UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On April 14, 2022, Innovative Solutions & Support, Inc. (“IS&S”) entered into an Amended and Restated Employment Agreement (the “Employment Agreement”) with Shahram Askarpour to serve as its Chief Executive Officer for a two-year term commencing on April 18, 2022 (the “Initial Term”). Immediately following the expiration of the Initial Term, the Employment Agreement automatically renews for successive one-year periods unless either IS&S or Mr. Askarpour delivers written notice to the other of its or his election not to renew at least thirty days prior to the Employment Agreements expiration. Under the terms of the Employment Agreement, Mr. Askarpour’s compensation includes:
| ● | an annual base salary of $400,000; |
| ● | eligibility to receive IS&S stock under the IS&S 2019 Stock-Based Incentive Compensation Plan; |
| ● | reimbursement for reasonable and necessary travel and other business expenses incurred in the performance of his duties to IS&S; and |
| ● | paid vacation of three weeks per calendar year, subject to accrual limitations. |
The foregoing description of the Employment Agreement is qualified in its entirety by reference to the agreement which is filed as Exhibit 10.46 to this report.
| Exhibit Number | Description |
| 10.46 | Amended and Restated Employment Agreement, dated April 14, 2022, between Innovative Solutions & Support, Inc. and Shahram Askarpour. |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
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: April 14, 2022 | By: | /s/ Relland M. Winand |
| Relland M. Winand | ||
| Chief Financial Officer | ||