Docoh
Loading...

NWPX Northwest Pipe

Filed: 19 Mar 21, 4:16pm
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): March 18, 2021
 
NORTHWEST PIPE COMPANY
(Exact name of registrant as specified in its charter)
 
Oregon
0-27140
93-0557988
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
201 NE Park Plaza Drive, Suite 100
Vancouver, WA 98684
(Address of principal executive offices and Zip Code)
 
Registrant’s telephone number, including area code: 360-397-6250
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
 Title of each class         Trading Symbol(s) Name of each exchange on which registered     
Common Stock, par value $0.01 per share
NWPX
Nasdaq Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).
 
Emerging growth company    ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐
 

 
 

 
 
Item 5.02.DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
  
 
Grant of Performance Share Units and Restricted Stock Units
On March 18, 2021, the Board of Directors of Northwest Pipe Company (the “Company”), upon the approval and recommendation of the Compensation Committee, approved grants of performance share units (“PSUs”) and restricted stock units (“RSUs”) for the following Named Executive Officers of the Company in the amounts set forth below. Pursuant to these long-term incentive grants, each Named Executive Officer received an award of PSUs and RSUs valued at an amount equal to a specific percentage of his respective annual base salary, with 75 percent of each award represented by PSUs and 25 percent of each award represented by RSUs.
 
The PSUs awarded will vest based on the Company’s Earnings before Interest Expense, Income Taxes, Depreciation, and Amortization Margin before extraordinary or unusual items over the measurement period (as described in the PSU agreement). The actual number of PSUs which will vest will be determined based on the performance level achieved and may be equal to, greater than, or less than the number of PSUs specified below, which indicate each Named Executive Officer’s award at target performance level. The PSUs awarded will vest in three equal installments on March 31, 2022, March 31, 2023, and April 1, 2024. In the event a change in control of the Company (as defined in the PSU agreement) occurs at any time prior to the last vesting date, the PSUs will be immediately vested, and the amount awarded will be based on the results obtained through the change in control date. The foregoing descriptions of the terms of the PSU awards are qualified by reference to the full text of the form of the agreement, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
 
The RSUs awarded vest in three equal installments on January 17, 2022, January 16, 2023, and January 15, 2024, based upon continued service with the Company on that date. In the event a change in control of the Company (as defined in the RSU agreement) occurs at any time prior to the last vesting date, a pro-rata number of RSUs will be calculated based on time elapsed as of the date of the change in control, and those RSUs will be immediately vested. The foregoing descriptions of the terms of the RSU awards are qualified by reference to the full text of the form of the agreement, which is filed herewith as Exhibit 10.2 and incorporated herein by reference.
 
Named Executive Officer 
Performance
Share
Units
 
Restricted
Stock
Units
Scott Montross
Director, President, and Chief Executive Officer
 19,741 6,580
Aaron Wilkins
Senior Vice President, Chief Financial Officer, and Corporate Secretary
 5,839 1,946
William Smith
Executive Vice President of Water Transmission Engineered Systems
 6,317 2,106
Miles Brittain
Senior Vice President of Operations
 5,743 1,915
 
Item 9.01.FINANCIAL STATEMENTS AND EXHIBITS
  
 Exhibits
  
(d)
  
 
  
 104  Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on March 19, 2021.
 
 
NORTHWEST PIPE COMPANY
 (Registrant)
   
 By/s/ Aaron Wilkins
  
Aaron Wilkins
  
Senior Vice President, Chief Financial Officer, and Corporate Secretary