Rackspace Files 8-K on Officer/Director Changes, Comp Arrangements
Ticker: RXT · Form: 8-K · Filed: Jan 12, 2024 · CIK: 1810019
| Field | Detail |
|---|---|
| Company | Rackspace Technology, Inc. (RXT) |
| Form Type | 8-K |
| Filed Date | Jan 12, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $530,000, $200,000, $3,000,000, $1,000,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: executive-changes, compensation, corporate-governance
TL;DR
**Rackspace filed an 8-K about executive changes and pay, watch for details.**
AI Summary
Rackspace Technology, Inc. (RXT) filed an 8-K on January 12, 2024, reporting an event that occurred on January 9, 2024. This filing indicates a current report pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934, specifically addressing items related to the departure or election of directors or officers, compensatory arrangements, and Regulation FD disclosure. For investors, this matters because changes in leadership or executive compensation can signal shifts in company strategy, financial health, or governance, potentially impacting future stock performance.
Why It Matters
Changes in executive leadership or compensation structures can signal strategic shifts or financial health concerns, directly influencing investor confidence and the company's future direction.
Risk Assessment
Risk Level: medium — The filing indicates changes in leadership and compensation, which can introduce uncertainty regarding future company performance and strategy.
Analyst Insight
A smart investor would monitor Rackspace Technology, Inc.'s subsequent filings and press releases for specific details on the executive changes and compensatory arrangements, as these could signal strategic shifts or financial implications that impact the stock's future performance.
Key Numbers
- 2024-01-09 — Date of earliest event reported (The specific date the reported event occurred.)
- 001-39420 — Commission File Number (Rackspace Technology, Inc.'s SEC file number.)
- 81-3369925 — I.R.S. Employer Identification No. (Rackspace Technology, Inc.'s IRS EIN.)
- $0.01 — Par value per share (The stated par value of Rackspace's common stock.)
Key Players & Entities
- Rackspace Technology, Inc. (company) — the registrant filing the 8-K
- The Securities Exchange Act of 1934 (law) — the act under which the report is filed
- Nasdaq Stock Market LLC (company) — the exchange where RXT common stock is registered
- $0.01 (dollar_amount) — par value per share of common stock
Forward-Looking Statements
- Rackspace Technology, Inc. will provide more specific details regarding the executive changes and compensatory arrangements in subsequent filings or press releases. (Rackspace Technology, Inc.) — high confidence, target: 2024-03-31
- The market will react to the specifics of the executive changes once they are fully disclosed, potentially impacting RXT's stock price. (RXT) — medium confidence, target: 2024-02-29
FAQ
What specific items are reported in this 8-K filing by Rackspace Technology, Inc.?
The 8-K filing by Rackspace Technology, Inc. reports on 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers', 'Regulation FD Disclosure', and 'Financial Statements and Exhibits' as per the ITEM INFORMATION section.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 9, 2024, as stated under 'Date of Report (Date of earliest event reported): January 9, 2024'.
What is the trading symbol and the exchange where Rackspace Technology, Inc.'s common stock is registered?
Rackspace Technology, Inc.'s common stock trades under the symbol RXT and is registered on The Nasdaq Stock Market LLC, as indicated in the 'Securities registered pursuant to Section 12(b) of the Act' table.
What is the par value of Rackspace Technology, Inc.'s common stock?
The common stock of Rackspace Technology, Inc. has a par value of $0.01 per share, as specified in the 'Title of each class' column of the 'Securities registered pursuant to Section 12(b) of the Act' table.
What is the business address and phone number of Rackspace Technology, Inc.?
The business address of Rackspace Technology, Inc. is 1 Fanatical Place, City of Windcrest, San Antonio, Texas 78218, and their business phone number is 1-800-961-4454, according to the 'BUSINESS ADDRESS' and 'BUSINESS PHONE' sections of the filing.
Filing Stats: 1,335 words · 5 min read · ~4 pages · Grade level 11.1 · Accepted 2024-01-12 08:46:26
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share RXT The Nasdaq Stock Market L
- $530,000 — ll receive (i) an annual base salary of $530,000, (ii) a signing bonus in the amount of
- $200,000 — , (ii) a signing bonus in the amount of $200,000, and (iii) retention equity grants in t
- $3,000,000 — formance stock units ("PSUs") valued at $3,000,000 and $1,000,000, respectively. The numbe
- $1,000,000 — units ("PSUs") valued at $3,000,000 and $1,000,000, respectively. The number of shares sub
Filing Documents
- rxt-20240109.htm (8-K) — 37KB
- marinomark-cfoagreement010.htm (EX-10.1) — 89KB
- a20240112-pressreleaseex991.htm (EX-99.1) — 10KB
- 0001810019-24-000005.txt ( ) — 292KB
- rxt-20240109.xsd (EX-101.SCH) — 2KB
- rxt-20240109_lab.xml (EX-101.LAB) — 24KB
- rxt-20240109_pre.xml (EX-101.PRE) — 13KB
- rxt-20240109_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On January 12, 2022, the Company issued a press release announcing the foregoing CFO transition and reaffirmed the fourth quarter 2023 financial guidance provided by the Company in a previous press release dated November 7, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference. The information in this Current Report on Form 8-K is being "furnished" pursuant to Item 7.01 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any Company filing, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such filing and regardless of any general incorporation language in such filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit Description 10.1 Amended and Restated Employment Agreement between Rackspace US, Inc. and Mark Marino, effective January 12, 2024 99.1 P ress Release dated January 1 2 , 2024 104 Cover Page Interactive Data File (formatted as Inline XBRL) -2-
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 thereunto duly authorized. RACKSPACE TECHNOLOGY, INC. Date: January 12, 2024 By: /s/ Amar Maletira Amar Maletira Chief Executive Officer -3-