Summary
Facebook, Inc. (now Meta Platforms, Inc.) announced on March 5, 2013, the appointment of Susan Desmond-Hellmann to its Board of Directors. This move signals a potential strengthening of the company's governance and strategic oversight by adding an experienced individual to its board. Dr. Desmond-Hellmann's compensation includes an annual retainer of $50,000 and a grant of 20,000 restricted stock units (RSUs) that will vest over four years, aligning her interests with long-term shareholder value. The company will also enter into a standard indemnification agreement with her, a common practice for directors to ensure they are protected for actions taken in their official capacity. Investors should note this appointment as a move to enhance board expertise without any immediate performance-contingent financial commitments beyond standard director compensation.
Key Highlights
- 1Susan Desmond-Hellmann appointed as a new member of the Board of Directors.
- 2No prior arrangement or understanding led to Dr. Desmond-Hellmann's appointment.
- 3Director compensation includes an annual retainer of $50,000 (prorated for 2013).
- 4Dr. Desmond-Hellmann will receive 20,000 restricted stock units (RSUs) as compensation.
- 5RSUs will vest over four years, starting May 15, 2014, contingent on continued service.
- 6Company will enter into a standard indemnification agreement with Dr. Desmond-Hellmann.