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Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On February 4, 2020 the Board of Directors (the “Board”) of Stabilis Energy, Inc. (the “Company”) elected Stacey B. Crenshaw to serve as a director of the Company until the next election of Directors.
Stacey B. Crenshaw, age 43, co-founded Stabilis Energy, LLC in 2013. Prior to her role with Stabilis she was a practicing attorney with Germer Gertz, LLP from 2002 to 2004. Ms. Crenshaw is the owner of ClaraVaille, a designer and retailer of custom jewelry. Ms. Crenshaw is also actively involved in her local community through leadership roles at the Neches River Festival and the Symphony League of Beaumont. From 2006 to 2011 she was the founder and director of CHAD’s Place, a non-profit that held conferences and provided support groups for the bereaved. Ms. Crenshaw has also served on several boards including Family Services of Southeast Texas, All Saints Episcopal School, and the advisory board of the Art Museum of Southeast Texas. Ms. Crenshaw received a Bachelor of Liberal Arts degree in Journalism from Texas A&M University and a Doctor of Jurisprudence degree from the University of Houston Law Center.
Ms. Crenshaw will not be receiving any compensation for her service on the Board. The Board has not appointed Ms. Crenshaw to any committees of the Board and no such appointments are currently expected.
There are no arrangements between Ms. Crenshaw and any other person pursuant to which Ms. Crenshaw was elected to serve as a director.
Ms. Crenshaw is the spouse of Casey Crenshaw, the Company’s Executive Chairman and beneficial owner of more than 50% of the Company’s outstanding common stock. Certain related party information required by Item 5.02(d) of Form 8-K was previously filed with the SEC on June 13, 2019 as part of the Company’s definitive proxy statement, and on Form 10-Q for the period ended September 30, 2019 filed with the SEC on November 12, 2019. Pursuant to General Instruction B.3 of Form 8-K, such information is not required to be filed herewith. On December 1, 2019, the Company amended its lease agreement with M/G Finance Co., Ltd. a subsidiary of The Modern Group, Ltd. (“The Modern Group”) for equipment purchases totaling approximately $3.2 million. Under the terms of the lease agreement, the Company’s aggregate payments due from December 1, 2019 through the remaining term of the lease are $3.6 million. Casey Crenshaw is the beneficial owner of 25% of The Modern Group and is deemed to jointly control The Modern Group with family members.
On February 3, 2020, Arthur G. Dauber resigned from the Board. Mr. Dauber’s resignation is not due to any disagreement with the Company on any matter relating to its operations, policies or practices.
On February 3, 2020, Will Crenshaw resigned from the Board. Mr. Crenshaw’s resignation is not due to any disagreement with the Company on any matter relating to its operations, policies or practices.