kornberg, will immediately resume his role as Chief Executive Officer (“CEO”) and President and that its current CEO and President, Dr. Stanton D. Sloane, is departing the Company and also resigning from Comtech’s Board of Directors. The Company also announced that Michael Galletti has been appointed to the newly created role of Chief Operating Officer (“COO”).

“With the acquisition of TeleCommunication Systems, Inc. (“TCS”) completed and its integration with Comtech well underway, I am excited about Comtech’s trajectory,” said Fred Kornberg. “I thank Stan for his efforts during an important time of the Company’s development. Additionally, I am pleased that Mr. Galletti has joined Comtech in the role of COO. Michael will work closely with me, our Chief Financial Officer and our entire business group management team, with a focus on execution and operational discipline. He has deep knowledge of our industry and shares my entrepreneurial vision. I believe he is the right individual to help us achieve sustainable success and build long-term value for our shareholders.”

Further, in order to improve operating efficiencies in its Government Solutions segment and better align Comtech’s resources with its competitive strengths, the Company announced that Richard Burt, Senior Vice President of Comtech and President of Comtech Systems, Inc., will also lead TCS’s legacy command and control technology group and Comtech’s legacy mobile data communications group and further consolidate such operations. Comtech’s Government Solutions segment serves large U.S. and foreign government end-users that require mission critical technologies and systems.

Mr. Kornberg added, “I believe that the organizational change in our Government Solutions segment will allow us to focus our business development and marketing efforts on delivering more profitable and integrated advanced communication solutions, focusing less on large commodity-based service opportunities.”

In conclusion, Mr. Kornberg said, “I look forward to discussing all of these exciting changes as well as our business and financial results on October 7, 2016 during our fourth quarter and fiscal 2016 year-end conference call.

Mr. Galletti joins Comtech with 32 years of experience in the aerospace & defense industry where he ran international and domestic business units in tactical and strategic communication systems, electronic warfare and radar development and production programs for Northrop Grumman and Harris Corporation. Mr. Galletti received his Bachelor of Science Electrical Engineering from NY Institute of Technology and his MBA from University of Maryland.

Mr. Burt has had a distinguished career at Comtech and has been a Senior Vice President of Comtech since 1998 and has served as President of Comtech Systems, Inc. since 1989. Prior to that, Mr. Burt served as Vice President of Comtech Systems, Inc. since its founding in 1984. Mr. Burt first joined Comtech in 1979.

Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The Company sells products to a diverse customer base in the global commercial and government communications markets.

Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.

PCMTL

Media:
Michael D. Porcelain, Senior Vice President and Chief Financial Officer
631-962-7000
info@comtechtel.com