FS Investment Corporation 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed by FS Investment Corporation (the "Company") on August 6, 2010, reporting events occurring on August 3, 2010. The filing primarily addresses corporate governance changes and an upcoming investor communication event.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on non-financial corporate events.
Material Changes
- Board Expansion: The Board of Directors elected Jeffrey K. Harrow and Herbert Lotman as new directors, effective September 1, 2010.
- Board Composition: With these appointments, the Board will consist of nine directors, within the bylaw limit of twelve.
- Terms: The new directors will serve terms expiring at the 2011 Annual Meeting of Stockholders.
Management Commentary, Risks, and Outlook
Compensation: New directors will receive an annual retainer of $25,000 and $1,000 per meeting attended, consistent with the Company's policy. Committee chairmen receive an additional $5,000 annual retainer. Neither new director has been assigned to a committee as of the filing date.
Investor Update: The Company announced a second-quarter investor update call scheduled for August 12, 2010, at 2:00 PM EDT.
Biographical Highlights:
- Jeffrey K. Harrow: Chairman of Sparks Marketing Group, Inc. Former President/CEO of CMPExpress.com and Travel One, with a history of scaling companies and executing strategic sales.
- Herbert Lotman: Chairman of Keystone Foods Corporation, LLC ($5 billion multinational). Known for pioneering cryogenics for McDonald's and developing Chicken McNuggets. Active in various charitable foundations.
Investor Verification Checklist
- Verify the effective date of the new directors' terms (September 1, 2010).
- Confirm the total number of directors on the Board (nine).
- Review the press release dated August 6, 2010 (Exhibit 99.1) for details on the upcoming Q2 investor update call.
- Note that no financial data is contained in this specific filing; refer to the upcoming investor call or quarterly reports for financial metrics.