Business Context and Reporting Period
This Form 8-K Current Report was filed by Evercore Partners Inc. on August 6, 2007. The filing addresses a specific corporate governance event regarding the appointment of a senior financial officer and the reassignment of duties for the existing Chief Financial 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 executive compensation and personnel changes.
Material Changes
The primary material change reported is the appointment of Paul Pensa as Managing Director, Controller, and Principal Accounting Officer, effective August 13, 2007. Consequently, Robert B. Walsh, the Company's Chief Financial Officer, will cease performing the function of the principal accounting officer.
Management Commentary and Compensation Details
In connection with Mr. Pensa's appointment, the following compensatory arrangements were disclosed:
- Base Salary: $300,000 annually for fiscal year 2007.
- Guaranteed Bonus: $300,000 annually for fiscal year 2007.
- Severance Protection: The salary and bonus are payable as severance benefits if Mr. Pensa voluntarily resigns or is terminated without cause.
- Equity Grant: Restricted stock units valued at $300,000 on the grant date, vesting pro rata over three years.
- Agreements: Mr. Pensa is required to enter into a standard non-competition and non-solicitation agreement.
Mr. Pensa brings over 18 years of experience from Credit Suisse First Boston and recent experience as Deputy Comptroller at The Bank of New York.
Investor Verification Checklist
- Verify the effective date of the Principal Accounting Officer transition (August 13, 2007).
- Confirm the total fixed compensation package for the new Controller ($600,000 in salary and bonus for 2007).
- Review the vesting schedule for the $300,000 restricted stock unit grant.
- Assess the impact of the severance clause on potential future compensation expenses.