Summary
KKR & Co. Inc. (KKR) filed an 8-K on March 4, 2021, primarily announcing significant changes to its Board of Directors. The company appointed two new independent directors, Arturo Gutiérrez and Dane Holmes, expanding the Board's size to thirteen members. These appointments are effective as of March 3, 2021, and were formally approved by the sole holder of the Series I preferred stock. Investors should note that both new directors will receive customary compensation for non-executive directors, including a prorated cash retainer of $52,500 and a prorated equity grant valued at $87,500 in restricted stock units. They have also entered into KKR's standard indemnification agreements. The company also furnished a press release detailing these appointments.
Key Highlights
- 1KKR appointed two new independent directors: Arturo Gutiérrez and Dane Holmes.
- 2The Board of Directors size has been increased from twelve to thirteen members.
- 3Both new directors will receive a prorated cash retainer of $52,500.
- 4Both new directors will receive a prorated equity grant valued at $87,500 in restricted stock units.
- 5The appointments were approved by written consent of the Series I preferred stock holder.
- 6KKR entered into customary indemnification agreements with the new directors.
- 7A press release announcing these changes was furnished as an exhibit.