Business Context and Reporting Period
This Form 8-K Current Report was filed by Verra Mobility Corporation on June 3, 2024. The filing reports a corporate governance event regarding the appointment of a new executive officer, effective June 12, 2024.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Hiten Patel as Chief Accounting Officer. In this role, Mr. Patel will assume the responsibilities of principal accounting officer from Craig Conti, who will continue to serve as Chief Financial Officer.
Management Commentary and Compensation
Mr. Patel's compensation package for his new role includes:
- Annual Base Salary: $295,000
- One-time New Hire Cash Bonus: $100,000
- Equity Awards: Two long-term, time-vested awards of restricted stock units with an aggregate value of $286,000
Mr. Patel brings prior experience as Senior Vice President and Controller at Offerpad Solutions Inc. and various leadership roles at Shutterfly, Inc. He holds an active CPA license with the State of Arizona. The filing confirms no family relationships with directors or officers and no reportable related party transactions.
Investor Verification Checklist
- Verify the effective date of the Chief Accounting Officer transition (June 12, 2024).
- Confirm the total initial compensation value ($681,000 including salary, bonus, and equity).
- Review the Company's Definitive Proxy Statement (Schedule 14A) filed on April 8, 2024, for details on benefit plans.
- Monitor future filings for any changes to the principal accounting officer role or related internal controls.