Target Hospitality 8-K: Officer Comp, Director Changes Reported
Ticker: TH · Form: 8-K · Filed: Jan 23, 2024 · CIK: 1712189
Complexity: simple
Sentiment: neutral
Topics: executive-compensation, corporate-governance, officer-changes
TL;DR
**Target Hospitality just filed an 8-K about officer compensation and potential board/officer changes.**
AI Summary
Target Hospitality Corp. filed an 8-K on January 23, 2024, reporting an event that occurred on January 22, 2024. The filing indicates a change in compensatory arrangements for certain officers, as well as potential changes in directors or officers. This matters to investors because executive compensation and leadership changes can impact company strategy, financial performance, and ultimately, stock value.
Why It Matters
Changes in executive compensation and leadership can signal shifts in company direction or financial health, directly influencing investor confidence and stock performance.
Risk Assessment
Risk Level: medium — The filing indicates potential changes in leadership and compensation, which can introduce uncertainty regarding future company strategy and stability.
Analyst Insight
Investors should monitor subsequent filings or press releases from Target Hospitality Corp. for specific details regarding the reported changes in officer compensation, director elections, or officer appointments, as these specifics will determine the actual impact on the company.
Key Players & Entities
- Target Hospitality Corp. (company) — the registrant filing the 8-K
- January 23, 2024 (date) — date of 8-K filing
- January 22, 2024 (date) — date of earliest event reported
- 001-38343 (other) — Commission File Number
- 9320 LAKESIDE BLVD. , SUITE 300 THE WOODLANDS , Texas 77381 (other) — principal executive offices address
FAQ
What is the primary purpose of this 8-K filing by Target Hospitality Corp.?
The primary purpose of this 8-K filing is to report on the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' and 'Other Events' as of January 22, 2024.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 22, 2024.
What is Target Hospitality Corp.'s Commission File Number?
Target Hospitality Corp.'s Commission File Number is 001-38343.
What is the business address listed for Target Hospitality Corp. in this filing?
The business address listed for Target Hospitality Corp. is 9320 LAKESIDE BLVD., SUITE 300, THE WOODLANDS, Texas 77381.
Under which sections of the Securities Exchange Act of 1934 is this Form 8-K filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 864 words · 3 min read · ~3 pages · Grade level 11 · Accepted 2024-01-23 06:48:00
Key Financial Figures
- $0.0001 — h registered THCommon stock, par value $0.0001 per share TH NASDAQ Warrants to p
- $410,000 — t employment agreement) be increased to $410,000, with a Target Bonus (as defined in his
- $450,000 — t employment agreement) amount equal to $450,000, and a one-time grant of restricted sto
- $150,000 — icted stock units with a value equal to $150,000. On January 22, 2024, the Board promot
- $400,000 — renk's current employment agreement) to $400,000 and an overall Annual Award (as defined
- $550,000 — t employment agreement) amount equal to $550,000. The Company expects to approve the ex
Filing Documents
- th8-k.htm (8-K) — 32KB
- ex99-1.htm (EX-99.1) — 14KB
- 0001712189-24-000003.txt ( ) — 225KB
- th-20240122.xsd (EX-101.SCH) — 4KB
- th-20240122_def.xml (EX-101.DEF) — 17KB
- th-20240122_lab.xml (EX-101.LAB) — 26KB
- th-20240122_pre.xml (EX-101.PRE) — 19KB
- th8-k_htm.xml (XML) — 6KB
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Eric T. Kalamaras On January 22, 2024, Target Hospitality Corp. (the " Company ") and Eric T. Kalamaras, the Chief Financial Officer of the Company, mutually agreed that Mr. Kalamaras would depart effective as of January 22, 2024, as Mr. Kalamaras has decided to pursue other interests. The Company expects to approve terms in connection with Mr. Kalamaras's departure from the Company at a later date, and will disclose such terms by an amendment to this Form 8-K. Mr. Kalamaras' departure is not a result of any disagreement with the Company or its independent auditors on any matter relating to the Company's accounting, financials, strategy, management, operations, policies, regulatory matters or financial practices. Promotion of Jason Vlacich and Troy Schrenk On January 22, 2024, the Board of Directors of the Company (the " Board ") promoted Jason Vlacich, the Chief Accounting Officer of the Company, to the role of Chief Financial Officer and Chief Accounting Officer, effective as of January 23, 2024 (the " Effective Date "). In connection therewith, the Company expects to enter into an amendment to Mr. Vlacich's existing employment agreement (the " Vlacich Amendment ") providing, among other things, that Mr. Vlacich's annual Base Salary (as defined in his Mr. Vlacich's current employment agreement) be increased to $410,000, with a Target Bonus (as defined in his Mr. Vlacich's current employment agreement) percentage of eighty five percent (85%), an overall Annual Award (as defined in his Mr. Vlacich's current employment agreement) amount equal to $450,000, and a one-time grant of restricted stock units with a value equal to $150,000. On January 22, 2024, the Board promoted Troy Schrenk, Chief Commercial Officer of the Company, to the role of Senior Executive Vice President Operations and Chief
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Item 8.01 Other Events On January 23, 2024, the Company issued a press release announcing the departure of Mr. Kalamaras and the promotions of Messrs. Vlacich and Schrenk, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Exhibit Description 99.1 Press Release dated January 23, 2024 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Target Hospitality Corp. By: /s/ Heidi D. Lewis Dated: January 23, 2024 Name: Heidi D. Lewis Title: Executive Vice President, General Counsel and Secretary 3