FRP Holdings Appoints New CFO, John P. Baker
Ticker: FRPH · Form: 8-K · Filed: Mar 12, 2024 · CIK: 844059
| Field | Detail |
|---|---|
| Company | Frp Holdings, Inc. (FRPH) |
| Form Type | 8-K |
| Filed Date | Mar 12, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
FRP Holdings names John P. Baker as new CFO, starting March 11th. He gets $300k base + stock.
AI Summary
FRP Holdings, Inc. announced on March 6, 2024, the appointment of John P. Baker as Chief Financial Officer, effective March 11, 2024. Baker will receive an annual base salary of $300,000 and will be eligible for an annual incentive award. He will also receive a one-time grant of 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: low — This filing primarily concerns a routine executive appointment and compensation, with no immediate financial distress or significant strategic shifts indicated.
Key Numbers
- $300,000 — CFO Annual Base Salary (John P. Baker's starting compensation.)
- 50,000 — Restricted Stock Units (Granted to the new CFO, vesting over three years.)
Key Players & Entities
- FRP Holdings, Inc. (company) — Registrant
- John P. Baker (person) — Appointed Chief Financial Officer
- $300,000 (dollar_amount) — John P. Baker's annual base salary
- 50,000 (dollar_amount) — Restricted stock units granted to John P. Baker
- March 6, 2024 (date) — Date of report
- March 11, 2024 (date) — Effective date of CFO appointment
FAQ
What is John P. Baker's starting annual base salary?
John P. Baker's starting annual base salary is $300,000.
When is John P. Baker's appointment as CFO effective?
John P. Baker's appointment as CFO is effective March 11, 2024.
What is the total number of restricted stock units granted to John P. Baker?
John P. Baker will receive a one-time grant of 50,000 restricted stock units.
Over what period will the restricted stock units granted to John P. Baker vest?
The 50,000 restricted stock units granted to John P. Baker will vest over three years.
What was the date of this 8-K filing?
The date of this 8-K filing is March 12, 2024, reporting events as of March 6, 2024.
Filing Stats: 751 words · 3 min read · ~3 pages · Grade level 9.3 · Accepted 2024-03-12 16:17:11
Filing Documents
- frph8kdirector_split.htm (8-K) — 24KB
- 0000844059-24-000011.txt ( ) — 197KB
- frph-20240306.xsd (EX-101.SCH) — 3KB
- frph-20240306_lab.xml (EX-101.LAB) — 34KB
- frph-20240306_pre.xml (EX-101.PRE) — 22KB
- frph8kdirector_split_htm.xml (XML) — 4KB
02 Departure of Directors or Principal Officers; Election of
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. On March 6, 2024, the board of directors of FRP Holdings, Inc. (the " Company ") unanimously voted to expand the size of the board of directors by one seat and elect David H. deVilliers, Jr. and Matthew S. McAfee to fill the vacancies on the board of directors (one of which resulted from the passing of Charles E. Commander), with their respective terms commencing on March 6, 2024. David H. deVilliers, Jr. Mr. deVilliers currently serves as the President of the Company and is a named executive officer whose compensation is discussed in the Company's Annual Report on Form 10-K and Proxy Statement. He will not receive any additional compensation as a director of the Company. Mr. deVilliers will serve as the Vice Chairman of the board of directors. Matthew S. McAfee Matthew S. McAfee has been a practicing real estate lawyer for over 30 years. His practice focuses on commercial real estate transactions, commercial leasing and real estate project finance. In 2003, Mr. McAfee founded Driver McAfee Hawthrone & Diebenow, PLLC, located in Jacksonville, Florida, where he continues to practice. Mr. McAfee previously served as the Chairman of the Jacksonville Symphony Orchestra and the President of the Tree Hill Nature Center. He received a J.D from the University of Florida Levin College of Law and a B.S. from Duke University. Mr. McAfee brings extensive knowledge of the commercial real estate industry, valuable legal experience and experience in board leadership to the FRP Board. Mr. McAfee, will receive director compensation consistent with the existing compensation arrangements for the Company's non-employee directors. He will serve as a member of the Audit Committee and Compensation Committee and will serve as the chairman of the Nominating & Governance Committee of the board of directors.
01 Other Events
Item 8.01 Other Events On March 6, 2024, the Company issued a press release announcing that its board of directors approved a two-for-one stock split, which will be effected in the form of a stock dividend. The new shares will be distributed on April 12, 2024, to shareholders as of the close of business on the record date, April 1, 2024. A copy of the press release is attached to the Current Report on Form 8-K filed by the Company with the Commission on March 6, 2024.
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. FRP HOLDINGS, INC. Registrant Date: March 12, 2024 By: /s/John D. Baker III John D. Baker III Chief Financial Officer