STOCK TITAN

[8-K] TPI Composites, Inc. Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

TPI Composites, Inc. (NASDAQ: TPIC) filed a Form 8-K disclosing that its Compensation Committee approved lump-sum cash retention bonuses totaling roughly $2.67 million for four named executive officers, payable within 30 days of signing individual agreements.

  • CEO William E. Siwek: $1,225,459
  • CFO Ryan Miller: $518,155
  • COO Charles Stroo: $487,500
  • General Counsel Steven Fishbach: $435,170

The agreements include a claw-back provision: executives must repay the gross bonus if they voluntarily leave or are terminated (other than for a “Qualified Termination”) before the earlier of 31 Mar 2026 or 60 days after a “Restructuring Event.” The bonuses replace certain other, unspecified compensatory payments.

The Committee also created a $250,000 discretionary pool for additional retention awards to non-executive employees.

While the filing does not disclose new financial results, it signals the Board’s desire to ensure key leadership continuity amid potential strategic or restructuring actions, at the cost of an immediate cash outflow.

TPI Composites, Inc. (NASDAQ: TPIC) ha presentato un modulo 8-K comunicando che il suo Comitato per la Remunerazione ha approvato bonus di retention in contanti a somma fissa per un totale di circa 2,67 milioni di dollari per quattro dirigenti nominati, pagabili entro 30 giorni dalla firma dei singoli accordi.

  • CEO William E. Siwek: 1.225.459 $
  • CFO Ryan Miller: 518.155 $
  • COO Charles Stroo: 487.500 $
  • Consigliere Generale Steven Fishbach: 435.170 $

Gli accordi includono una clausola di restituzione: i dirigenti devono restituire il bonus lordo se lasciano volontariamente o vengono licenziati (eccetto in caso di “Licenziamento Qualificato”) prima del 31 marzo 2026 o entro 60 giorni dopo un “Evento di Ristrutturazione”, a seconda di quale data avvenga prima. I bonus sostituiscono altri pagamenti compensativi non specificati.

Il Comitato ha inoltre creato un fondo discrezionale di 250.000 $ per ulteriori premi di retention destinati ai dipendenti non dirigenti.

Pur non comunicando nuovi risultati finanziari, il deposito segnala la volontà del Consiglio di garantire la continuità della leadership chiave in vista di potenziali azioni strategiche o di ristrutturazione, a fronte di un esborso di cassa immediato.

TPI Composites, Inc. (NASDAQ: TPIC) presentó un Formulario 8-K informando que su Comité de Compensación aprobó bonos de retención en efectivo por suma global que suman aproximadamente 2,67 millones de dólares para cuatro ejecutivos nombrados, pagaderos dentro de los 30 días posteriores a la firma de los acuerdos individuales.

  • CEO William E. Siwek: 1.225.459 $
  • CFO Ryan Miller: 518.155 $
  • COO Charles Stroo: 487.500 $
  • Consejero General Steven Fishbach: 435.170 $

Los acuerdos incluyen una cláusula de recuperación: los ejecutivos deben devolver el bono bruto si renuncian voluntariamente o son despedidos (excepto por una “Terminación Calificada”) antes del 31 de marzo de 2026 o 60 días después de un “Evento de Reestructuración”, lo que ocurra primero. Los bonos reemplazan ciertos otros pagos compensatorios no especificados.

El Comité también creó un fondo discrecional de 250,000 $ para premios adicionales de retención a empleados no ejecutivos.

Aunque la presentación no revela nuevos resultados financieros, indica el deseo de la Junta de asegurar la continuidad del liderazgo clave ante posibles acciones estratégicas o de reestructuración, a costa de un desembolso de efectivo inmediato.

TPI Composites, Inc. (NASDAQ: TPIC)는 8-K 양식을 제출하여 보상위원회가 네 명의 명명된 임원들에게 약 267만 달러 상당의 일시금 현금 유지 보너스를 승인했으며, 개별 계약서 서명 후 30일 이내에 지급될 것이라고 밝혔습니다.

