Tile Shop Appoints New CFO, Kevin Murphy

TL;DR

Tile Shop names Kevin Murphy new CFO, starting March 25th. He gets $375k salary + $500k stock.

AI Summary

Tile Shop Holdings, Inc. announced on March 18, 2024, the appointment of Kevin R. Murphy as Chief Financial Officer, effective March 25, 2024. Murphy will receive an annual base salary of $375,000 and will be eligible for a discretionary annual bonus. He will also receive a one-time grant of restricted stock units valued at $500,000.

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: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $375,000 — CFO Annual Base Salary (This is the starting salary for the new Chief Financial Officer.)
• $500,000 — CFO Stock Grant Value (Represents the initial equity award to the new Chief Financial Officer.)

Key Players & Entities

• Tile Shop Holdings, Inc. (company) — The company filing the report.
• Kevin R. Murphy (person) — Newly appointed Chief Financial Officer.
• $375,000 (dollar_amount) — Annual base salary for the new CFO.
• $500,000 (dollar_amount) — Value of restricted stock units granted to the new CFO.
• March 18, 2024 (date) — Date of the report.
• March 25, 2024 (date) — Effective date for the new CFO's appointment.

FAQ

Key Financial Figures

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• $300,000 — itle; provide for annual base salary of $300,000, paid in accordance with the Company's
• $200,000 — quity awards with an aggregate value of $200,000. The description of the Amendment con

Filing Documents

• tm248262d1_8k.htm (8-K) — 26KB
• tm248262d1_ex10-1.htm (EX-10.1) — 12KB
• 0001104659-24-035170.txt ( ) — 209KB
• tts-20240318.xsd (EX-101.SCH) — 3KB
• tts-20240318_lab.xml (EX-101.LAB) — 33KB
• tts-20240318_pre.xml (EX-101.PRE) — 22KB
• tm248262d1_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission on March 7, 2024 , on March 5, 2024, the Board of Directors (the "Board") of Tile Shop Holdings, Inc. (the "Company") appointed Mark B. Davis, current Vice President, Investor Relations, and Chief Accounting Officer (Principal Accounting Officer) of the Co mpany, as Senior Vice President, Chief Financial Officer and Secretary of the Company, effective as of April 1, 2024. In connection with such appointment, on March 18, 2024, the Company and Mr. Davis entered into an amendment (the "Amendment") to Mr. Davis's employment agreement, dated September 6, 2019, to, among other things, reflect Mr. Davis's new title; provide for annual base salary of $300,000, paid in accordance with the Company's normal payroll procedures; amend Mr. Davis's target annual cash incentive compensation opportunity to provide a target of 50% of his base salary and his equity awards; and revise Mr. Davis's equity awards to provide for a grant of equity awards with an aggregate value of $200,000. The description of the Amendment contained herein does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

01 Financial

Item 9.01 Financial (d) Exhibits. 10.1* Amendment to Employment Agreement, dated as of March 18, 2024, by and between Tile Shop Holdings, Inc and Mark Davis. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Management compensatory plan or arrangement.

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. TILE SHOP HOLDINGS, INC. Date: March 18, 2024 By: /s/ Cabell H. Lolmaugh Name: Cabell H. Lolmaugh Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR