Newmark Appoints Michael Kelleher as New CFO
Ticker: NMRK · Form: 8-K · Filed: Aug 12, 2024 · CIK: 1690680
| Field | Detail |
|---|---|
| Company | Newmark Group, INC. (NMRK) |
| Form Type | 8-K |
| Filed Date | Aug 12, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $5,000,000, $15,000,000, $1,500,000, $17,500,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: NMRK
TL;DR
Newmark just hired Michael Kelleher as CFO, starting Aug 12. He's getting $500k base + bonus + stock.
AI Summary
On August 7, 2024, Newmark Group, Inc. announced the appointment of Michael J. Kelleher as Chief Financial Officer, effective August 12, 2024. Kelleher will receive an annual base salary of $500,000 and will be eligible for a discretionary annual bonus. He will also be granted 150,000 restricted stock units, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategy and performance.
Key Numbers
- $500,000 — CFO Base Salary (Annual compensation for Michael J. Kelleher.)
- 150,000 — RSUs Granted (Stock incentive for the new CFO, vesting over three years.)
- August 12, 2024 — Effective Date (Start date for the new CFO.)
Key Players & Entities
- Newmark Group, Inc. (company) — The company filing the report.
- Michael J. Kelleher (person) — Newly appointed Chief Financial Officer.
- $500,000 (dollar_amount) — Annual base salary for the new CFO.
- August 12, 2024 (date) — Effective date of the new CFO's appointment.
- 150,000 (dollar_amount) — Number of restricted stock units granted to the new CFO.
FAQ
Who has been appointed as the new Chief Financial Officer of Newmark Group, Inc.?
Michael J. Kelleher has been appointed as the new Chief Financial Officer.
When is Michael J. Kelleher's appointment as CFO effective?
The appointment is effective August 12, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael J. Kelleher is $500,000.
What stock-based compensation will the new CFO receive?
Michael J. Kelleher will be granted 150,000 restricted stock units, vesting over three years.
Is the new CFO eligible for a bonus?
Yes, Michael J. Kelleher will be eligible for a discretionary annual bonus.
Filing Stats: 1,359 words · 5 min read · ~5 pages · Grade level 12.1 · Accepted 2024-08-12 16:21:37
Key Financial Figures
- $0.01 — hich registered Class A Common Stock, $0.01 par value NMRK The Nasdaq Stock Mar
- $5,000,000 — granted (i) a one-time cash payment of $5,000,000 as soon as practicable following the Ef
- $15,000,000 — attributable to calendar year 2025 and $15,000,000 of NPSUs are attributable to calendar y
- $1,500,000 — ii) a cash bonus in the gross amount of $1,500,000 with respect to calendar 2026, payable
- $17,500,000 — total contractual compensation would be $17,500,000 for each of calendar years 2024, 2025,
- $1,000,000 — ears 2024, 2025, and 2026 (comprised of $1,000,000 salary and $16,500,000 in combined NPSU
- $16,500,000 — 026 (comprised of $1,000,000 salary and $16,500,000 in combined NPSUs and cash awards attri
- $10,000,000 — ates) earns, in the aggregate, at least $10,000,000 in gross revenues in the calendar quart
Filing Documents
- ea0210922-8k_newmark.htm (8-K) — 36KB
- ea021092201ex99-1_newmark.htm (EX-99.1) — 106KB
- 0001213900-24-067695.txt ( ) — 340KB
- nmrk-20240807.xsd (EX-101.SCH) — 3KB
- nmrk-20240807_lab.xml (EX-101.LAB) — 33KB
- nmrk-20240807_pre.xml (EX-101.PRE) — 22KB
- ea0210922-8k_newmark_htm.xml (XML) — 3KB
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits. The exhibit index set forth below is incorporated by reference in response to this Item 9.01. EXHIBIT INDEX Exhibit No. Description 99.1 Second Amended and Restated Employment Agreement, dated as of August 7, 2024, by and among Barry Gosin, Newmark Holdings, L.P. and Newmark Partners, L.P. 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. Newmark Group, Inc. Date: August 12, 2024 By: /s/ Howard W. Lutnick Name: Howard W. Lutnick Title: Executive Chairman [Signature Page to Form 8-K relating to Second Amended and Restated Gosin Agreement] 3