Summary
American Water Works Company, Inc. (AWK) filed a Form 8-K on August 28, 2008, primarily to announce a change in its Board of Directors. The key event reported is the appointment of Mr. Richard R. Grigg as an independent director, effective August 27, 2008. Mr. Grigg will serve on the Nominating/Corporate Governance Committee and will receive compensation in line with the company's existing director compensation arrangements, including a partial annual retainer, meeting attendance fees, and stock-based compensation (restricted stock units and stock options).
Key Highlights
- 1Appointment of Richard R. Grigg as an independent director, effective August 27, 2008.
- 2Mr. Grigg's term as director will expire at the 2009 annual meeting of stockholders.
- 3Mr. Grigg will serve on the Nominating/Corporate Governance Committee.
- 4Details provided on Mr. Grigg's compensation, including partial annual retainer, meeting fees, and stock compensation (RSUs and options).
- 5The company issued a press release on August 27, 2008, regarding Mr. Grigg's appointment.
- 6Updated committee memberships for the Board of Directors are listed.
Frequently Asked Questions
American Water Works Company filed this Form 8-K to report the appointment of a new independent director, Mr. Richard R. Grigg, to its Board of Directors.
Mr. Grigg will receive a prorated annual retainer for the remainder of 2008, fees for attending board and committee meetings, and additional annual stock compensation, comprising 40% restricted stock units and 60% stock options.
Mr. Grigg has been appointed to serve on the Nominating/Corporate Governance Committee.
Besides the director appointment, the filing also includes an updated list of the current memberships for the Audit Committee, Compensation Committee, and Nominating/Corporate Governance Committee.