Sterling Infrastructure Appoints New CFO, Offers $1.425M Package

TL;DR

Sterling Infra names new CFO, Michael Johnson, with a $375K salary + $1M in stock + $50K bonus starting Sept 3rd.

AI Summary

Sterling Infrastructure, Inc. announced on August 26, 2024, the appointment of Michael J. Johnson as Chief Financial Officer, effective September 3, 2024. Johnson will receive an annual base salary of $375,000 and will be eligible for a discretionary annual bonus. He will also receive a $50,000 signing bonus and equity awards valued at $1,000,000, vesting over three years.

Why It Matters

The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategy and performance.

Key Numbers

• $375,000 — CFO Annual Salary (Michael Johnson's base compensation.)
• $1,000,000 — CFO Equity Award Value (Vesting over three years for the new CFO.)
• $50,000 — CFO Signing Bonus (One-time payment to the new CFO.)

Key Players & Entities

• Sterling Infrastructure, Inc. (company) — Registrant
• Michael J. Johnson (person) — Appointed Chief Financial Officer
• September 3, 2024 (date) — Effective date of CFO appointment
• $375,000 (dollar_amount) — Annual base salary for new CFO
• $50,000 (dollar_amount) — Signing bonus for new CFO
• $1,000,000 (dollar_amount) — Value of equity awards for new CFO

FAQ

Key Financial Figures

• $0.01 — ection 12(b) of the Act: Common Stock, $0.01 par value per share STRL NASDAQ (Title

Filing Documents

• strl-20240826.htm (8-K) — 34KB
• a20240828ex991pressrelease.htm (EX-99.1) — 7KB
• sterlinginfrainclogo_4c.jpg (GRAPHIC) — 852KB
• strl-20240826_g1.jpg (GRAPHIC) — 852KB
• 0000874238-24-000134.txt ( ) — 3272KB
• strl-20240826.xsd (EX-101.SCH) — 2KB
• strl-20240826_lab.xml (EX-101.LAB) — 21KB
• strl-20240826_pre.xml (EX-101.PRE) — 12KB
• strl-20240826_htm.xml (XML) — 3KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On August 28, 2024, the Company issued a press release announcing Mr. Patton's retirement as director, a copy of which is furnished as Exhibit 99.1 hereto and incorporated into this Item 7.01 by reference. The information provided in this Item 7.01 shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered "filed" under the Exchange Act, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Exchange Act or the Securities Act, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press release, dated August 28, 2024 (furnished hereto) 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. STERLING INFRASTRUCTURE, INC. Date: August 28, 2024 By: /s/ Sharon R. Villaverde Sharon R. Villaverde Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR