Apple Hospitality REIT, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Apple Hospitality REIT, Inc. on March 3, 2023. The report addresses corporate governance changes, specifically the appointment of a new director 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 metrics. This report focuses exclusively on personnel appointments and does not contain financial performance data.
Material Changes
The primary material change reported is the appointment of Carolyn Handlon to the Board of Directors on March 1, 2023, to fill a vacancy. She will serve until the 2023 Annual Meeting of Shareholders.
Management Commentary and Compensation
Ms. Handlon brings 35 years of leadership experience with Marriott International, Inc., including 17 years as Executive Vice President, Finance and Global Treasurer. Her compensation as a director includes:
- Annual Retainer: $185,000 (prorated for 2023 service).
- Cash Component: $70,000.
- Stock Component: $115,000 in vested stock grants under the 2014 Omnibus Incentive Plan, paid in quarterly installments.
Ms. Handlon is expected to be appointed to one or more Board committees in May 2023, subject to re-election at the 2023 Annual Meeting.
Investor Verification Checklist
- Confirm the exact date of Ms. Handlon's re-election at the 2023 Annual Meeting.
- Verify the specific Board committees to which Ms. Handlon is appointed in May 2023.
- Review the Company's 2014 Omnibus Incentive Plan for details on the vesting schedule of the stock grants.
- Check subsequent filings for any changes to the Board composition or compensation structure.