8-KLeadership Changes

AMAZON COM INC 8-K Report, Executive Changes (Sep 8, 2016)

Filed September 8, 2016For Securities:AMZN

Summary

Amazon.com, Inc. (AMZN) filed an 8-K on September 7, 2016, to announce the appointment of Daniel P. Huttenlocher as a new director to its Board of Directors. Mr. Huttenlocher, who also serves on the Leadership Development and Compensation Committee, brings extensive academic and corporate governance experience, having served as Dean and Vice Provost of Cornell Tech since 2012 and as a director at Corning Incorporated since 2015. This appointment is a routine governance update for investors, indicating the board's ongoing efforts to maintain a diverse and experienced leadership team. The filing also details the standard compensation awarded to new directors, including a restricted stock unit grant vesting over three years, and an indemnification agreement, which are common practices for public company boards. Investors can view this as a sign of Amazon's commitment to robust corporate governance.

Key Highlights

  • 1Appointment of Daniel P. Huttenlocher as a new director to Amazon's Board.
  • 2Mr. Huttenlocher appointed to the Leadership Development and Compensation Committee.
  • 3Mr. Huttenlocher's relevant experience includes Dean and Vice Provost of Cornell Tech and Director at Corning Incorporated.
  • 4New director Huttenlocher granted 1,131 restricted stock units (RSUs).
  • 5RSU award vests in three equal annual installments starting November 15, 2017.
  • 6Mr. Huttenlocher entered into a standard indemnification agreement with the Company.

Frequently Asked Questions

Daniel P. Huttenlocher has been appointed as a new director to Amazon's Board of Directors. He brings valuable experience as the Dean and Vice Provost of Cornell Tech since 2012 and has served as a director at Corning Incorporated since February 2015. His appointment likely aims to enhance the board's expertise and governance.

In connection with his election, Mr. Huttenlocher was granted 1,131 restricted stock units (RSUs) under Amazon's 1997 Stock Incentive Plan. These RSUs will vest in three equal annual installments, commencing on November 15, 2017, contingent upon his continued service as a director.

Yes, Mr. Huttenlocher has entered into an indemnification agreement with Amazon. This is a standard agreement for directors of public companies, designed to protect them from liabilities arising from their service.