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 Officers

ME Staff 8-k
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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 Officers
Item 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.


About KapStone Paper and Packaging Corporation (NYSE:KS)

KapStone Paper and Packaging Corporation is engaged in the production of containerboard, corrugated products and specialty paper. The Company operates through two segments: Paper and Packaging, and Distribution. The Company operates approximately four paper mills. It produces approximately 2.7 million tons of containerboard and specialty paper at its mills in North Charleston, South Carolina; Roanoke Rapids, North Carolina; Cowpens, South Carolina, and Longview, Washington. The Company’s Paper and Packaging segment manufactures and sells a range of container boards, corrugated products and specialty paper for industrial and consumer markets. The Distribution segment, which operates under the Victory and Golden State Container trade names, provides its customers with packaging solutions and services, and distributes corrugated packaging materials, as well as other specialty packaging materials, such as plastics, wood, void fill, tapes and stretch wraps.

KapStone Paper and Packaging Corporation (NYSE:KS) Recent Trading Information

KapStone Paper and Packaging Corporation (NYSE:KS) closed its last trading session up +0.16 at 22.01 with 951,043 shares trading hands.