SWK Holdings Appoints New Directors and CFO

TL;DR

SWK Holdings shakes up board and names new CFO, effective immediately.

AI Summary

SWK Holdings Corporation announced on July 3, 2024, the appointment of new officers and directors, including the election of three new directors: Robert J. Benninger, David R. Johnson, and Michael J. McEvoy. The company also appointed Michael J. McEvoy as Chief Financial Officer and Treasurer. These changes are effective immediately.

Why It Matters

This filing indicates a significant shift in SWK Holdings' leadership, which could signal a new strategic direction or operational focus for the company.

Risk Assessment

Risk Level: medium — Changes in board composition and executive management can introduce uncertainty regarding future strategy and performance.

Key Players & Entities

• SWK Holdings Corporation (company) — Registrant
• Robert J. Benninger (person) — Newly elected director
• David R. Johnson (person) — Newly elected director
• Michael J. McEvoy (person) — Newly elected director and CFO
• July 3, 2024 (date) — Effective date of changes

FAQ

Key Financial Figures

• $0.001 — registered Common Stock, par value $0.001 per share SWKH The Nasdaq Stock Mark
• $302,500 — Mr. Rice: (i) an annual base salary of $302,500, (ii) an incentive cash bonus target am
• $100,000 — he "Plan"), with a fair market value of $100,000 as of the Grant Date, vesting 25% on ea

Filing Documents

• e24300_swkh-8k.htm (8-K) — 34KB
• e24300_ex99-1.htm (EX-99.1) — 9KB
• 0001552781-24-000394.txt ( ) — 259KB
• swkh-20240703.xsd (EX-101.SCH) — 4KB
• swkh-20240703_def.xml (EX-101.DEF) — 26KB
• swkh-20240703_lab.xml (EX-101.LAB) — 36KB
• swkh-20240703_pre.xml (EX-101.PRE) — 25KB
• e24300_swkh-8k_htm.xml (XML) — 5KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 8, 2024, SWK Holdings, Inc. (the "Company") announced that on July 3, 2024, the Board of Directors (the "Board") of the Company, appointed Adam Rice as Chief Financial Officer of the Company, effective as of July 3, 2024. Mr. Rice will also serve as the Company's principal financial officer and principal accounting officer. Mr. Rice, age 43, from November 2023 to June 2024, was an independent consultant, providing fractional CFO services to companies. Prior to that, from December 2019 to November 2023, Mr. Rice served as the Chief Financial Officer for Park Cities Asset Management, a Dallas based asset management firm, where he oversaw business and fund operations, including accounting, finance, treasury management, and debt covenant reporting and compliance and previous to that he was the Director of Finance from July 2019 to December 2019. Previously, from March 2013 to July 2019, Mr. Rice held roles of increasing responsibility, including most recently as Vice President of Corporate FP&A from November 2017 to July 2019, at Mr. Cooper Group Inc. (FKA Nationstar Mortgage Holdings Inc.) one of the largest mortgage servicers in the United States. Prior to Mr. Cooper, Mr. Rice spent six years at Invesco Real Estate. Mr. Rice began his accounting career in the Assurance and Advisory Business Services practice with Ernst & Young. Mr. Rice earned his BA and MS in Accounting from Texas Tech University. Mr. Rice is a Certified Public Accountant in the state of Texas. In connection with Mr. Rice's appointment as Chief Financial Officer, the Board approved the following compensation for Mr. Rice: (i) an annual base salary of $302,500, (ii) an incentive cash bonus target amount of 60% of Mr. Rice's annual base salary and (iii) a grant of shares of restricted stock made on July 3, 2024 (the "Grant Date"), pur

View Full Filing

View this 8-K filing on SEC EDGAR