Corpay Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Leadership Update, Financial Statements and Exhibits
$CPAY
Business Services
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 23, 2024
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(Exact name of registrant as specified in its charter)
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Item 2.02 Results of Operations and Financial Condition.
On October 28, 2024, Corpay, Inc. (“Corpay” or the "Company") issued a press release announcing its preliminary financial results for the third quarter ended September 30, 2024 and its adjusted net income per share outlook for the full year 2024. A copy of the press release is attached as Exhibit 99.1, which is incorporated by reference in its entirety.
The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by Corpay, Inc. under the Securities Act of 1933, as amended, unless specifically identified as being incorporated into it by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In 2021, Corpay, Inc. (“Corpay” or the “Company) awarded a performance option to its CEO to purchase 850,000 shares of common stock at an exercise price of $261.27 per share. The performance option would vest only if Corpay achieved specific stock price hurdles for ten consecutive trading days not later than December 31, 2024. The stock price hurdle for 550,000 shares subject to the award was $350, and the stock price hurdle for the remainder of the award was $400.
At Corpay’s regularly scheduled third quarter Compensation Committee meeting on October 23, 2024, the Company agreed to cancel 300,000 stock options under the second tranche and modify the criterion for 550,000 shares under the first tranche of the performance option award to require that Corpay achieve a closing stock price at or above $350 for at least 3 trading days by December 31, 2024. Additionally, the CEO agreed to forgo any new equity grants in 2025.
The modified performance option award was approved by the Compensation Committee of Corpay, which is composed entirely of entirely of independent directors, with the assistance of its independent compensation consultant, following the consideration of, among other things, the CEO’s performance and the Company’s strategic progress and financial performance since 2021.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits | ||||
| Corpay, Inc. press release dated October 28, 2024 | |||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) | ||||
SIGNATURES
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.
| Corpay, Inc. | ||||||||||||||||||||
| October 28, 2024 | By: /s/ Tom Panther | |||||||||||||||||||
| Tom Panther | ||||||||||||||||||||
| Chief Financial Officer | ||||||||||||||||||||
Exhibit Index
| Exhibit No. | Description | |||||||
Press release dated October 28, 2024. | ||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). | |||||||