XPO, Inc. Form 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by XPO Logistics, Inc. on September 19, 2017. The report details corporate governance changes, specifically the election of a new member to the Board of Directors.
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 personnel and governance matters rather than financial performance.
Material Changes
The primary material change reported is the appointment of AnnaMaria DeSalva as a member of the Board of Directors, effective September 19, 2017. Ms. DeSalva, previously the global chief communications officer for DuPont, will serve an initial term until the 2018 annual meeting of stockholders.
Compensation and Governance Details
- Annual Compensation: As a non-employee director, Ms. DeSalva is entitled to an annual cash retainer of $75,000 and an annual restricted stock unit (RSU) grant valued at $175,000.
- RSU Vesting: Annual RSU grants vest on the first anniversary of the grant date. The number of units is determined by dividing $175,000 by the average closing stock price of the 10 trading days preceding the grant.
- One-Time Grant: In connection with her appointment, Ms. DeSalva received a one-time grant of 810 RSUs, vesting on January 3, 2018, subject to continued service.
Investor Verification Checklist
- Verify the effective date of Ms. DeSalva's board membership (September 19, 2017).
- Confirm the specific vesting schedule for the one-time grant of 810 RSUs (January 3, 2018).
- Review the attached press release (Exhibit 99.1) for additional context on the board's strategic direction.
- Note that this filing contains no financial data; refer to the most recent 10-Q or 10-K for financial metrics.