Summary
KKR & Co. Inc. (KKR) filed an 8-K on March 17, 2014, reporting a significant addition to its Board of Directors. The company announced the appointment of David Drummond to the Board of Directors of KKR Management LLC, the general partner of KKR & Co. L.P., and its Conflicts Committee. This appointment is effective March 14, 2014. Mr. Drummond's compensation for his role as a non-executive director includes a prorated annual cash retainer of $75,000 and a grant of 2,606 restricted equity units under the company's 2010 Equity Incentive Plan. He has also entered into standard indemnification agreements. This filing primarily serves to disclose these changes in corporate governance and executive compensation arrangements.
Key Highlights
- 1Appointment of David Drummond to the Board of Directors of KKR Management LLC and its Conflicts Committee, effective March 14, 2014.
- 2Mr. Drummond's appointment signifies a strengthening of the Board's expertise and governance structure.
- 3Compensation for Mr. Drummond includes a $75,000 prorated annual cash retainer.
- 4Equity compensation granted to Mr. Drummond includes 2,606 restricted equity units under the KKR & Co. L.P. 2010 Equity Incentive Plan.
- 5Mr. Drummond has entered into customary indemnification agreements for non-executive directors.
- 6The company also furnished a press release as an exhibit to this 8-K detailing the appointment.
- 7This filing is primarily an Item 5.02 disclosure regarding director changes and compensation.