Ranger Energy Services, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Ranger Energy Services, Inc. on January 5, 2018. The report discloses a change in the composition of the Company's Board of Directors effective as of the filing date.
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 corporate governance changes and does not contain financial performance data.
Material Changes
Effective January 5, 2018, Vivek Raj was replaced on the Board of Directors by Gerald Cimador. This change was executed pursuant to the rights of the CSL Stockholders to designate nominees under the Stockholders' Agreement. Mr. Cimador was appointed for a one-year term until re-election or the election of a successor.
Management Commentary and Governance Details
- New Director Profile: Gerald Cimador currently serves as the Chief Financial Officer of CSL Capital Management. His prior experience includes roles as Controller at Moore Capital Management LP, Audit Manager at Ernst & Young LLP, and auditor at Goldstein Golub Kessler & Co.
- Compensation: As an employee of CSL, Mr. Cimador will not receive compensation for his service on the Board.
- Indemnification: The Company entered into an indemnification agreement with Mr. Cimador, requiring the Company to indemnify him to the fullest extent permitted under Delaware law and to advance expenses related to proceedings against him.
Key Facts for Investor Verification
- Confirm the specific terms of the Stockholders' Agreement granting CSL Stockholders the right to designate board nominees.
- Review the full text of the Indemnification Agreement attached as Exhibit 10.1.
- Verify the total number of directors on the Board following this appointment to assess the balance of representation.
- Check for any subsequent filings regarding the re-election or replacement of Mr. Cimador after his one-year term.