Business Context and Reporting Period
This Form 8-K is filed by Actuant Corporation (not Enerpac Tool Group Corp as indicated in metadata) for the reporting period ending October 29, 2019. The filing reports on corporate governance changes, specifically the expansion of the Board of Directors and the election of a new director.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on director compensation structures and board composition.
Material Changes
- Board Expansion: The Board of Directors increased its size from eight to nine members.
- New Director Election: Judy L. Altmaier was elected as a director, effective November 1, 2019.
- Committee Appointments: Ms. Altmaier was appointed to the Audit Committee and the Compensation Committee.
Compensation and Governance Details
Ms. Altmaier's compensation is pro-rated based on her service period starting November 1, 2019. The standard annual compensation for non-employee directors is as follows:
| Compensation Component | Annual Amount |
|---|---|
| Annual Cash Retainer | $60,000 |
| Grant Date Value of Annual Restricted Stock Units | $100,000 |
| Audit Committee Annual Cash Fee | $15,000 |
| Compensation Committee Annual Cash Fee | $10,000 |
The restricted stock units vest on December 22, 2019, subject to continued service.
Investor Verification Checklist
- Verify the correct registrant name is Actuant Corporation (Ticker: EPAC), not Enerpac Tool Group Corp.
- Confirm the effective date of the new director's service is November 1, 2019.
- Review the pro-rated calculation for Ms. Altmaier's initial equity and cash compensation.
- Check the vesting schedule for the restricted stock units (December 22, 2019).