Summary
The Williams Companies, Inc. (WMB) filed an 8-K on December 14, 2016, to announce the appointment of two new independent directors to its Board of Directors, effective immediately on December 12, 2016: Charles I. (Casey) Cogut and Michael A. Creel. These appointments are significant as they bolster the board with independent expertise, which can be crucial for governance and strategic oversight. Both new directors will participate in the company's standard non-employee director compensation program, which includes an annual retainer of $110,000 in cash and an annual equity retainer valued at $140,000 in restricted stock units. These equity awards are subject to a one-year vesting period and a 60% retention requirement until specific stock ownership guidelines are met. The company will also reimburse directors for expenses and cover directors' and officers' liability insurance premiums.
Key Highlights
- 1Williams Companies appointed two new independent directors, Charles I. (Casey) Cogut and Michael A. Creel, to its Board of Directors.
- 2The appointments were effective immediately as of December 12, 2016.
- 3There were no disclosed arrangements, understandings, or reportable transactions between the new directors and the company or its subsidiaries.
- 4New directors will receive an annual cash retainer of $110,000, paid quarterly.
- 5New directors will also receive an annual equity retainer of $140,000 in restricted stock units, vesting after one year.
- 6Equity awards are subject to a 60% retention requirement until directors meet stock ownership guidelines.
- 7The company will reimburse directors for certain expenses and pay premiums for D&O liability insurance.