PBF Energy Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by PBF Energy Inc. on October 28, 2016, covering events that occurred on October 25, 2016. The filing addresses Item 5.02 regarding compensatory arrangements for certain officers.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation awards rather than financial performance results.
Material Changes
On October 25, 2016, the Compensation Committee approved equity awards under the Company's Amended and Restated Equity Incentive Plan for four named executive officers. The awards consist of Class A Common Stock Options and Restricted Class A Common Stock.
| Executive Officer | Title | Stock Options | Restricted Stock |
|---|---|---|---|
| Thomas J. Nimbley | Executive Chairman and CEO | 200,000 | 80,000 |
| Matthew C. Lucey | President | 120,000 | 55,000 |
| Erik Young | SVP and CFO | 110,000 | 52,500 |
| Thomas O'Connor | SVP-Commercial | 100,000 | 50,000 |
Guidance, Outlook, and Risks
The filing does not contain guidance, outlook, or management commentary on business operations. Regarding risks and contingencies, the awards vest in four equal annual installments commencing on the first anniversary of the grant date. Vesting is subject to acceleration under certain circumstances defined in the award agreement (Exhibit 10.1).
Key Facts for Investor Verification
- Verify the specific acceleration clauses in the attached Form of Restricted Stock Agreement (Exhibit 10.1).
- Confirm the grant date fair value of the options and restricted stock for accounting impact.
- Review the Company's Amended and Restated Equity Incentive Plan to understand remaining pool availability.
- Note that this filing does not disclose any changes in financial performance or liquidity status.