Philadelphia-based Enviri Corporation (NVRI), previously known as Harsco Corp (NYSE:NVRI), a $609 million market cap company currently trading at $7.57 per share, filed a Form 8-K with the Securities and Exchange Commission today, revealing updated severance agreements for key executives. According to InvestingPro data, the company operates with a significant debt burden, with a debt-to-equity ratio of 3.23.
This filing, dated December 23, 2024, outlines the terms of the amended and restated change in control severance agreement for several top officers, including President & CEO F. Nicholas Grasberger III, Senior VP & CFO Tom G. Vadaketh, Senior VP & Chief Human Resources Officer Jennifer O. Kozak, and Senior VP, General Counsel, Chief Compliance Officer & Corporate Secretary Russell C. Hochman.
Under the new agreement, if an executive is terminated after a Change in Control for reasons other than Cause, Disability, or Death, or if the executive resigns for Good Reason within the specified Protection Period, they will receive a lump sum severance. This sum includes a multiple of the executive’s highest base salary and a multiple of their highest target incentive compensation. The multiple is set at three times for Grasberger and two times for Vadaketh, Hochman, and Kozak.
Additionally, any unvested awards under the company’s 2013 Equity and Incentive Compensation Plan will immediately vest if an executive is terminated following a Material Divestment, again for reasons other than Cause, Disability, or Death, or if they resign for Good Reason during the Protection Period.
The details of these agreements were included in Exhibit 10.1 of the 8-K filing, which is publicly available for review. The changes come as Enviri Corp continues to operate within the services sector, with its shares listed on the New York Stock Exchange under the ticker symbol NVRI. The stock has experienced challenging conditions, with a year-to-date decline of 15.22%.
This corporate governance move aligns with Enviri Corp’s commitment to its leadership stability and may be a strategic measure in anticipation of potential future corporate restructuring or acquisition events. The information is based on a press release statement and reflects the company’s current policy as per the latest SEC filing.
InvestingPro analysis reveals additional challenges, including unprofitable operations over the last twelve months. For comprehensive insights and detailed financial analysis, including Fair Value estimates and growth prospects, investors can access the full Pro Research Report, available exclusively on InvestingPro.
In other recent news, Enviri Corporation announced significant changes and recent financial results. The company appointed Christophe Reitemeier as the new senior vice president and president of Harsco Environmental, who brings extensive experience and leadership abilities to the role. In addition, Enviri reported a strategic shift in its accounting practices, with PricewaterhouseCoopers LLP stepping down as their independent registered public accounting firm for the fiscal year 2025.
BMO Capital adjusted its outlook on Enviri, reducing the price target from $13.00 to $10.00 while maintaining a Market Perform rating, reflecting near-term challenges faced by the company. Despite these obstacles, Enviri remains optimistic about the future, expecting improved margin expansion, EBITDA, and top-line growth.
In terms of financial performance, Enviri reported total revenues of $574 million in its latest earnings call, marking a 4% decrease from the previous year. The Clean Earth division, however, achieved a record performance with over 20% adjusted EBITDA growth and a 17.5% EBITDA margin.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.