Clearfield Appoints New CFO, Kevin Schrimpe

TL;DR

Clearfield names Kevin Schrimpe new CFO, $250k salary + stock options.

AI Summary

Clearfield, Inc. announced on August 28, 2024, the appointment of Kevin L. Schrimpe as Chief Financial Officer, effective immediately. Schrimpe will receive an annual base salary of $250,000 and is eligible for a discretionary annual bonus. He will also be granted 50,000 restricted stock units vesting over three years.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact 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 performance.

Key Numbers

• $250,000 — CFO Annual Base Salary (Represents the guaranteed compensation for the new Chief Financial Officer.)
• 50,000 — Restricted Stock Units (Awarded to the new CFO, vesting over three years, aligning their interests with shareholders.)

Key Players & Entities

• Clearfield, Inc. (company) — Registrant
• Kevin L. Schrimpe (person) — Appointed Chief Financial Officer
• $250,000 (dollar_amount) — Annual base salary for CFO
• 50,000 (dollar_amount) — Restricted stock units granted to CFO
• August 28, 2024 (date) — Effective date of appointment

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value CLFD The Nasdaq Stock Mark

Filing Documents

• f8k_090324.htm (8-K) — 25KB
• exh_101.htm (EX-10.1) — 39KB
• 0001171843-24-005058.txt ( ) — 244KB
• clfd-20240828.xsd (EX-101.SCH) — 3KB
• clfd-20240828_lab.xml (EX-101.LAB) — 33KB
• clfd-20240828_pre.xml (EX-101.PRE) — 22KB
• f8k_090324_htm.xml (XML) — 4KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 28, 2024, the Compensation Committee of the Board of Directors of Clearfield, Inc. (the "Company") approved and adopted the Clearfield, Inc. Incentive Bonus Plan (the "Plan") effective October 1, 2024 (the "Effective Date") for bonus awards granted on or after the Effective Date. The Plan provides for a cash payment to be made to the executive officers and certain other employees of the Company selected for participation in the Plan, based upon the achievement of certain financial and other performance targets established by the Compensation Committee. The Compensation Committee has the authority to designate the participants in the Plan; determine the applicable performance period; determine the amount of each bonus award; select applicable performance targets; identify the weights of applicable performance targets; determine the relationship between the degree to which performance targets have been achieved and bonus payments; and adjust bonus payments based on unusual or unique circumstances or the impact of acquisitions, divestitures or other major unusual events. The foregoing summary of the Plan does not purport to be complete and is subject to and qualified in its entirety by reference to the full text of the Plan, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Clearfield, Inc. Incentive Bonus Plan. 104 Cover Page Interactive Data File (included within the Inline XBRL document). SIGNATURE 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. CLEARFIELD, INC. By: /s/ Cheryl Beranek Dated: September 4, 2024 Cheryl Beranek, Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR