NETSTREIT Corp. Elects New Directors, Updates Executive Compensation
Ticker: NTST · Form: 8-K · Filed: Sep 19, 2024 · CIK: 1798100
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
Related Tickers: NTST
TL;DR
NETSTREIT adds two directors, updates CEO/CFO pay. Board shakeup incoming?
AI Summary
NETSTREIT Corp. announced on September 16, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Michael R. Blitzer and Steven J. Guttman, to its Board of Directors, effective September 16, 2024. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Justin H. Stein, and Chief Financial Officer, Stephen L. Schnall, which include updated compensation structures.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and management stability.
Key Players & Entities
- NETSTREIT Corp. (company) — Registrant
- Michael R. Blitzer (person) — Newly elected Director
- Steven J. Guttman (person) — Newly elected Director
- Justin H. Stein (person) — Chief Executive Officer
- Stephen L. Schnall (person) — Chief Financial Officer
- September 16, 2024 (date) — Effective date of director elections and reporting date
FAQ
Who were the new directors elected to NETSTREIT Corp.'s Board?
Michael R. Blitzer and Steven J. Guttman were elected as new directors to NETSTREIT Corp.'s Board of Directors.
When were the new directors elected?
The new directors were elected effective September 16, 2024.
What other significant events were reported in this 8-K filing?
The filing also reports on new employment agreements with the Chief Executive Officer, Justin H. Stein, and Chief Financial Officer, Stephen L. Schnall, including updated compensation arrangements.
What is NETSTREIT Corp.'s principal executive office address?
NETSTREIT Corp.'s principal executive offices are located at 2021 McKinney Avenue, Suite 1150, Dallas, Texas 75201.
What is the fiscal year end for NETSTREIT Corp.?
NETSTREIT Corp.'s fiscal year ends on December 31.
Filing Stats: 512 words · 2 min read · ~2 pages · Grade level 12.8 · Accepted 2024-09-19 17:21:06
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share NTST The New York
Filing Documents
- ntst-20240916.htm (8-K) — 24KB
- 0001798100-24-000075.txt ( ) — 148KB
- ntst-20240916.xsd (EX-101.SCH) — 2KB
- ntst-20240916_lab.xml (EX-101.LAB) — 22KB
- ntst-20240916_pre.xml (EX-101.PRE) — 13KB
- ntst-20240916_htm.xml (XML) — 3KB
From the Filing
ntst-20240916 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): September 16, 2024 NETSTREIT Corp. (Exact Name of Registrant as Specified in its Charter) Maryland 001-39443 84-3356606 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 2021 McKinney Avenue Suite 1150 Dallas , Texas 75201 (Address of Principal Executive Offices) (Zip Code) 972 - 200-7100 (Registrant's telephone number, including area code) Not applicable (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.01 par value per share NTST The New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act . Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Principal Accounting Officer Resignation On September 16, 2024, Patricia Gibbs notified NETSTREIT Corp. (the "Company) of her intention to resign from her position of Senior Vice President and Chief Accounting Officer ("CAO") and principal accounting officer ("PAO") of the Company to pursue another opportunity. Ms. Gibbs' departure is not due to any disagreement with the Company on any matter relating to the Company's financial statements, internal control over financial reporting, operations, policies or practices. Ms. Gibbs will continue to serve as CAO and PAO through October 11, 2024. The Company intends to engage a national search firm to identify a replacement. Effective as of October 12, 2024, and until such time as a replacement is named, Daniel Donlan, the Chief Financial Officer and principal financial officer of the Company, is expected to assume the role of PAO on an interim basis. SIGNATURE 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. NETSTREIT Corp. September 19, 2024 /s/ DANIEL DONLAN Date Daniel Donlan Chief Financial Officer and Treasurer (Principal Financial Officer)