Business Context and Reporting Period
This Form 8-K Current Report was filed by First Advantage Corporation (FA) on March 4, 2022, covering events occurring on February 28, 2022. The filing addresses Item 5.02 regarding the appointment of a new executive officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation.
Material Changes
The primary material change reported is the appointment of Steven Marks as Chief Accounting Officer, effective February 28, 2022. Mr. Marks previously served as Senior Vice President, Accounting and Controller since April 2018. This appointment designates him as the Company's principal accounting officer.
Management Commentary and Compensation
In connection with the promotion, the following compensatory arrangements were established for Mr. Marks:
- Annual Salary: Increased to $310,000.
- Cash Bonus: Eligible for an annual cash bonus of up to 40% of base salary.
- Equity Awards: Expected to receive $150,000 in equity awards.
The filing states there are no family relationships with directors or officers and no transactions requiring reporting under Item 404(a) of Regulation S-K. No specific risks, contingencies, or unusual items were disclosed in this report.
Investor Verification Points
- Verify the effective date of the Chief Accounting Officer appointment (February 28, 2022).
- Confirm the total compensation package details ($310,000 salary, 40% bonus potential, $150,000 equity).
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.