  • CEO 윌리엄 E. 시웩: 1,225,459달러
  • CFO 라이언 밀러: 518,155달러
  • COO 찰스 스트루: 487,500달러
  • 법률 고문 스티븐 피시바흐: 435,170달러

계약서에는 환수 조항이 포함되어 있습니다: 임원이 자발적으로 퇴사하거나 “적격 해고”가 아닌 사유로 해고될 경우, 2026년 3월 31일 또는 “구조조정 사건” 후 60일 이내 중 빠른 시점 이전에 퇴사하면 총 보너스를 반환해야 합니다. 이 보너스는 다른 특정 보상 지급을 대체합니다.

위원회는 비임원 직원에게 추가 유지 보너스를 지급하기 위한 25만 달러 재량 기금도 마련했습니다.

이번 공시는 새로운 재무 결과를 공개하지는 않지만, 이사회가 잠재적인 전략적 또는 구조조정 조치 속에서 핵심 리더십의 연속성을 보장하려는 의지를 나타내며, 즉각적인 현금 유출을 감수하는 것으로 해석됩니다.

TPI Composites, Inc. (NASDAQ : TPIC) a déposé un formulaire 8-K révélant que son comité de rémunération a approuvé des primes de rétention en espèces forfaitaires totalisant environ 2,67 millions de dollars pour quatre dirigeants nommés, payables dans les 30 jours suivant la signature des accords individuels.

  • PDG William E. Siwek : 1 225 459 $
  • Directeur financier Ryan Miller : 518 155 $
  • Directeur des opérations Charles Stroo : 487 500 $
  • Conseiller juridique Steven Fishbach : 435 170 $

Les accords incluent une clause de récupération : les dirigeants doivent rembourser la prime brute s’ils quittent volontairement ou sont licenciés (sauf en cas de « licenciement qualifié ») avant le 31 mars 2026 ou avant 60 jours après un « événement de restructuration », selon la première de ces dates. Ces primes remplacent certains autres paiements compensatoires non spécifiés.

Le comité a également créé un fonds discrétionnaire de 250 000 $ pour des primes de rétention supplémentaires destinées aux employés non dirigeants.

Bien que le dépôt ne divulgue aucun nouveau résultat financier, il signale la volonté du conseil d’assurer la continuité des dirigeants clés face à d’éventuelles actions stratégiques ou de restructuration, au prix d’une sortie de trésorerie immédiate.

TPI Composites, Inc. (NASDAQ: TPIC) reichte ein Formular 8-K ein, in dem das Vergütungskomitee die Genehmigung von einmaligen Barbindungsboni in Höhe von insgesamt etwa 2,67 Millionen US-Dollar für vier benannte Führungskräfte bekannt gab, zahlbar innerhalb von 30 Tagen nach Unterzeichnung der individuellen Vereinbarungen.

  • CEO William E. Siwek: 1.225.459 $
  • CFO Ryan Miller: 518.155 $
  • COO Charles Stroo: 487.500 $
  • General Counsel Steven Fishbach: 435.170 $

Die Vereinbarungen enthalten eine Rückforderungsbestimmung: Die Führungskräfte müssen den Bruttobonus zurückzahlen, wenn sie freiwillig ausscheiden oder gekündigt werden (außer bei einer „Qualifizierten Kündigung“) vor dem früheren Zeitpunkt von 31. März 2026 oder 60 Tagen nach einem „Restrukturierungsereignis“. Die Boni ersetzen bestimmte andere, nicht näher bezeichnete Vergütungszahlungen.

Das Komitee richtete außerdem einen diskretionären Pool von 250.000 $ für zusätzliche Bindungsprämien an nicht-exekutive Mitarbeiter ein.

