CHART INDUSTRIES, INC. (NASDAQ:GTLS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 14, 2019, Chart Industries, Inc. (the “Company”) announced the appointment of Jeffrey Lass as Vice President and Chief Financial Officer of the Company, effective immediately. Mr. Lass, 48, joined the Company on January 14, 2019 after serving as the Vice President of Finance & Operations and the Chief Financial Officer of CognitiveScale since May 2018. Prior to his time at CognitiveScale, Mr. Lass served as Vice President and Chief Financial Officer of Dover Fueling Solutions from December 2016 to May 2018, and previously served in various executive roles for Wayne Fueling Systems (both as part of its ownership by General Electric and Riverstone Holdings after its separation from General Electric in 2014) from February 2011 through December 2016, most recently as Vice President and Chief Financial Officer from June 2014 to December 2016. In connection with the appointment of Mr. Lass, Jillian C. Evanko will relinquish her duties as interim Chief Financial Officer and continue in her role as the Company’s Chief Executive Officer and President.
In connection with Mr. Lass joining the Company, Mr. Lass will receive a one-time signing bonus of $150,000 and will receive relocation assistance as part of his relocation to the Company’s headquarters in Ball Ground, Georgia. In connection with his service as the Company’s Vice President and Chief Financial Officer:
|
Mr. Lass’s salary will be $410,000 on an annualized basis; |
|
Mr. Lass’s target incentive amount for 2019 under the Company’s annual cash incentive program will be 70% of his salary; |
|
In connection with his appointment as Vice President and Chief Financial Officer, Mr. Lass will receive a long-term incentive award made to the Company’s 2017 Omnibus Equity Plan (the “Omnibus Equity Plan”) equal to 150% of his salary; and Mr. Lass will accordingly be granted an equity award under the Omnibus Equity Plan of 5,880 nonqualified stock options, 2,790 restricted stock units and 3,720 performance share units; |
|
For grants of long-term incentive awards after 2019 made to the Omnibus Equity Plan, Mr. Lass will be entitled to an award equal to 50% of his salary; and |
|
Mr. Lass will receive a car allowance of $9,600 per annum. |
Additional terms of the employment of Mr. Lass will be formalized at a later time in a written employment agreement. There are no arrangements or undertakings between Mr. Lass and any other persons to which he was selected to serve as the Company’s Chief Financial Officer, nor are there any family relationships between Mr. Lass and any of the Company’s directors or executive officers. Mr. Lass has no material interest in any transactions, relationships or arrangements with the Company that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Exchange Act.
A copy of the Company’s press release announcing this appointment is attached as Schedule 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.
CHART INDUSTRIES INC Exhibit
EX-99.1 2 pressreleasecfoappointment.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Chart Industries Names Jeffrey R. Lass as Chief Financial OfficerATLANTA,…
To view the full exhibit click here
About CHART INDUSTRIES, INC. (NASDAQ:GTLS)
Chart Industries, Inc. (Chart) is a diversified manufacturer of engineered equipment for the industrial gas, energy, and biomedical industries. The Company’s equipment and engineered systems are used for low-temperature and cryogenic applications. It operates through three segments, including Energy & Chemicals (E&C), Distribution & Storage (D&S), and BioMedical. The Company’s products include vacuum insulated containment vessels, heat exchangers, cold boxes, other cryogenic components and equipment for respiratory therapy. The Company’s E&C and D&S segment’s manufacture products used primarily in energy-related and industrial applications, such as the separation, liquefaction, distribution and storage of hydrocarbon and industrial gases. The Company, through its BioMedical segment, supplies cryogenic and other equipment used in respiratory healthcare and life sciences, including biological research and animal breeding.
