LSC COMMUNICATIONS, INC. (NYSE:LKSD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangement of Certain Officers.
On May18, 2017, the stockholders of the Company approved the
Companys Amended and Restated 2016 Performance Incentive Plan
(the Amended 2016 PIP). The Amended 2016 PIP is substantially
similar to the Companys 2016 Performance Incentive Plan (the 2016
PIP), which was approved by the Companys Board of Directors and
the Companys former parent, R.R. Donnelley Sons Company (in its
capacity as sole stockholder of the Company at that time) on
September30, 2016.
The Amended 2016 PIP amends the 2016 PIP to, among other things:
|
set a one-year minimum vesting period for awards to non-employee directors; |
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set a $900,000 annual limit on compensation to non-employee directors; |
| institute double-trigger change of control vesting; |
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prohibit additional forms of repricing and liberal share counting; and |
|
expand the prohibition on payment of dividends and dividend equivalents to all unvested awards, not just performance awards. |
By approving the Amended 2016 PIP, the stockholders also approved
the material terms of the performance goals set forth in the
Amended 2016 PIP to continue to allow the Company to grant
performance awards qualified as performance-based compensation
for Internal Revenue Code Section162(m) purposes. The Amended
2016 PIP does not increase the number of shares of Company common
stock available for grant over the number of shares authorized
under the 2016 PIP.
The Amended 2016 PIP became effective as of May18, 2017.
| Item9.01. | Financial Statements and Exhibits |
| (d) | Exhibits |
|
Exhibit No. |
Description of Exhibit |
|
| 10.1 |
Amended and Restated LSC Communications, Inc. 2016 Performance Incentive Plan |
About LSC COMMUNICATIONS, INC. (NYSE:LKSD)
LSC Communications, Inc. focuses on traditional and digital print, print-related services and office products. The Company’s segments are Print and Office Products. The Company, through its Print segment, provides a range of print product offerings, which include magazines, catalogs, retail inserts, books and directories. In addition to printed products, the Company also provides a number of print-related services, such as supply chain management, mail services, e-book formatting and distribution services. Its Print segment services over 3,000 customers, including publishers of magazines, books and directories, online retailers, catalogers, mass merchandisers and contract stationers. In its Office Products segment, the Company manufactures and sells a range of branded and private label products, primarily within the core categories, including filing products; note-taking products; binder products; tax and stock forms, and envelopes. LSC COMMUNICATIONS, INC. (NYSE:LKSD) Recent Trading Information
LSC COMMUNICATIONS, INC. (NYSE:LKSD) closed its last trading session up +0.13 at 21.78 with 419,533 shares trading hands.