Atlas Energy Solutions Appoints New CFO
Ticker: AESI · Form: 8-K · Filed: Mar 5, 2024 · CIK: 1984060
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Atlas Energy Solutions just hired a new CFO, Kevin Lacy, starting March 11th. He's getting a $350k salary and a $1M stock grant.
AI Summary
Atlas Energy Solutions Inc. announced on March 5, 2024, the appointment of Kevin M. Lacy as Chief Financial Officer, effective March 11, 2024. Lacy will receive an annual base salary of $350,000 and will be eligible for an annual cash incentive award. He will also receive a restricted stock unit award valued at approximately $1,000,000, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and operational execution.
Key Numbers
- $350,000 — CFO Annual Base Salary (Represents the guaranteed cash compensation for the new CFO.)
- $1,000,000 — CFO Stock Grant Value (Indicates the equity incentive provided to the new CFO, aligning their interests with shareholders.)
Key Players & Entities
- Atlas Energy Solutions Inc. (company) — Registrant
- Kevin M. Lacy (person) — Newly appointed Chief Financial Officer
- $350,000 (dollar_amount) — Annual base salary for new CFO
- $1,000,000 (dollar_amount) — Value of restricted stock unit award for new CFO
- March 11, 2024 (date) — Effective date for new CFO
- March 05, 2024 (date) — Date of report
FAQ
What is Kevin M. Lacy's prior experience relevant to his new role as CFO?
The filing does not provide details on Kevin M. Lacy's prior experience.
What are the specific performance metrics tied to the annual cash incentive award for Kevin M. Lacy?
The filing states he is eligible for an annual cash incentive award but does not specify the performance metrics.
What is the vesting schedule for the restricted stock unit award granted to Kevin M. Lacy?
The restricted stock unit award is valued at approximately $1,000,000 and vests over three years.
Are there any severance provisions in Kevin M. Lacy's employment agreement?
The filing does not mention any specific severance provisions for Kevin M. Lacy.
What is the expected impact of this CFO change on Atlas Energy Solutions' financial reporting and strategy?
The filing does not detail the expected impact, but a new CFO typically brings fresh perspectives to financial strategy and oversight.
Filing Stats: 894 words · 4 min read · ~3 pages · Grade level 11.1 · Accepted 2024-03-05 17:13:36
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share AESI New York Stock Excha
- $450,000 — ill receive annual cash compensation of $450,000 and a target long-term incentive plan a
- $4,500,000 — units with a grant date value equal to $4,500,000 granted pursuant to the Company's form
- $800,000 — his annual base salary will increase to $800,000 per year, paid in accordance with the C
- $880,000 — s is 110% of his annual base salary, or $880,000, and his target long-term incentive pla
- $3,320,000 — award is equal to a grant date value of $3,320,000, to be split equally between restricted
Filing Documents
- aesi-20240305.htm (8-K) — 43KB
- 0000950170-24-026263.txt ( ) — 158KB
- aesi-20240305.xsd (EX-101.SCH) — 25KB
- aesi-20240305_htm.xml (XML) — 5KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ATLAS ENERGY SOLUTIONS INC. Date: March 5, 2024 By: /s/ John Turner Name: John Turner Title: President and Chief Financial Officer