UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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. |
On July 12, 2023, the Board of Directors (the “Board”) of ENGlobal Corporation (the “Company”) appointed William A. Coskey as the Company’s Chief Executive Officer. Mr. Coskey also serves as the Company’s Chairman of the Board.
On July 12, 2023, each of the Company’s directors, including Mr. Coskey, was granted 228,571 shares of restricted stock valued at $80,000 based on the fair market value of the shares on the date of grant, or $0.35 per share. The shares vest in equal installments on September 30, 2023, December 31, 2023, March 31, 2024, and June 30, 2024. Historically, directors have received an annual cash retainer of $30,000 and an annual equity grant valued at $50,000 (based on the fair market value of the shares on the date of grant) as compensation for their service to the Company. However, in light of the Company’s current financial position, the cash retainer portion of the directors’ compensation for the 2023-2024 service term is being paid in shares of restricted stock.
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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.
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| ENGlobal Corporation |
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| (Registrant) |
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July 17, 2023 |
| /s/ Darren W. Spriggs |
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(Date) |
| Darren W. Spriggs, Chief Financial Officer, Treasurer and Corporate Secretary |
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