Company: SPR
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037839
Chunk: 122

Company: Spirit AeroSystems Holdings, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 122
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 the legislation, we currently do not expect the OBBBA to have a material impact on our financial statements or cash taxes in 2025.On July 11, 2025, the Company, acting on its own behalf and on behalf of Spirit’s wholly owned subsidiaries, Spirit AeroSystems (Europe) Limited, Short Brothers plc and Spirit NC, and Airbus S.A.S. entered into a third amended and restated memorandum of agreement (the “MoA”), under which Airbus S.A.S., directly or through its affiliates, is extending certain financial assistance to the Supplier in respect of specified contracts under which Spirit and certain of its subsidiaries are suppliers to Airbus S.A.S. or affiliates of Airbus S.A.S. The MoA fully amended, restated and superseded the memorandum of agreement entered into and effective as of June 28, 2024, as amended and restated on October 7, 2024, and November 8, 2024.Under the MoA, subject to the terms and conditions therein, Airbus S.A.S. has agreed to, among other things, provide an additional $94.0 support package paid to the Supplier (for a total of $152.0), which shall be used solely and exclusively in relation to the Airbus Programmes (as defined therein). Per the terms of the MoA, any assets purchased with the Financial Support (as defined therein) will be directly or indirectly assumed by Airbus S.A.S. or one of its affiliates upon close of the transactions contemplated by the April 27, 2025 Stock and Asset Purchase Agreement between Spirit and Airbus SE.Spirit has been involved in litigation in the 10th Circuit Court of Appeals (the “Appellate Court”) with its former Chief Executive Officer, Larry Lawson, over Lawson’s disputed violation of a restrictive covenant in his retirement and consulting agreement. On June 15, 2023, the District Court held that the restrictive covenant was enforceable as a matter of Kansas law. The District Court entered judgment in favor of Spirit on June 27, 2023. The time for Lawson to seek further review of this decision expired on July 24, 2025. A liability for the full amount of the award issued on October 19, 2021, plus accrued interest through March 28, 2023, was recognized. As a result of the conclusion to this litigation, the Company will reverse accrued liabilities of approximately $47.5 in the third quarter of 2025.

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Item 2.