Business Context and Reporting Period
This Form 8-K is a current report filed by Exterran Holdings, Inc. (noting the metadata reference to Archrock, Inc. appears to be a discrepancy as the filing text explicitly names Exterran) on September 16, 2014. The report covers events occurring on September 10, 2014, specifically regarding the appointment of a new Chief Financial Officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly focused on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Jon C. Biro as Senior Vice President and Chief Financial Officer, effective September 22, 2014. Mr. Biro replaces the previous CFO and brings experience from Consolidated Graphics, Inc. and ICO, Inc.
Guidance, Outlook, and Compensation Details
The filing details the compensation arrangements approved by the Board's compensation committee for Mr. Biro:
- Base Salary: $420,000 annually.
- Bonus Opportunity: Target bonus of 70% of annual base salary, prorated for the 2014 service period.
- Equity Grant: Anticipated grant of restricted stock valued at $500,000 under the 2013 Stock Incentive Plan, vesting in equal installments over three years.
- Agreements: Mr. Biro is expected to execute indemnification, change of control, and severance benefit agreements consistent with prior company forms.
No forward-looking financial guidance or risk factors regarding operations are provided in this specific filing.
Investor Verification Checklist
- Verify the effective start date of the new CFO (September 22, 2014).
- Confirm the total value of the initial equity grant ($500,000) and its vesting schedule.
- Review the referenced exhibits (Exhibit 10.2, 10.57, and 10.1 from prior filings) to understand the specific terms of the indemnification, change of control, and severance agreements.
- Clarify the relationship between the metadata "Archrock, Inc." and the filing entity "Exterran Holdings, Inc." to ensure correct entity tracking.