Business Context and Reporting Period
This Form 8-K is a current report filed by Kohlberg Capital Corporation (not BCP Investment Corp) on December 9, 2011. The filing addresses Item 5.02 regarding the departure of directors or officers, election of directors, appointment of officers, and compensatory arrangements.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
Material Changes
The Board of Directors approved the following compensation changes effective January 1, 2012:
- Base Salary Increases:
- R. Jon Corless (Chief Investment Officer): Increased from $250,000 to $265,000.
- Daniel P. Gilligan (Chief Compliance Officer): Increased from $160,000 to $175,000.
- 2012 Performance-Based Cash Bonus Opportunity Increases:
- Dayl W. Pearson (President and CEO): Increased from $450,000 to $500,000.
- Michael I. Wirth (CFO, Treasurer, Secretary): Increased from $375,000 to $400,000.
- E. A. Kratzman (Vice President and President of KDA): Increased from $1,000,000 to $1,175,000.
- R. Jon Corless: Increased from $200,000 to $225,000.
- No Change: Daniel P. Gilligan's 2012 performance-based cash bonus opportunity remains unchanged from the target reported in the April 20, 2011 Definitive Proxy Statement.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on business performance, risks, contingencies, or unusual items. The scope is limited to the approval of executive compensation.
Investor Verification Checklist
- Verify the effective date of the salary and bonus changes (January 1, 2012).
- Confirm the specific roles and titles of the named executive officers receiving increases.
- Review the April 20, 2011 Definitive Proxy Statement (Schedule 14A) to confirm the baseline bonus target for Daniel P. Gilligan.
- Note that the registrant name is Kohlberg Capital Corporation, not BCP Investment Corp.