Climb Global Solutions Announces Grant of Common Stock to CEO Dale Foster
On April 24, 2023, Climb Global Solutions (NASDAQ:CLMB) announced the award of 35,000 shares of common stock to CEO Dale Foster, effective April 20, 2023. This grant acknowledges his leadership since his appointment in January 2020, during which he led the company through significant growth and profitability. The compensation is tied to changes in his arrangement under the Executive Severance and Change in Control Plan and the termination of his previous employment agreement. The total expense for this stock grant is approximately $1.3 million, which will impact the operating results for Q2 2023 and be classified as an add-back to Adjusted EBITDA.
Climb Global Solutions specializes in IT distribution for emerging technologies across North America and Europe.
- CEO Dale Foster awarded 35,000 shares of common stock as recognition for leadership.
- Company has experienced significant growth and profitability under Foster's leadership since January 2020.
- Stock grant reflects the company's commitment to shareholder value.
- The stock grant will incur a $1.3 million expense, impacting the operating results for Q2 2023.
EATONTOWN, N.J., April 24, 2023 (GLOBE NEWSWIRE) -- Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is announcing the grant of 35,000 shares of immediately vested Company common stock effective April 20, 2023 to Climb CEO Dale Foster.
“Since Mr. Foster was appointed CEO in January 2020, he has led the Company through a period of significant growth and profitability, while instilling business discipline and a culture of success across the Company,” said Board Chair Jeff Geygan. “He has demonstrated great leadership and vision to guide the Company through challenging and uncertain times over these past few years. On behalf of the entire Board of Directors, we are pleased to award this grant to Mr. Foster in recognition of his accomplishments and contributions to creating shareholder value.”
In connection with the adoption of the Climb Global Solutions, Inc. Executive Severance and Change in Control Plan (“Plan”), as described in Form 8-K filed by the Company on April 20, 2023, the Board, upon the recommendation of the Compensation Committee, approved a one-time, immediately vested grant of Company common stock to Mr. Foster. The grant was made in recognition of prior performance and as compensation for changes to Mr. Foster’s compensation arrangement resulting from his participation in the Plan and the termination of his existing employment agreement.
The expense, net of tax, related to the stock grant is approximately
About Climb Global Solutions
Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Cloud Know How. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.
Additional information can be found by visiting at www.climbglobalsolutions.com.
Company Contact
Drew Clark
Chief Financial Officer
(732) 389-0932
Drew@ClimbGS.com
Investor Relations Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com
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