Obwohl die Einreichung keine neuen Finanzergebnisse offenlegt, signalisiert sie den Wunsch des Vorstands, die Kontinuität der Schlüsselpositionen angesichts potenzieller strategischer oder Restrukturierungsmaßnahmen sicherzustellen, was mit sofortigen Barauszahlungen verbunden ist.

Positive
  • Leadership continuity: Retention bonuses aim to keep the CEO and other key officers in place through a potential restructuring period.
  • Claw-back protection: Executives must repay the full bonus if they leave before March 31 2026, limiting downside for shareholders.
Negative
  • Cash outflow: Approximately $2.67 million in immediate payments plus a $250k discretionary pool increases near-term expenses.
  • Possible restructuring signal: Reference to a “Restructuring Event” may indicate upcoming strategic uncertainty.

Insights

TL;DR: TPIC spends $2.7M on exec retention; stabilizes leadership but adds cash cost, hinting at possible restructuring.

The cash retention program secures TPIC’s top four officers through March 2026 or a potential restructuring event, reducing succession risk during a volatile period. Claw-back language protects shareholders if executives depart early, partly offsetting the upfront outlay. However, the immediate cash expense—equivalent to roughly 1-2 % of FY-2024 operating expenses (based on prior reports)—is non-trivial for a company navigating tight margins. The discretionary $250k pool extends retention efforts deeper into the organization, supporting operational continuity.

Overall, the action is governance-neutral: it neither materially improves fundamentals nor signals distress, but it may foreshadow M&A, refinancing, or cost-reduction initiatives where leadership stability is critical. Investors should watch upcoming strategic announcements and cash-flow disclosures to assess the program’s effectiveness.

TPI Composites, Inc. (NASDAQ: TPIC) ha presentato un modulo 8-K comunicando che il suo Comitato per la Remunerazione ha approvato bonus di retention in contanti a somma fissa per un totale di circa 2,67 milioni di dollari per quattro dirigenti nominati, pagabili entro 30 giorni dalla firma dei singoli accordi.

  • CEO William E. Siwek: 1.225.459 $
  • CFO Ryan Miller: 518.155 $
  • COO Charles Stroo: 487.500 $
  • Consigliere Generale Steven Fishbach: 435.170 $

Gli accordi includono una clausola di restituzione: i dirigenti devono restituire il bonus lordo se lasciano volontariamente o vengono licenziati (eccetto in caso di “Licenziamento Qualificato”) prima del 31 marzo 2026 o entro 60 giorni dopo un “Evento di Ristrutturazione”, a seconda di quale data avvenga prima. I bonus sostituiscono altri pagamenti compensativi non specificati.

Il Comitato ha inoltre creato un fondo discrezionale di 250.000 $ per ulteriori premi di retention destinati ai dipendenti non dirigenti.

Pur non comunicando nuovi risultati finanziari, il deposito segnala la volontà del Consiglio di garantire la continuità della leadership chiave in vista di potenziali azioni strategiche o di ristrutturazione, a fronte di un esborso di cassa immediato.

TPI Composites, Inc. (NASDAQ: TPIC) presentó un Formulario 8-K informando que su Comité de Compensación aprobó bonos de retención en efectivo por suma global que suman aproximadamente 2,67 millones de dólares para cuatro ejecutivos nombrados, pagaderos dentro de los 30 días posteriores a la firma de los acuerdos individuales.

  • CEO William E. Siwek: 1.225.459 $
  • CFO Ryan Miller: 518.155 $
  • COO Charles Stroo: 487.500 $
  • Consejero General Steven Fishbach: 435.170 $

Los acuerdos incluyen una cláusula de recuperación: los ejecutivos deben devolver el bono bruto si renuncian voluntariamente o son despedidos (excepto por una “Terminación Calificada”) antes del 31 de marzo de 2026 o 60 días después de un “Evento de Reestructuración”, lo que ocurra primero. Los bonos reemplazan ciertos otros pagos compensatorios no especificados.

El Comité también creó un fondo discrecional de 250,000 $ para premios adicionales de retención a empleados no ejecutivos.

