Red Violet, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Red Violet, Inc. (RDVT) on August 5, 2021. The report details a corporate governance change involving the expansion of the Board of Directors and the appointment of a new independent director.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the appointment of a new director and associated compensation.
Material Changes
- Board Expansion: The Board of Directors increased its size from four to five members.
- New Appointment: Lisa Stanton was appointed to the Board, effective August 9, 2021, to serve a one-year term until the 2022 annual meeting.
- Independence: The Board determined Ms. Stanton is independent in accordance with NASDAQ and SEC requirements.
Management Commentary and Compensation
Ms. Stanton brings over 25 years of experience in financial services, technology, and data security, including prior roles as General Manager at American Express and CEO of InAuth. She was not appointed to any Board Committees.
Compensation Package:
- Cash: Annual cash compensation of $25,000, payable in quarterly installments.
- Equity: Initial grant of restricted stock units (RSUs) with an approximate value of $75,000.
- Vesting Schedule: RSUs vest one-third on each of the first three anniversaries of the grant date.
Investor Verification Checklist
- Verify the effective date of Lisa Stanton's board seat (August 9, 2021).
- Confirm the total value of the initial equity grant ($75,000) and the specific vesting schedule.
- Review the attached press release (Exhibit 99.1) for additional context on the appointment.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.