Housing Allowance Agreement for President and CEO of Vectrus, Inc.
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Summary
Vectrus, Inc. has approved a $3,000 monthly housing allowance for its President and CEO, Charles L. Prow, to cover his stays in Colorado Springs, Colorado, where the company is headquartered. Mr. Prow, who works mainly in Reston, Virginia, is expected to spend significant time at the headquarters. The allowance, which is not grossed up for taxes, was determined to be more cost-effective than hotel stays. The company had previously paid $2,827 for a short-term apartment rental for Mr. Prow in 2017.
EX-10.1 2 vec-03312017x101.htm EXHIBIT 10.1 Exhibit
Exhibit 10.1
Housing Allowance for President and Chief Executive Officer
On February 24, 2017, the Compensation and Personnel Committee (the “Committee”) of the Board of Directors of Vectrus, Inc. (the “Company”) approved a housing allowance for Charles L. Prow, the Company’s President and Chief Executive Officer, in the amount of $3,000 per month. Mr. Prow, who was hired in December 2016 and works primarily at the Company’s Reston, Virginia office, is expected to spend a substantial amount of time in Colorado Springs, Colorado (the location of the Company’s headquarters). The Committee approved the housing allowance, which will not be grossed up for taxes, following the Company’s cost analysis that indicated that the allowance would be less expensive than estimated hotel costs for his visits to Colorado Springs. The Company previously paid a total of $2,827 for a short-term apartment rental in Colorado Springs in 2017.
