TVIN » Topics » Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

This excerpt taken from the TVIN 8-K filed May 8, 2007.

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

On May 4, 2007, Sherri S. Voelkel, 43, the Company’s Controller, was appointed to serve additionally as Vice President and Acting Chief Financial Officer of the Company. In those new roles, she will serve as the Company’s acting principal financial officer and acting principal accounting officer. There is no family relationship between Ms. Voelkel and any of the Company’s directors or other executive officers. This appointment is a result of George J. Roberts’, TVI’s Senior Vice President, Chief Financial Officer and Treasurer, medical leave of absence.

Since February 2006, Ms. Voelkel has served as Corporate Controller of the Company. From August 2002 to February 2006, she was Director of Accounting and Attest Services at Sturn, Wagner, Lombardo & Co., a public accounting firm in Annapolis, Maryland. Prior to August 2002, Ms. Voelkel was employed by PricewaterhouseCoopers LLC where she held the position of Partner in Accounting and Business Advisory Services. Ms. Voelkel graduated from the University of Tulsa with a Bachelors of Science and Business Administration and is a Certified Public Accountant.

This excerpt taken from the TVIN 8-K filed Apr 19, 2007.

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

On April 19, 2007, the Company announced that Richard Priddy, the Company’s President and Chief Executive Officer and a director, and Charles Sample, the Company’s Executive Vice President and a director, each voluntarily resigned from all positions and posts held with the Company and its subsidiaries, effective April 18, 2007. The Company also announced that Lieutenant General Harley A. Hughes, a member of the Board of Directors since 2003, has been appointed as interim President and Chief Executive Officer, while a search for a permanent CEO is conducted. General Hughes resigned from service on the Company’s Audit and Compensation Committees effective upon his appointment as interim CEO. Also effective April 18, 2007, the Board of Directors appointed Donald C. Yount, Jr., a member of the Board of Directors since December 2005, to the newly-created post of interim Chief Operating Officer. General Hughes and Mr. Yount will be paid a monthly salary of $15,000 and $10,000, respectively, and will be reimbursed for all reasonable business expenses. The Board of Directors has formed a special committee dedicated to a search process to select and appoint a permanent Chief Executive Officer.

Since 2003, Lieutenant General Hughes (USAF retired), age 71, has served as an independent member of TVI’s Board of Directors, including past service on the Company’s Audit, Corporate Governance and Compensation Committees. Since 1993 he has served as the Chairman of F&H 2, Inc., a consulting firm which develops strategies for predicting emerging weapons requirements in a changing political, budgetary and technological environment. During the late 1980s, General Hughes served as both deputy chief of staff for plans and operations, Headquarters U.S. Air Force, and the Air Force operations deputy to the Joint Chiefs of Staff, Washington, D.C. During the Vietnam conflict, General Hughes served as a command pilot logging over 5,000 flying hours and 225 combat missions in Southeast Asia, with numerous military decorations and awards. General Hughes serves as a member of the proxy board of Pinkerton Government Services, Inc., and as a director of Aviation Technology Group, Inc. and is an advisor to ManTech International Corporation. General Hughes holds a Bachelor of Science degree from Oklahoma State University and both a Bachelor of Arts degree and a Master of Science degree from the University of Colorado. General Hughes also completed Squadron Officer School, National War College and the Industrial College of the Armed Forces.

Mr. Yount, age 46, has served as an independent member of the Company’s Board of Directors since December 2005. Since 2001, Mr. Yount has served as Principal and Chief Financial Officer of Mid-Atlantic Venture Funds, a partnership consisting of four venture capital funds investing in growing businesses located in the Mid-Atlantic region. From October 1998 until joining Mid-Atlantic, Mr. Yount served in various executive positions with Advanced TelCom Group, a provider of integrated telephone services. Mr. Yount has also served in various senior financial positions with a number of technology and communications companies. He is a Certified Public Accountant and started his career in public accounting. Mr. Yount holds both a Master of Business Administration degree and a Bachelor of Science degree in Business Administration from the University of North Carolina at Chapel Hill.



There are no family relationships between either General Hughes or Mr. Yount and any other executive officer or director of the Company. Neither General Hughes nor Mr. Yount, nor any member of the immediate family of either, is a party, directly or indirectly, to any related party transaction required to be reported pursuant to Item 404(a) of Regulation S-K.


May 8, 2007
Apr 19, 2007
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