Smart Sand, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Smart Sand, Inc. on March 21, 2017. The report addresses the final determination and payment of 2016 annual bonuses for the company's named executive officers (NEOs), based on final company performance for the fiscal year 2016.
Key Financial Metrics
The filing does not provide company-wide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
Material Changes Versus Prior Period
The filing revises the Summary Compensation Table for 2016 to include the full amount of bonus awards previously estimated at approximately 75%. The material changes include:
- Charles E. Young (CEO): Total 2016 compensation revised to $1,229,653, including a $548,512 bonus (comprising annual performance bonus plus a $125,000 one-time bonus for Series A Preferred Stock redemption).
- Lee E. Beckelman (CFO): Total 2016 compensation revised to $955,191, including a $554,107 bonus (comprising annual performance bonus plus a $300,000 one-time bonus following the IPO).
- Robert Kiszka (EVP of Operations): Total 2016 compensation revised to $759,981, including a $317,634 bonus.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or discussion of risks and contingencies. It is a corrective disclosure regarding historical compensation data.
Key Facts for Investor Verification
- Verify the final 2016 performance metrics used to calculate the NEO bonuses.
- Confirm the total cash outflow for the NEO bonuses paid in March 2017.
- Review the specific terms of the one-time bonuses paid to the CEO and CFO regarding the Series A Preferred Stock redemption and IPO consummation.
- Check subsequent filings to ensure the revised compensation figures are reflected in the definitive proxy statement or annual report.