Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of August 24, 2022, the Board of Directors (the “Board”) of Encore Wire Corporation, a Delaware corporation (the “Company”), acted unanimously to appoint W. Kelvin Walker as a director of the Company to fill in the vacancy on the Board created by Mr. Fisher’s resignation. Mr. Walker shall serve an initial term expiring at the Company’s 2023 Annual Meeting of Stockholders, or until his successor is duly elected and qualified unless sooner displaced. The Board has appointed Mr. Walker to serve on the Audit Committee, the Nominating and Corporate Governance Committee, the Sustainability Committee and the Compensation Committee. There is no arrangement or understanding between Mr. Walker and other persons pursuant to which he was selected as a director. There are no family relationships between Mr. Walker and any director or executive officer of the Company and there are no relationships between Mr. Walker and the Company or any of its subsidiaries that would require disclosure pursuant to Item 404(a) of Regulation S-K of the Securities Exchange Act of 1934, as amended.
Mr. Walker will be eligible to participate in the Company’s 2020 Long Term Incentive Plan (the “LTIP”) whereby directors are issued equity incentive compensation awards. The LTIP permits the granting of 1,000,000 securities in the form of options to purchase shares of common stock, stock appreciation rights, restricted common stock, restricted stock units, unrestricted common stock, dividend equivalents, cash awards, or performance awards to non-employee directors, officers and employees of the Company. Unless terminated sooner, the LTIP will remain in effect until May 5, 2030. The foregoing description of the LTIP is qualified in its entirety by reference to the LTIP, which is filed as Exhibit 10.1 to the Company Current Report on Form 8-K, filed with the Securities and Exchange Commission (the “SEC”) on May 6, 2020. In addition, the Company will enter into its standard form of indemnification agreement (filed as Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2009) and stock award agreement (filed as Exhibit 10.2 to the Company Current Report on Form 8-K, filed with the SEC on May 6, 2020) with Mr. Walker.
Mr. Walker has served since March 2019 as Chief Executive Officer of the Dallas Citizens Council, a non-profit organization made up of over 150 chief executive officers and other top business leaders in North Texas that focuses on advancing public policy issues impacting the Dallas area. Prior to joining the Dallas Citizens Council, Mr. Walker served as a Managing Director of RLJ Equity Partners LLC, a private equity fund, from July 2015 to March 2019. Prior to that, he was a Managing Partner of 21st Century Group, LLC, a private equity firm, from January 1999 to June 2015. Mr. Walker currently serves on the board of directors of Oncor Electric Delivery and Reflekt Me, as well as various non-profit organizations.