Summary
The Sherwin-Williams Company (SHW) announced on October 16, 2009, a change to its Board of Directors. The board size was increased from ten to eleven members with the election of Thomas G. Kadien to fill the new vacancy. Mr. Kadien, who is the Senior Vice President of International Paper Company and President of its distribution business, xpedx, has also been appointed to the Audit Committee. This appointment is effective immediately and follows the company's determination that Mr. Kadien meets the independence standards of the NYSE and Sherwin-Williams. There are no disclosed arrangements or related party transactions with Mr. Kadien that would require further disclosure. In connection with his appointment, Mr. Kadien will receive compensation in line with the company's non-employee director program, including a grant of 1,483 restricted shares of stock that will vest over three years. He will also enter into the company's standard form of Indemnity Agreement, which is a routine measure to provide indemnification for directors and officers. This filing primarily signals a board expansion and the addition of a new independent director with relevant industry experience.
Key Highlights
- 1Board size increased from ten to eleven members.
- 2Thomas G. Kadien elected as a new director.
- 3Mr. Kadien appointed to the Audit Committee.
- 4Mr. Kadien determined to be independent under NYSE and company standards.
- 5Mr. Kadien is Senior Vice President of International Paper Company and President of xpedx.
- 6Mr. Kadien received 1,483 restricted shares of stock, vesting over three years.
- 7Standard director indemnification agreement entered into with Mr. Kadien.