Summary
Intuitive Surgical, Inc. (ISRG) announced a key board appointment and related compensation details in its latest 8-K filing. Sreelakshmi Kolli has been appointed to the Board of Directors, effective October 27, 2023. This appointment also led to an increase in the authorized board size to 12 members. Ms. Kolli's compensation includes an annual cash retainer, stock options, and restricted stock units, with grant values and vesting schedules detailed in the filing.
Key Highlights
- 1Appointment of Sreelakshmi Kolli to the Board of Directors effective October 27, 2023.
- 2The Board's authorized membership has been increased to 12 members.
- 3Ms. Kolli will receive an annual cash retainer of $70,000 for her board service.
- 4Ms. Kolli will receive initial equity grants valued at $70,000 each in stock options and RSUs.
- 5Equity grants will vest fully on the earlier of the first anniversary of the grant date or the next annual stockholders' meeting, contingent on continued service.
- 6The company has entered into its standard form of indemnity agreement with Ms. Kolli.
- 7The appointment was announced via a press release dated October 31, 2023.