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MarketScreener Homepage  >  Equities  >  Nasdaq  >  TPI Composites, Inc.    TPIC

TPI COMPOSITES, INC.

(TPIC)
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TPI COMPOSITES, INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

09/08/2020 | 08:04am EST

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 8, 2020, TPI Composites, Inc. (the Company) announced that Bavan Holloway has been appointed to its Board of Directors (the Board). Ms. Holloway was appointed as a Class II Director on September 8, 2020, to serve for a term expiring at the Company's 2021 annual meeting of stockholders, or until her successor is elected or qualified or until her earlier resignation or removal. Ms. Holloway also will serve on the Audit Committee of the Board.

From August 2010 to April 2020, Ms. Holloway served as Vice President of Corporate Audit for The Boeing Company (Boeing). Ms. Holloway also served in various senior finance roles for Boeing from May 2002 to August 2010. Prior to joining Boeing, Ms. Holloway worked for KPMG, LLP as a partner and in other roles primarily serving investment services, broker dealer and financial clients. Ms. Holloway holds a B.S. degree in Administration from the University of Tulsa and a M.S. degree in Financial Markets and Trading from the Illinois Institute of Technology.

In connection with her appointment as a director of the Company, Ms. Holloway will receive an option to purchase shares of the Company's common stock with a total value of $60,000, pursuant to the Company's Second Amended and Restated Non-Employee Director Compensation Policy (Director Compensation Policy) and the Company's 2015 Amended and Restated Stock Option and Incentive Plan (the Plan). The option will have a term of ten years and will vest over four years (25% on the first anniversary date of the grant date and 25% on each yearly anniversary of the grant date thereafter); provided, however that the option will vest in its entirety upon a change of control of the Company. In addition, Ms. Holloway will receive an award of restricted stock units with a total value of $55,000 pursuant to the Director Compensation Policy and the Plan. The restricted stock units will vest in full on the earlier of the Company's next annual meeting of stockholders, or the first-year anniversary of the date of the grant so long as Ms. Holloway continues to serve on the Board through the vesting date. In addition, Ms. Holloway will also receive an annual cash fee of $75,000 (prorated for 2020) for serving on the Board and additional fees for her committee assignments in accordance with the Director Compensation Policy.

The Board has determined that Ms. Holloway will be an independent director for purposes of NASDAQ rules. In addition, Ms. Holloway was not appointed pursuant to any arrangement or understanding with any other person, and there are no transactions between Ms. Holloway and the Company that would require disclosure under Item 404(a) of Regulation S-K. The Company will enter into its standard form of indemnification agreement with Ms. Holloway in connection with her appointment to the Board.

On September 8, 2020, the Company issued a press release regarding Ms. Holloway's appointment, which is included as Exhibit 99.1 to this Form 8-K. The information in Exhibit 99.1 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press Release of TPI Composites, Inc. dated September 8, 2020

104 Cover Page Interactive Data File (embedded within the Inline XBRL

            document)

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 1 654 M - -
Net income 2020 -16,9 M - -
Net Debt 2020 101 M - -
P/E ratio 2020 -83,5x
Yield 2020 -
Capitalization 1 431 M 1 431 M -
EV / Sales 2020 0,93x
EV / Sales 2021 0,83x
Nbr of Employees 13 300
Free-Float 83,8%
Chart TPI COMPOSITES, INC.
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TPI Composites, Inc. Technical Analysis Chart | TPIC | US87266J1043 | MarketScreener
Technical analysis trends TPI COMPOSITES, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Average target price 43,36 $
Last Close Price 40,04 $
Spread / Highest target 19,9%
Spread / Average Target 8,30%
Spread / Lowest Target -25,1%
EPS Revisions
Managers
NameTitle
William E. Siwek President & Chief Executive Officer
Steven C. Lockard Chairman
Thomas J. Castle Senior VP-Operations & Strategic Markets
Bryan Robert Schumaker Chief Financial Officer
Theo Gibson Chief Information Officer