Innovative Solutions & Support Inc 8-K, filed Jun 7, 2022
Innovative Solutions & Support Inc (IA)
About this 8-K
Innovative Solutions & Support Inc filed this 8-K on June 7, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
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CURRENT REPORT
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On June 7, 2022, Innovative Solutions and Support, Inc. (the “Company”) issued a press release announcing the appointment of Mr. Stephen L. Belland, as a director of the Company, effective June 7, 2022, until the Company’s next annual meeting of shareholders and until his successor is duly elected and qualified, or until his earlier death, resignation, or removal. A copy of that press release is attached as Exhibit 99.1 to this report and incorporated herein by reference.
Mr. Belland (age 65) is the Co-Founder and Chief Executive Officer at Integrated Connection, LLC and a Principal at Clear Rock Advisors. Prior to Clear Rock Advisors, he has held various executive positions at Rockwell Collins including Technical Director, Vice President of Program and Product Management, Vice President of Strategy and Marketing and most recently Vice President of Corporate Development. Mr. Belland received his B.S. in Electrical Engineering from Michigan Technological University and has attended executive programs at Kellogg, Wharton and Insead.
Mr. Belland is expected to serve on committees of the Board, but such committees have not yet been determined. As non-employee director of the Company, Mr. Belland will receive compensation for his service on the Board under the Company’s director compensation program. Under the terms of the program, Mr. Belland is entitled to annual cash compensation of $25,000, a fee of $1,500 for each Board meeting attended and $1,500 for each in-person committee meeting that is not held on the same day as a Board meeting. The Company also makes annual awards of restricted stock or restricted stock units, with each such unit representing a contingent right to receive one share of common stock upon vesting, to non-employee directors under the 2019 Stock-Based Incentive Compensation Plan. The target value of such annual awards is $40,000 for each non-employee director.
Mr. Belland is not party to any material plan, contract, or arrangement with the Company other than those related to his compensation as described in the Company’s Proxy Statement on Schedule 14A as filed with the U.S. Securities and Exchange Commission (and such description is incorporated herein by reference). There are no arrangements or understandings pursuant to which Mr. Belland was appointed to the Board, and Mr. Belland is not a party to any transaction with the Company reportable under Item 404(a) of Regulation S-K under the Securities Act of 1933.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit Number | Description |
| 99.1 | Press Release, dated June 7, 2022. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INNOVATIVE SOLUTIONS AND SUPPORT, INC. | ||
| Date: June 7, 2022 | By: | /s/ Relland M. Winand |
| Relland M. Winand | ||
| Chief Financial Officer | ||
Exhibit 99.1
Innovative Solutions & Support, Inc. Appoints Steve Belland to Board of Directors
Exton, PA. – June 7, 2022 – Innovative Solutions & Support, Inc. (“IS&S”) (NASDAQ: ISSC) today announces that the Board of Directors has appointed Mr. Stephen L. Belland to serve as a Director.
Dr. Shahram Askarpour, the Company’s Chief Executive Officer, commented: “We are very excited to have Steve join the Board of Directors. His leadership and experience of over 37 years in the Aerospace and Defense industry will be an asset to IS&S. Steve’s familiarity with IS&S product lines and operations further strengthens the Board.”
Mr. Belland is the Co-Founder and Chief Executive Officer at Integrated Connection, LLC, and a Principal at Clear Rock Advisors. Prior to Clear Rock Advisors, he has held various executive positions at Rockwell Collins including Technical Director, Vice President of Program and Product Management, Vice President of Strategy and Marketing and most recently Vice President of Corporate Development. Mr. Belland received his B.S. in Electrical Engineering from Michigan Technological University and has attended executive programs at Kellogg, Wharton and Insead.
Press Contact:
Jason Zywalewski
Innovative Solutions & Support, Inc.
+1 610.646.9800 x 609
jzywalewski@innovative-ss.com
About Innovative Solutions & Support, Inc.
Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEM’s) and retrofit applications. The company supplies integrated Flight Management Systems (FMS), Auto-Throttle Systems and advanced GPS receivers for precision low carbon footprint navigation.
This release may contain certain statements of a forward-looking nature relating to future events. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors such as those discussed in filings made by the Company with the SEC, and readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.