Waters Corporation Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Waters Corporation on September 6, 2018, covering events occurring on September 1, 2018. The filing addresses Item 5.02 regarding the election of new directors to the Company's Board.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on corporate governance changes.
Material Changes
On September 1, 2018, the Board of Directors elected two new members:
- Linda Baddour: Former Chief Financial Officer of PRA Health Sciences Inc. (serving since 2007). She is a certified public accountant with prior experience at Pharmaceutical Product Development, Inc.
- Gary Hendrickson: Former Chairman, President, and Chief Executive Officer of Valspar Corporation (2011-2017). He previously served 11 years in the U.S. Navy and currently serves as Chairman of CPG International LLC and a director of Polaris Industries Inc.
The Board has not yet determined the specific committee assignments for these new directors.
Compensation and Equity Awards
Both new directors will receive compensation under the Company's non-employee director compensation program. Additionally, on September 4, 2018, each director received a stock award with a grant date value of approximately $110,000. The awards consist of 50% restricted stock and 50% non-qualified stock options, vesting in full on the first anniversary of the grant date.
Investor Verification Checklist
- Verify the specific committee assignments for Linda Baddour and Gary Hendrickson once determined by the Board.
- Review the 2018 proxy statement (filed March 29, 2018) for detailed terms of the non-employee director compensation program.
- Confirm the vesting schedule and performance conditions of the $110,000 equity grants in future filings.