Summary
This 8-K filing from KKR & Co. Inc. (KKR) on December 9, 2022, primarily concerns a change in executive leadership within the legal department and the related compensation adjustments. The key event is the Board of Directors approving the accelerated vesting of 150,000 equity awards previously granted to Chief Legal Officer David Sorkin. These awards are now set to vest on May 1, 2026, irrespective of his continued employment through that date, though they will be subject to customary transfer restrictions post-vesting.
Key Highlights
- 1Accelerated vesting of 150,000 KKR common stock equity awards for Chief Legal Officer David Sorkin.
- 2The accelerated vesting is tied to Mr. Sorkin's previously announced plan to step down as Chief Legal Officer by the end of Q1 2023.
- 3Kathryn King Sudol is set to assume the role of Chief Legal Officer upon Mr. Sorkin's departure.
- 4As part of the arrangement, the remaining 150,000 equity awards from an original 300,000 grant to Mr. Sorkin were forfeited.
- 5Post-vesting, the 150,000 shares will be subject to KKR's standard 1- and 2-year transfer restrictions.
Frequently Asked Questions
The main purpose of this filing is to report the KKR Board of Directors' approval of the accelerated vesting of equity awards for the Chief Legal Officer, David Sorkin, in connection with his upcoming transition out of that role.
The equity awards are vesting early because Mr. Sorkin is stepping down as Chief Legal Officer by the end of the first quarter of 2023. The accelerated vesting is part of the compensation arrangement related to this transition.
The filing states that the remaining 150,000 equity awards from an original grant of 300,000 to Mr. Sorkin were forfeited as part of this Board approval and transition.
Kathryn King Sudol, currently the General Counsel and Secretary, will assume the role of Chief Legal Officer when Mr. Sorkin steps down.