At the Meeting, the following resolutions were adopted as follows:
- The approval and adoption of the Agreement and Plan of Merger, dated as of
June 21, 2022 (the “Merger Agreement”), by and amongLeonardo DRS, Inc. (“DRS”),RADA and Blackstart Ltd , a company organized under the laws of theState of Israel and a wholly owned subsidiary of DRS (“Merger Sub”); (ii) the merger contemplated by the merger agreement (the “Merger”), by which Merger Sub will be merged with and into RADA in accordance with the provisions of Sections 314-327 of the Companies Law 1999 of theState of Israel , with RADA as the surviving company of the Merger and thereby becoming a wholly owned subsidiary of DRS; and (iii) all other transactions contemplated by the Merger Agreement, all upon the terms and subject to the conditions set forth in the Merger Agreement. - The approval of the purchase of a seven-year “tail” endorsement to RADA’s current directors’ and officers’ liability insurance policy.
- The approval of payment of a transaction bonus to RADA’s Chief Financial Officer.
- The approval of the grant of retention awards by DRS to certain office holders of RADA.
The following proposals were not approved:
- A payment of a transaction bonus to RADA’s Chief Executive Officer.
- A payment of a transaction bonus to the Executive Chairman of the RADA board of directors
About RADA
RADA is a global defense technology company focused on proprietary radar solutions and legacy avionics systems. The Company is a leader in mini-tactical radars, serving attractive, high-growth markets which include active military protection (SHORAD, C-RAM), counter-UAS missions, critical infrastructure protection and border surveillance.
Company Contact: Tel: +972-76-538 6200 mrkt@rada.com www.rada.com | Investor Relations Contact: EK Global Investor Relations Tel: 1 212 378 8040 rada@gkir.com |
Source:
2022 GlobeNewswire, Inc., source