PBF Energy Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on February 14, 2023, by PBF Energy Inc. and its affiliates. The report discloses the appointment of a new Chief Financial Officer and details the associated compensatory arrangements.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details:
- Annual Salary: $630,000
- Sign-on Bonus: $600,000
- Restricted Stock Grant Value: $949,969
- Performance Share Units Grant Value: $712,477
- Performance Units Grant Value: $712,477
Material Changes
On February 14, 2023, the Board of Directors approved the appointment of Karen B. Davis as Senior Vice President and Chief Financial Officer, effective February 20, 2023. Ms. Davis had been serving as interim CFO since January 1, 2023. This appointment replaces the interim status with a permanent role.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, risk factors, or management commentary regarding business operations. The primary focus is the execution of an employment agreement and equity awards for the new CFO. Ms. Davis brings prior experience as CFO of Western Refining, Inc. and affiliated entities.
Investor Verification Checklist
- Verify the total value of the compensation package, including the $600,000 sign-on bonus and equity grants totaling approximately $2.37 million in grant date value.
- Review the attached employment agreement (Exhibit 10.1) for specific terms regarding the annual incentive bonus and equity vesting schedules.
- Confirm the effective date of the appointment (February 20, 2023) and the duration of the performance period for equity awards (January 1, 2023, through December 31, 2025).