Filing Summary
Business Context and Reporting Period
New Fortress Energy LLC filed a Form 8-K under Item 5.02(f) on March 15, 2019, reporting the compensation committee’s determination of cash bonus awards for named executive officers for the fiscal year ended December 31, 2018. The report was signed on March 21, 2019.
Financial and Compensation Metrics
| Executive | 2018 Bonus | 2018 Total Compensation |
|---|---|---|
| Wesley R. Edens | $0 | $0 |
| Christopher S. Guinta | $650,000 | $1,000,000 |
| Michael J. Utsler | $300,000 | $575,899 |
Mr. Guinta’s bonus represents an annual bonus for 2018, paid in 2019. Mr. Utsler’s amount includes a $75,000 sign-on bonus and an annual bonus for services rendered in 2018, paid in 2019. The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating metrics.
Material Changes and Unusual Items
The bonus amounts had been omitted from the company’s previously filed 2019 Summary Compensation Table because they had not yet been determined. The filing updates total 2018 compensation to include those awards. Mr. Edens does not receive compensation from any party for services rendered to the company.
Guidance, Outlook, Risks, and Contingencies
The filing does not provide financial guidance, business outlook, risk updates, contingencies, or management commentary beyond the compensation disclosures.
Investor Verification Items
- Verify the bonus and total compensation amounts against the company’s prospectus and subsequent proxy or annual filing.
- Confirm the distinction between Mr. Utsler’s $75,000 sign-on bonus and his 2018 annual bonus.
- Note that the registrant is identified in the filing as New Fortress Energy LLC, while the request metadata identifies New Fortress Energy Inc.
- Confirm the applicable filing date, because the report identifies March 15, 2019 as the earliest event date and bears a March 21, 2019 signature date.