Aunque la presentación no revela nuevos resultados financieros, indica el deseo de la Junta de asegurar la continuidad del liderazgo clave ante posibles acciones estratégicas o de reestructuración, a costa de un desembolso de efectivo inmediato.

TPI Composites, Inc. (NASDAQ: TPIC)는 8-K 양식을 제출하여 보상위원회가 네 명의 명명된 임원들에게 약 267만 달러 상당의 일시금 현금 유지 보너스를 승인했으며, 개별 계약서 서명 후 30일 이내에 지급될 것이라고 밝혔습니다.

  • CEO 윌리엄 E. 시웩: 1,225,459달러
  • CFO 라이언 밀러: 518,155달러
  • COO 찰스 스트루: 487,500달러
  • 법률 고문 스티븐 피시바흐: 435,170달러

계약서에는 환수 조항이 포함되어 있습니다: 임원이 자발적으로 퇴사하거나 “적격 해고”가 아닌 사유로 해고될 경우, 2026년 3월 31일 또는 “구조조정 사건” 후 60일 이내 중 빠른 시점 이전에 퇴사하면 총 보너스를 반환해야 합니다. 이 보너스는 다른 특정 보상 지급을 대체합니다.

위원회는 비임원 직원에게 추가 유지 보너스를 지급하기 위한 25만 달러 재량 기금도 마련했습니다.

이번 공시는 새로운 재무 결과를 공개하지는 않지만, 이사회가 잠재적인 전략적 또는 구조조정 조치 속에서 핵심 리더십의 연속성을 보장하려는 의지를 나타내며, 즉각적인 현금 유출을 감수하는 것으로 해석됩니다.

TPI Composites, Inc. (NASDAQ : TPIC) a déposé un formulaire 8-K révélant que son comité de rémunération a approuvé des primes de rétention en espèces forfaitaires totalisant environ 2,67 millions de dollars pour quatre dirigeants nommés, payables dans les 30 jours suivant la signature des accords individuels.

  • PDG William E. Siwek : 1 225 459 $
  • Directeur financier Ryan Miller : 518 155 $
  • Directeur des opérations Charles Stroo : 487 500 $
  • Conseiller juridique Steven Fishbach : 435 170 $

Les accords incluent une clause de récupération : les dirigeants doivent rembourser la prime brute s’ils quittent volontairement ou sont licenciés (sauf en cas de « licenciement qualifié ») avant le 31 mars 2026 ou avant 60 jours après un « événement de restructuration », selon la première de ces dates. Ces primes remplacent certains autres paiements compensatoires non spécifiés.

Le comité a également créé un fonds discrétionnaire de 250 000 $ pour des primes de rétention supplémentaires destinées aux employés non dirigeants.

Bien que le dépôt ne divulgue aucun nouveau résultat financier, il signale la volonté du conseil d’assurer la continuité des dirigeants clés face à d’éventuelles actions stratégiques ou de restructuration, au prix d’une sortie de trésorerie immédiate.

TPI Composites, Inc. (NASDAQ: TPIC) reichte ein Formular 8-K ein, in dem das Vergütungskomitee die Genehmigung von einmaligen Barbindungsboni in Höhe von insgesamt etwa 2,67 Millionen US-Dollar für vier benannte Führungskräfte bekannt gab, zahlbar innerhalb von 30 Tagen nach Unterzeichnung der individuellen Vereinbarungen.

  • CEO William E. Siwek: 1.225.459 $
  • CFO Ryan Miller: 518.155 $
  • COO Charles Stroo: 487.500 $
  • General Counsel Steven Fishbach: 435.170 $

Die Vereinbarungen enthalten eine Rückforderungsbestimmung: Die Führungskräfte müssen den Bruttobonus zurückzahlen, wenn sie freiwillig ausscheiden oder gekündigt werden (außer bei einer „Qualifizierten Kündigung“) vor dem früheren Zeitpunkt von 31. März 2026 oder 60 Tagen nach einem „Restrukturierungsereignis“. Die Boni ersetzen bestimmte andere, nicht näher bezeichnete Vergütungszahlungen.

