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MarketScreener Homepage  >  Equities  >  Nyse  >  Valmont Industries, Inc.    VMI

VALMONT INDUSTRIES, INC.

(VMI)
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VALMONT INDUSTRIES INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

09/21/2020 | 04:47pm EST

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

d) Valmont Industries, Inc. (the "Company") issued a press release announcing the appointments of Ritu Favre and Joan Robinson-Berry to its Board of Directors, effective September 18, 2020. The size of the Company's board of directors was increased to 12 members.

As non-employee directors, the new directors receive a cash retainer of $95,000 per annum. Non-employee directors also receive a grant of restricted stock units with a value of $135,000. The equity grants are made annually on the date of and following completion of the Company's annual shareholders' meeting. The restricted stock units vest on the first anniversary of the grant date (subject to deferral by the director). The total cash compensation and the grant date fair value of equity awards for a non-employee director may not exceed $500,000 in a calendar year.

The Company's press release announcing the appointments of the two directors is included with this Form 8-K as Exhibit 99.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

     Exhibit No.            Description
        99.1                Press Release dated September 21, 2020
                            Cover Page Interactive File (the cover page XBRL tags are embedded in
         104                the Inline XBRL document)



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