Summary
This 8-K filing for AMB Property Corporation (the predecessor to Prologis, Inc.) on August 2, 2007, reports a change in its Board of Directors. Afsaneh M. Beschloss resigned as a director on July 31, 2007. The same day, the board appointed Carl B. Webb as an independent director. Mr. Webb also joined the Audit Committee and the Nominating & Governance Committee. This appointment is significant for investors as it details the compensation structure for Mr. Webb as a non-employee director. He is eligible to receive stock options under the company's incentive plan, including an initial grant of 20,000 shares. Additionally, he will be compensated for meeting attendance, receiving $2,000 for Board meetings and $1,500 for committee meetings, along with reimbursement for expenses. These details provide insight into the company's governance and its approach to compensating independent directors.
Key Highlights
- 1Afsaneh M. Beschloss resigned as a director of AMB Property Corporation effective July 31, 2007.
- 2Carl B. Webb was appointed as an independent director on August 2, 2007.
- 3Mr. Webb joined the Audit Committee and the Nominating & Governance Committee.
- 4As a non-employee director, Mr. Webb is eligible for stock options under the Amended and Restated 2002 Stock Option and Incentive Plan.
- 5Mr. Webb received an initial grant of 20,000 stock options upon his appointment.
- 6Mr. Webb will receive $2,000 per Board meeting attended and $1,500 per committee meeting attended.
- 7Non-employee directors are reimbursed for reasonable expenses incurred for meetings and educational programs.