8-K: ProFrac Holding Corp. Appoints Michael Henry as Principal Accounting Officer
Personnel Change Announcement
ProFrac Holding Corp. has appointed Michael Henry as its new Principal Accounting Officer, effective September 25, 2024.
Summary
- ProFrac Holding Corp. has appointed Michael Henry as the company's Principal Accounting Officer, effective September 25, 2024.
- Mr. Henry previously served as Senior Vice President and Chief Accounting Officer of ProFrac Holdings II, LLC, a wholly-owned subsidiary of ProFrac Holding Corp.
- His prior experience includes roles at Basic Energy Services, FTS International Services, and RadioShack Corporation.
- Mr. Henry's base salary is $325,000 per annum, and he is eligible for incentive compensation programs.
- The company has entered into an indemnification agreement with Mr. Henry and amended his employment agreement.
- The employment agreement has an initial term of 36 months from June 7, 2022, and renews for one-year periods unless either party provides notice of non-renewal.
Sentiment
Score: 7
Explanation: The document reflects a routine corporate action with no significant positive or negative implications. The appointment of a new Principal Accounting Officer is a standard procedure, and the terms of the agreement are typical.
Positives
- The appointment of Michael Henry brings a seasoned professional with extensive experience in accounting and financial reporting to the role of Principal Accounting Officer.
- The company has provided a standard indemnification agreement for Mr. Henry, which is a positive sign of support and protection for the officer.
- Mr. Henry's eligibility for incentive compensation programs aligns his interests with the company's performance.
Risks
- There are no specific risks mentioned in the document related to this appointment.
- The document does not mention any potential challenges or concerns related to the change in accounting leadership.
Industry Context
The appointment of a new Principal Accounting Officer is a routine but important event for a public company like ProFrac Holding Corp. It ensures the company has the necessary expertise to manage its financial reporting and compliance obligations. This is a standard practice in the oil and gas services industry.
Comparison to Industry Standards
- The appointment of a Principal Accounting Officer is a standard practice for publicly traded companies, including those in the oil and gas services sector.
- Companies like Halliburton, Schlumberger, and Baker Hughes also have similar roles to ensure accurate financial reporting and compliance.
- The compensation package for Mr. Henry, including base salary and incentive programs, appears to be in line with industry standards for similar positions.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Principal Accounting Officer | Not specified | Michael Henry | 2024-09-25 | Appointment of new officer |
Stakeholder Impact
- The appointment of a new Principal Accounting Officer is unlikely to have a significant impact on shareholders, employees, customers, suppliers, or creditors.
- The change is primarily an internal matter related to the company's financial management.
Key Dates
| Date | Description |
|---|---|
| 2008-02 | Michael Henry began serving as Director of Financial Reporting for RadioShack Corporation. |
| 2014-02 | Michael Henry began serving as the Director of Accounting Policy and External Reporting at FTS International Services, LLC. |
| 2015-10 | Michael Henry began serving as corporate controller of FTS International Services, LLC. |
| 2020-11 | Michael Henry began serving as vice president and chief accounting officer of Basic Energy Services, Inc. |
| 2021-11 | Michael Henry ceased serving as vice president and chief accounting officer of Basic Energy Services, Inc. |
| 2022-05-18 | Reference to the company's Current Report on Form 8-K filed with the SEC summarizing the indemnification agreement. |
| 2022-06-07 | Michael Henry began serving as the senior vice president and chief accounting officer of ProFrac Holdings II, LLC, and the effective date of his initial employment agreement. |
| 2024-09-25 | Michael Henry was appointed Principal Accounting Officer of ProFrac Holding Corp. and the effective date of the first amendment to his employment agreement and the indemnification agreement. |
| 2024-10-01 | Date of the report signature. |
Keywords
Principal Accounting Officer, Michael Henry, ProFrac Holding Corp, appointment, indemnification agreement, employment agreement, financial reporting, incentive compensation
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