Summary
This Form 8-K filing from IDEXX LABORATORIES, INC. on July 14, 2015, primarily announces a change in its Board of Directors. The company elected Bruce L. Claflin as an independent Class I Director, effective July 14, 2015. This election led to an increase in the total number of directors from eight to nine, and the number of Class I Directors from two to three. Mr. Claflin's appointment fills a vacancy created by the previous reduction in board size following the retirement of Robert J. Murray. He is expected to serve a three-year term, standing for stockholder election in 2018. Mr. Claflin will receive standard director compensation, prorated for his partial year of service in 2015. The company also issued a press release detailing this appointment.
Key Highlights
- 1IDEXX LABORATORIES, INC. elected Bruce L. Claflin as an independent Class I Director to its Board of Directors on July 14, 2015.
- 2The Board size was increased from eight to nine directors to accommodate Mr. Claflin's election.
- 3The number of Class I Directors was increased from two to three.
- 4Mr. Claflin's appointment is expected to fill a vacancy resulting from previous board size adjustments.
- 5Mr. Claflin will receive compensation consistent with other non-employee Directors, prorated for his service.
- 6An award of stock units and options will be granted to Mr. Claflin on September 1, 2015, also prorated.
- 7A press release regarding Mr. Claflin's election was issued on July 14, 2015.