Das Komitee richtete außerdem einen diskretionären Pool von 250.000 $ für zusätzliche Bindungsprämien an nicht-exekutive Mitarbeiter ein.

Obwohl die Einreichung keine neuen Finanzergebnisse offenlegt, signalisiert sie den Wunsch des Vorstands, die Kontinuität der Schlüsselpositionen angesichts potenzieller strategischer oder Restrukturierungsmaßnahmen sicherzustellen, was mit sofortigen Barauszahlungen verbunden ist.

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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): June 13, 2025

 

_______________________________

 

TPI Composites, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

 

Delaware 001-37839 20-1590775
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

 

9200 E. Pima Center Parkway, Suite 250

Scottsdale, Arizona 85258

(Address of Principal Executive Offices) (Zip Code)

 

(480) 305-8910

(Registrant's telephone number, including area code)

 

Not applicable

(Former name or former address, if changed since last report)

_______________________________

 

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 TPIC NASDAQ Global 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.

 

On June 13, 2025, the Compensation Committee (the “Committee”) of the Board of Directors of TPI Composites, Inc. (the “Company”) approved retention bonuses (the “Retention Bonuses”) for certain executive and non-executive employees of the Company (“Recipients”) to be awarded pursuant to the terms of retention bonus agreements (the “Retention Bonus Agreements”).

 

Pursuant to the Retention Bonus Agreements, the Company will pay the Retention Bonuses to the Recipients in a lump sum cash payment within thirty (30) days following their execution in the amount specified in their respective Retention Bonus Agreements, including the following amounts to be paid to the Company’s named executive officers: (i) $1,225,459 to William E. Siwek, the Company’s President and Chief Executive Officer; (ii) $518,155 to Ryan Miller, the Company’s Chief Financial Officer; (iii) $487,500 to Charles Stroo, the Company’s Chief Operating Officer; and (iv) $435,170 to Steven Fishbach, the Company’s General Counsel and Secretary. For the named executive officers and certain other executive officers, the Retention Bonus Agreements will provide for the recoupment of the gross amounts of the Retention Bonuses if the Recipient does not remain employed with the Company (or if the Recipient provides or receives a notice of termination), in each case, other than in the event of a Qualified Termination (as defined in and subject to the terms of the Retention Bonus Agreements), through the earlier of March 31, 2026 or the date that is sixty (60) days following the occurrence of a Restructuring Event (as defined in the Retention Bonus Agreement). Pursuant to the Retention Bonus Agreements, the Retention Bonus will replace the named executive officers’ and certain other executive officers’ right to receive certain other compensatory payments, as described in their Retention Bonus Agreements. The Committee also approved the creation of a discretionary cash retention bonus pool in an aggregate amount of $250,000 from which additional cash retention bonuses may be granted and paid from time to time to one or more eligible non-executive employees of the Company.

 

 

 

 

 

 

 

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.

 

  TPI Composites, Inc.
     
     
Date: June 20, 2025 By:  /s/ William E. Siwek
    William E. Siwek
    President and Chief Executive Officer

 

 

 

FAQ

How much did TPI Composites (TPIC) award in total executive retention bonuses?

The company approved about $2.67 million for its four named executive officers.

When must TPIC executives repay the retention bonus?

They must repay the full amount if they leave before March 31 2026 or within 60 days after a restructuring event.

Does the 8-K mention any new earnings or revenue figures for TPIC?

No. No financial performance data is included in this filing.

What additional retention measure was created for non-executives at TPIC?

A $250,000 discretionary cash pool for retention bonuses to eligible non-executive employees.

Why might TPIC implement these retention bonuses now?

The filing references a potential “Restructuring Event,” suggesting the Board wants leadership stability during strategic changes.
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