Penumbra, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Penumbra, Inc. on February 23, 2016. The filing reports corporate governance changes effective immediately on the date of the report.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on board composition and director compensation.
Material Changes
- Board Expansion: The Board of Directors increased its size from five to six members.
- New Director Election: Mr. Kevin J. Sullivan was elected as an independent director to fill the new position.
- Committee Appointment: Mr. Sullivan was appointed to the Nominating and Corporate Governance Committee, replacing Walter Wang.
- Director Independence: The Board determined Mr. Sullivan meets the independence standards of the NYSE and the Company's Corporate Governance Guidelines.
Guidance, Outlook, and Compensation
The filing contains no financial guidance, outlook, or management commentary regarding business operations. Regarding compensation, Mr. Sullivan will receive the standard non-employee director package, which includes:
- An annual cash retainer of $25,000.
- Eligibility for an annual grant of 2,000 restricted stock units.
Mr. Sullivan's term as a Class I director will expire at the 2016 annual meeting of stockholders. No unusual items or contingencies were disclosed.
Key Facts for Investor Verification
- Verify the effective date of the board expansion and Mr. Sullivan's appointment (February 23, 2016).
- Confirm Mr. Sullivan's independence status under NYSE listing standards.
- Review the specific terms of the restricted stock unit grant for non-employee directors.
- Note that this filing does not contain financial performance data; refer to the most recent 10-K or 10-Q for financial metrics.