8-KLeadership ChangesExhibits & Filings

Burlington Stores, Inc. 8-K Report, Executive Changes (Dec 22, 2015)

Filed December 22, 2015For Securities:BURL

Summary

Burlington Stores, Inc. (BURL) announced a change to its Board of Directors composition via an 8-K filing on December 22, 2015. The Board size was increased from eight to nine directors with the election of Mary Ann Tocio, effective December 21, 2015, as a Class I director. Ms. Tocio's addition to the Board is a significant governance event for the company, and her tenure will begin with the class of directors up for re-election at the 2017 annual meeting. Ms. Tocio's compensation package was detailed, including an annual cash retainer of $50,000, an initial restricted stock grant valued at $100,000, and reimbursement for expenses. Notably, there are no undisclosed arrangements or transactions between Ms. Tocio and the company requiring disclosure. This appointment is part of the company's ongoing efforts to maintain an effective and experienced board. Investors should monitor how Ms. Tocio's expertise will contribute to strategic decisions and oversight.

Key Highlights

  • 1Board of Directors size increased from eight to nine members.
  • 2Mary Ann Tocio elected as a new Class I director, effective December 21, 2015.
  • 3Ms. Tocio will stand for re-election at the 2017 annual meeting.
  • 4Annual cash compensation for Ms. Tocio set at $50,000, paid quarterly.
  • 5Initial restricted stock grant to Ms. Tocio valued at $100,000.
  • 6Reimbursement for reasonable expenses incurred by Ms. Tocio for Board services.
  • 7No undisclosed arrangements or transactions between Ms. Tocio and the Company.

Frequently Asked Questions

Ms. Tocio's appointment signifies an expansion of Burlington Stores' Board of Directors, bringing the total number of directors to nine. This could indicate a strategic move to enhance board diversity, expertise, or capacity. Investors should look for updates on which board committees she will serve to understand her specific contributions.

Ms. Tocio will receive $50,000 annually in cash, paid in equal quarterly installments. Additionally, she received an initial grant of restricted stock valued at $100,000 on the grant date and will be reimbursed for reasonable expenses related to her board service.

The filing states there are no undisclosed arrangements or understandings between Ms. Tocio and other persons regarding her selection as director, nor are there any transactions in which she has an interest that requires disclosure under Item 404(a) of Regulation S-K.

Ms. Tocio was elected as a Class I director. Directors in Class I will stand for re-election at the Company's 2017 annual meeting of stockholders.