Business Context and Reporting Period
This Form 8-K Current Report was filed by Apple Hospitality REIT, Inc. on March 1, 2021. The filing addresses corporate governance changes, specifically the expansion of the Board of Directors and the appointment 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 metrics. The document focuses exclusively on personnel and governance matters.
Material Changes
- Board Expansion: The Board of Directors increased its size from eight to nine members, effective March 1, 2021.
- New Appointment: Howard E. Woolley was appointed as a director to serve until the 2021 Annual Meeting of Shareholders.
- Committee Assignment: Mr. Woolley was concurrently appointed to the Nominating and Corporate Governance Committee.
Management Commentary and Compensation
Mr. Woolley brings extensive experience in government relations and public policy, including a 20-year career with Verizon Communications Inc. and current leadership roles at Howard Woolley Group, LLC. His appointment is intended to enhance the Board's expertise in regulatory risk and public policy.
Compensation Structure: As an independent director, Mr. Woolley is entitled to an annual retainer of $165,000, prorated for his service in 2021. This consists of:
- $65,000 paid in cash.
- $100,000 paid in vested stock grants under the Company's 2014 Omnibus Incentive Plan.
Payments are made in quarterly installments.
Investor Verification Checklist
- Verify the effective date of Mr. Woolley's appointment (March 1, 2021).
- Confirm the total number of directors on the Board (nine).
- Review the specific compensation breakdown ($65k cash / $100k stock) and the prorating mechanism for the partial year.
- Check the 2021 Annual Meeting schedule to determine the end date of Mr. Woolley's interim term.