Business Context and Reporting Period
This Form 8-K Current Report was filed by ProPetro Holding Corp. (NYSE: PUMP) on November 28, 2023, covering events occurring on November 26, 2023. The filing primarily addresses the appointment of a new executive officer and associated compensatory arrangements.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on personnel changes and compensation details.
Material Changes
The material change reported is the appointment of Celina A. Davila as Chief Accounting Officer, effective November 26, 2023. Ms. Davila, who has been with the company since January 2019, previously served as Director of Accounting and Corporate Controller. She will now act as the Company's principal accounting officer.
Compensation and Management Commentary
The Compensation Committee approved the following compensation package for Ms. Davila:
- Base Salary: $280,000 annually.
- Vehicle Allowance: $1,200 monthly under the Company's Vehicle Allowance Program.
- Annual Cash Bonus: Eligibility to earn a target bonus of 50% of her annual base salary under the Executive Incentive Bonus Plan.
- Severance: Designated as a "Tier 2 Executive" under the Executive Severance Plan, with a participation agreement executed on November 27, 2023.
- Indemnification: Entered into an Indemnification Agreement providing protection against liability to the fullest extent permitted under Delaware law.
Ms. Davila holds a CPA designation and an MBA from Texas Tech University. She has no family relationships with other directors or officers.
Investor Verification Checklist
- Verify the effective date of the Chief Accounting Officer appointment (November 26, 2023).
- Review the specific terms of the Executive Severance Plan (Tier 2 designation) in the attached Exhibit 10.1.
- Confirm the details of the Indemnification Agreement in Exhibit 10.2.
- Note that this filing does not provide updated financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.