Summary
Rocket Lab Corp. (RKLB) announced on September 6, 2022, the appointment of Dr. Edward H. Frank as a Class II director to its Board of Directors, increasing the board size from eight to nine members. Dr. Frank is a distinguished figure in the technology sector, bringing extensive experience from leadership roles at Apple, Broadcom, and various technology startups, along with a strong academic and advisory background. His appointment is expected to enhance the Board's expertise in technology and strategic growth. Dr. Frank's compensation will align with the Company's standard non-employee director compensation policy. This includes a prorated annual cash retainer for 2022 and a one-time restricted stock unit (RSU) grant valued at $360,000, vesting over three years. He will also receive annual RSU grants of $180,000. All equity awards are subject to vesting acceleration upon a sale of the Company. The appointment is part of the Company's ongoing efforts to strengthen its governance and leverage experienced leadership to guide its future endeavors.
Key Highlights
- 1Rocket Lab expanded its Board of Directors by one member, appointing Dr. Edward H. Frank as a Class II director.
- 2Dr. Frank brings significant industry expertise from executive roles at Apple, Broadcom, and various tech startups.
- 3His appointment aims to bolster the Board's technical and strategic guidance capabilities.
- 4Dr. Frank will receive standard non-employee director compensation, including a $360,000 initial RSU grant vesting over three years.
- 5He will also receive annual RSU grants and a prorated cash retainer for 2022.
- 6Dr. Frank's equity awards include accelerated vesting upon a sale of the Company.
- 7There are no disclosed transactions or arrangements involving Dr. Frank that would require further disclosure under SEC rules.