Spirit Aero's Retired CEO Wins $45M In Benefits Bench Trial

By Rachel Scharf (October 19, 2021, 5:21 PM EDT) -- Spirit AeroSystems Inc. must pay its former CEO $44.8 million for wrongly voiding his retirement package when he joined a proxy battle against aircraft materials supplier Arconic Inc., a Kansas federal judge ruled Tuesday after a bench trial.

U.S. District Judge Eric F. Melgren sided with Larry Lawson's 2018 claims that he did not violate a noncompete clause included in his 2016 retirement agreement, which awarded Lawson roughly $4 million and rolled forward his more than 400,000 unvested shares in Spirit.

The Wichita, Kansas-based company revoked Lawson's retirement benefits in February 2017, just after he signed on to serve as the...

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