Summary
This 8-K filing by Republic Services, Inc. (RSG) announces significant changes to its Board of Directors. Effective July 26, 2016, Thomas W. Handley and Jennifer M. Kirk were elected as new directors. Mr. Handley brings experience to the Management Development and Compensation Committee and the Nominating and Corporate Governance Committee, while Ms. Kirk will serve on the Audit Committee and the Sustainability and Corporate Responsibility Committee. Both new directors will receive standard compensation for non-employee directors, including prorated annual grants of restricted stock units (RSUs) valued at $220,000 and an $80,000 annual retainer. These RSUs are designed to align director interests with shareholders through equity awards and dividend equivalents. The company also issued a press release on July 27, 2016, detailing these appointments.
Key Highlights
- 1Republic Services appointed two new directors: Thomas W. Handley and Jennifer M. Kirk, effective July 26, 2016.
- 2Mr. Handley has been appointed to the Management Development and Compensation Committee and the Nominating and Corporate Governance Committee.
- 3Ms. Kirk has been appointed to the Audit Committee and the Sustainability and Corporate Responsibility Committee.
- 4New directors will receive annual compensation including $220,000 in prorated RSUs and an $80,000 prorated annual retainer.
- 5RSUs vest immediately upon grant and are settled upon termination of service or three years after grant.
- 6Directors will also receive additional RSUs equivalent to dividends on their held RSUs.
- 7The company issued a press release on July 27, 2016, to announce these board changes.