Blog: SPIRIT AEROSYSTEMS HOLDINGS, INC. : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) –

Item 5.02 Departure of Directors or Principal Officers; Election of Directors;

          Appointment of Principal Officers.

On January 16, 2023, Duane Hawkins announced his intent to retire from his role
as Executive Vice President, President of Defense & Space of Spirit AeroSystems
Holdings, Inc. (the “Company”) and Spirit AeroSystems, Inc., the Company’s
wholly owned subsidiary (“Spirit”), effective April 1, 2023. Mr. Hawkins will
continue as an advisor to the Company.

In connection with Mr. Hawkins’s transition, Spirit, the Company and Mr. Hawkins
entered into a Retirement Agreement and General Release, dated January 16, 2023
(the “Retirement Agreement”). Pursuant to the Retirement Agreement, effective
April 1, 2023, Mr. Hawkins will resign from his position as Executive Vice
President, President of Defense & Space of Spirit and the Company and commence
his position as Senior Advisor. Mr. Hawkins is expected to remain as an employee
of the Company until April 1, 2024 or such other date as may be mutually agreed
(the “Retirement Date”) to facilitate an orderly transition of his duties.
Mr. Hawkins will continue to receive his current base salary through the
Retirement Date and will be eligible to receive a bonus for 2023 based on a
target award opportunity of 230% of his annual base salary from January 1, 2023
through March 31, 2023 and 75% of his annual base salary from April 1, 2023
through December 31, 2023 and a prorated bonus for the period from January 1,
2024 until the Retirement Date based on a target award opportunity of 75% of his
annual base salary, in each case subject to actual achievement of performance
under the Company’s 2014 Omnibus Incentive Plan (the “OIP”), with payment in
cash at the time annual awards for each of the 2023 and 2024 plan years are paid
to Spirit’s executives. Mr. Hawkins will not be entitled to any new grants under
the OIP for plan year 2024 and will continue to vest in the awards previously
granted to him under the OIP until the Retirement Date in accordance with their
terms, which include, by reason of Mr. Hawkins’ retirement after reaching age
62, accelerated vesting of certain time-based awards and prorated accelerated
vesting of certain performance-based awards, subject to satisfaction of
performance conditions. The Retirement Agreement also contains non-competition
and non-solicitation provisions, as well as confidentiality and
non-disparagement provisions and a general release of claims against the
Company. The foregoing description of the Retirement Agreement does not purport
to be complete and is subject to, and qualified in its entirety by, the full
text of the Retirement Agreement, a copy of which is filed hereto as
Exhibit 10.1 and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On January 18, 2023, the Company issued a press release announcing the
retirement of Mr. Hawkins. A copy of such press release is furnished as
Exhibit 99.1 to this Current Report on Form 8-K.

The information provided pursuant to this Item 7.01, including Exhibit 99.1
attached hereto, is being furnished to the Securities and Exchange Commission
and shall not be deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to
the liabilities of that Section, nor shall it be deemed incorporated by
reference into any filing under the Securities Act or the Exchange Act, except
as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Number     Description of Exhibit
  10.1       Retirement Agreement and General Release, dated January 16, 2023,
           between Spirit AeroSystems, Inc., Spirit AeroSystems Holdings, Inc. and
           Duane Hawkins.

  99.1       Press Release dated January 18, 2023.

104        Cover Page Interactive Data File (embedded within the Inline XBRL

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