Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On September 16, 2022, the Board of Directors (the "Board") of Barrett
Business Services, Inc. (the "Company"), approved an increase in the number of
positions on the Board from eight to nine and appointed Joseph S. Clabby to fill
the vacancy resulting from the increase, effective September 16, 2022, to serve
until the Company's 2023 annual meeting of stockholders, at which time he is
expected to stand for re-election. The Board has also appointed Mr. Clabby to
serve as an additional member of the Risk Management Committee and the Audit and
Compliance Committee, effective concurrently with his appointment as a director.
Mr. Clabby will be compensated for his services as a director consistent with
the Company's standard practices for non-employee directors. The current
applicable standard arrangements provide for payment of an annual cash retainer
of $65,000, payable in monthly installments. In addition, as a member of the
Risk Management Committee and as a member of the Audit and Compliance Committee,
Mr. Clabby will receive an additional annual cash retainer of $5,000 and $7,500,
respectively. Mr. Clabby also received an award of restricted stock units
("RSUs") effective on the date of his election as a director with a grant date
fair value of $79,178 that will vest in full on July 1, 2023. Each RSU
represents a contingent right to receive one share of the Company's Common
Stock. Outside directors also receive an annual award of RSUs as of July 1 of
each year that vest in full one year following the grant date.
There are no transactions in which Mr. Clabby has an interest requiring
disclosure under Item 404(a) of Regulation S-K. There are no family
relationships between him and any other executive officer or director of the
Company. Other than the compensation arrangements described above, there is no
arrangement or understanding between Mr. Clabby and any other persons or
entities pursuant to which Mr. Clabby was appointed as a director of the
Company.
Item 7.01. Regulation FD Disclosure.
On September 19, 2022, the Company issued a press release announcing Mr.
Clabby's appointment to the Board. The press release is furnished as Exhibit
99.1 to this Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press Release dated September 19, 2022 *
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
* Furnished herewith
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