Williams Industrial Services Group Inc. filed SEC Form 8-K: Leadership Update
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 26, 2023, Damien A. Vassall notified Williams Industrial Services Group Inc. (the “Company”) of his intent to resign, effective June 30, 2023, as Vice President and Chief Financial Officer and any and all other positions at the Company and its subsidiaries. Mr. Vassall’s resignation was not due to a disagreement with the Company on any matter relating to the Company’s operations, policies, or practices, or its financial reporting or financial statements.
In connection with his resignation, Mr. Vassall entered into a consulting services agreement, effective July 1, 2023, with the Company (the “Agreement”), pursuant to which Mr. Vassall agreed to provide consulting services to the Company in regard to the accounting and financial services related to closing and filing activities for the second quarter of 2023. Pursuant to the Agreement, the Company will pay Mr. Vassall an hourly rate of $230.77 for services provided. The Agreement will terminate on December 31, 2023 or such earlier date as the Agreement may be terminated pursuant to its terms. The Company expects to include the Agreement as an exhibit to a future periodic report, to be filed with the U.S. Securities and Exchange Commission. The foregoing description does not constitute a complete summary of the terms of the Agreement and is qualified in its entirety by reference to the full text of the Agreement.
Effective June 30, 2023, Randall R. Lay, Executive Vice President and Chief Operating Officer of the Company, was appointed Executive Vice President, Chief Financial Officer and Chief Operating Officer, and, in such role, will serve as the Company’s principal financial officer and principal accounting officer. Mr. Lay previously served as the Company’s Chief Financial Officer and principal financial and accounting officer from September 2019 until November 2021. There were no changes to Mr. Lay’s compensation arrangements with the Company as a result of his appointment. Mr. Lay’s biographical information and information regarding his compensation arrangements are included under “Item 10. Directors, Executive Officers and Corporate Governance – Information about our Executive Officers” and “Item 11. Executive Compensation,” respectively, in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2022, filed with the SEC on May 1, 2023 and incorporated herein by reference.
There is no arrangement or understanding between Mr. Lay or any other person pursuant to which he was appointed as an executive officer of the Company, and there are no family relationships between Mr. Lay and any of the Company’s directors or executive officers. There are no transactions to which the Company is a party and in which Mr. Lay has a direct or indirect material interest that would be required to be disclosed under Item 404(a) of Regulation S-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: June 30, 2023 | Williams Industrial Services Group Inc. | ||
| By: | /s/ Charles E. Wheelock | ||
| Charles E. Wheelock | |||
| Senior Vice President, Chief Administrative Officer, General Counsel & Secretary | |||