CVD EQUIPMENT CORP : Change in Directors or Principal Officers (form 8-K)

Published: 2021-10-14 16:18:11 ET CVV

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On October 11, 2021, the Board of Directors (the "Board") of CVD Equipment Corporation, Inc. (the "Company"), following the unanimous recommendation of the Board's Compensation Committee unanimously approved a director compensation plan, effective October 1, 2021 (the "Plan"). The Plan is based on the recommendations of an independent compensation consultant engaged by the Board's Compensation Committee.

Pursuant to the Plan, each director is entitled to Director Compensation, divided into the following pay components: (i) Annual Board Cash Compensation in the amount of $40,000 and (ii) an Annual Equity Retainer in the amount of $40,000, to be automatically granted on the date of the Company's annual meeting of shareholders (directors may elect to receive payment in restricted stock, stock options or a combination thereof). Additionally, a director serving as a chairman for the Board's Compensation Committee, Nominating & Governance Committee, or Strategic Planning Committee is entitled to Chair Compensation in the amount of $10,000. The director serving as the chairman for the Board's Audit Committee is entitled to Chair Compensation in the amount of $25,000. Furthermore, the director serving as the Non-Executive Chairman is entitled to Board Leadership Compensation in the amount of $48,000.

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