KapStone Paper and Packaging Corporation (NYSE:KS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed in a Current Report on Form 8-K filed on September 21, 2016 (the “Original 8-K”), KapStone Paper and Packaging Corporation (the “Company”) made certain executive management changes effective as of January 1, 2017. Following these changes, Matthew Kaplan is the Chief Executive Officer and President, Roger W. Stone is the Executive Chairman and Randy J. Nebel is Executive Vice President of Integrated Packaging, responsible for both the Company’s Mill and Corrugated Container operations. On March 7, 2017, the Compensation Committee of the Company approved compensation for Messrs. Kaplan, Stone and Nebel in their new roles. This filing is being made to amend the Original 8-K to include the following information regarding these new compensation arrangements: (a) base salary for Messrs. Kaplan, Stone and Nebel are now $925,000, $780,000, and $550,000, respectively; (b) each of Messrs. Kaplan and Stone has a target bonus equal to 50% of his respective salary and a range of possible payment from 0-200% of target; (c) Mr. Nebel has a target bonus of 65% of his salary and a range of possible payment from 0-200% of target; and (d) Messrs. Kaplan, Stone and Nebel are eligible to receive $2,400,000, $2,000,000 and $700,000 in long-term incentive compensation, respectively.
Item 9.01. Financial Statements and Exhibits.
None.