Cactus, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Cactus, Inc. on March 10, 2023. The filing discloses a specific corporate governance event regarding executive compensation rather than periodic financial results.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial figure disclosed relates to the value of a specific equity grant:
- RSU Grant Value: $4,000,000 per executive (Stephen Tadlock and Steven Bender).
- Total Grant Value: $8,000,000.
Material Changes
On March 10, 2023, the Compensation Committee approved a one-time grant of Restricted Stock Units (RSUs) to two key executives:
- Recipients: Stephen Tadlock and Steven Bender.
- Vesting Schedule: Cliff vesting on the fourth anniversary of the grant date.
- Acceleration Clause: If employment is terminated by the Company without cause after the second anniversary, RSUs vest pro rata based on the time held.
- Pricing Method: The number of units was calculated using the average closing stock price for the twenty business days prior to the grant date.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on financial outlook, or specific risk factors. The stated purpose of the grants is to retain key executives.
Investor Verification Checklist
- Verify the exact number of RSUs issued to each executive based on the 20-day average stock price.
- Review the Company's Long Term Incentive Plan for additional terms regarding forfeiture or modification.
- Confirm the current stock price to assess the dilution impact of the $8,000,000 total grant value.
- Check for any subsequent filings regarding the vesting status or termination of the named executives.