Business Context and Reporting Period
This Form 8-K Current Report was filed by ProPetro Holding Corp. on January 29, 2018. The report addresses corporate governance changes, specifically the departure of a director and the appointment of a new director to the Board of Directors.
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 personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Matt Himler resigned from the Board of Directors effective January 29, 2018, pursuant to a Stockholders Agreement with Energy Capital Partners. The resignation was not due to any disagreement with the Company regarding operations, policies, or practices.
- Appointment: Anthony Best was appointed as a director on January 29, 2018, to fill the vacancy. He was also named to the Audit Committee and the Compensation Committee.
Outlook, Risks, and Management Commentary
Management Commentary: The Board determined that Mr. Best is independent under NYSE and SEC rules and has no family relationships with executive officers or directors. He will receive compensation consistent with the Company's Non-Employee Director Compensation Policy. There are no undisclosed arrangements regarding his selection.
Risks and Contingencies: No specific financial risks or contingencies are disclosed in this filing.
Key Facts for Investor Verification
- Confirm the effective date of Matt Himler's resignation (January 29, 2018).
- Verify Anthony Best's new roles on the Audit and Compensation Committees.
- Note that the resignation was not caused by a disagreement with the Company.
- Review the Company's Non-Employee Director Compensation Policy for details on Mr. Best's remuneration.