Earnings Feed
Start Free
$NINE·8-K

Nine Energy Service, Inc. · May 22, 4:01 PM ET

Compare

Nine Energy Service, Inc. 8-K

Research Summary

AI-generated summary

Updated

Nine Energy Service Appoints Heather Schmidt as Chief Financial Officer

What Happened
Nine Energy Service, Inc. (NINE) filed a Form 8-K (Item 5.02) reporting that Heather Schmidt, who had served as Interim CFO since May 11, 2026, was appointed permanent Chief Financial Officer and principal financial officer effective May 22, 2026. Ms. Schmidt joined the company in 2012 and most recently served as Senior Vice President of Strategic Development and Investor Relations. The company and Ms. Schmidt entered into an Amended and Restated Employment Agreement effective May 22, 2026.

Key Details

  • Base salary: $425,000 (effective May 22, 2026).
  • Target annual bonus: 75% of base salary.
  • Long-term incentives: (i) stock-settled RSUs with a target value of $300,000 vesting over three years, and (ii) a performance-based cash award with a target value of $300,000 tied to relative total shareholder return (TSR) over three annual performance periods; performance award capped at 200% of target.
  • Severance and termination protections: If terminated by the company without “cause” or by Ms. Schmidt for “good reason,” she is eligible for (A) severance equal to 1x (two times if within 24 months after a change in control) the sum of base salary plus target bonus, paid in 12 equal installments; (B) prorated annual bonus for the year of termination (subject to performance); and (C) COBRA premium reimbursement for up to 18 months.
  • Other facts: No family relationships or reportable related-party transactions; employment agreement includes customary restrictive covenants and double-trigger change-in-control vesting. The full employment agreement is filed as Exhibit 10.1.

Why It Matters
This 8-K confirms the company has filled the CFO role with an experienced internal executive and formalized compensation and severance terms. Investors should note the cash salary and bonus structure, equity and performance-based pay tied to TSR, and severance terms (including enhanced protections around a change in control), all of which affect executive incentives and potential future dilution/cash obligations.

Loading document...