Evolv Sets Senior Employee Severance Plan

By Donald Maye, Published Nov 04, 2022, 10:11am EDT (Info+)

While Evolv's stock is down 70% since SPACing last year and has been subject to immense scrutiny, including this week's BBC investigation, Evolv's board has just approved a generous, albeit unfunded, severance plan for "senior level employees" at the company.

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Inside this note, we examine the structure of this plan, how this benefits senior employees at the beleaguered company and what risks Evolv faces as it enters 2023.

Plan *********

***** ***** ********** *** ****** ** ******* ******** *** *** **** ****** * scenarios.

Commonplace *********** ******

** * "****** ***** ********" ** terminated ******* ***** (*.*., * *********** firing), **** ***** ******** **** ******* a ******* ** * ******' **** salary *** ***-***** ***** (** ** 12 ******).

Change ** ******* ******

** ***** ** * "****** ** control" (*.*., ***** ** ********), *** payout ** ************* ******. *** **** salary **** ** **% ******* **** just * *********** *********** (*.*., * minimum ** * ****** ** ** 18 ******), ***** ****** ***, **** importantly, "**** ************ ** *** ***********, unvested ***** *******, ********** ***** ***** or ***** ***** ******".

*** *******, *****'* *** ***** ** approximately **** * ******* ******* ** a *********** *********** *** **** $* million ** ***** *** ********, ** we ******** ** *** ***** *****:

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Tiers *******

*** ** ***** ** ******* ** a "****** ***** ********" ** ******* but ** ** ** ***** *** CEO, *** ***, *** "********* ********" at *** *******. *******, ** *** also ****** ** ****** ** *** company's **********. *** *******, *** **** mentions ********* ******** ** **** * or *, ** *** ******* ***** shows:

*** *******’* ***** ********* *******, ***** George, *** ***** ********* *******, **** Donohue, **** *********** ** *** ********* Plan ** **** ************* *** *** Company’s ***** ********* ******** **** *********** in *** ********* **** ** ****** Tier * ** **** * ************ depending ** ***** *********.

*******, *** **** ********** ******** * "Tier *". ** ***** *** **** any ********* ** *** ******** **** defines *** ** ******** ** **** or *** *** ***** ** ** being * ***** ****, ** ** reasonable ** ******* **** ****** **** senior *********. ***** ***** ***** ***** the **** ****** ****** ******* ****** tiers:

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**** ******** ****** *******, ********, ********'* ********** ****, *** ********* * ******* ** 15 ***** ********** *******. ***** ** a ********* ** ***** **** ********** listed ** ********:

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********

*** **** ** "********" ** ** or **** *** **** ***** **** occurs, ***** **** **** ** *** the ******** ** **** ** ******** to ***** ***** ********:

*** **** ***** ** ********, *** all **** ******** ***** *** **** paid **** **** *** ******* ****** of *** *******

Good *** *********, *** *** *********

***** ***** ********* ** **** ****'* SPAC **** **** ************* ******* *****, Evolv's ****** ***** ********* *** *** well ********** *** ******* *****, **** if *****'* *********** **** *** *******.

Comments (6)

Avatar

Brian Karas

Pelican Zero
11/04/22 02:19pm

****** **** **** *** ************ ** acquisition. ***** *** ** ********* ** see **** *** ****** **** ********.

Agree: 5
Disagree
Informative: 1
Unhelpful
Funny

John Honovich

IPVM | In reply to Brian Karas | 11/04/22 02:29pm

*** *******, *** ******, ******** ** an ******** *** *** * **** on *** ***** *****, ** ******** would ** **** ******** / ********** to ******* *****.

*** ********, ****** ** *** **** would ******** **** ** ***?

*****'* ****** *** ***** ** ~$*** million, ***** **** ** **** ** of **** **** *** ~$*** ******* (and **** ****** ~$** ******* ** H1 ****).

**** ***** *****'* ********** ***** ~$*** million. ***** *****'* ******** *** *********** from ****, * ***'* ***** ****'* a **** ***** ** *** (*** of ****** ******** ***** **** ** pay * ******* *******). *** ******** may ***** *********** ** *** ***** may ******* *******, ******** ****** ** more **********.

Agree
Disagree
Informative: 2
Unhelpful
Funny
Avatar

Jason Glover

In reply to Brian Karas | 11/04/22 03:03pm

**,

**** *** **** * ********** **** since ** ***** **** *** * board ****. ********** ** *** ****** they ***, ******** ***** ** ** the ******* ********* ***** ****.

Agree: 1
Disagree
Informative
Unhelpful
Funny

Undisclosed #2

11/05/22 01:44am

**** ******* ** **** *** *** of ***** ****** ****** ******** ****?

**** ****** ********'* ********** ******** *** suffered *** ** *** ***** ***** tanking, **** ****** *** **** ******** actually ** *** ******** ******** ** the ***** ******* ****** ***** *** ponied ** $$ ** *** **** and **** ***** ***** ** ** the ****.

*** ***** ******** *** ******** ** acquire **** ******* ** **** ******* for **** ** ****** ********* ** vacuum ** *** ******* ** * bankruptcy **** ****?

*** ** **** ***** **** **** want *** *** ******* ** *** dollar **** **** *** **** **** before **** **** ** ** *** next *** *****.

Agree
Disagree
Informative
Unhelpful
Funny

John Honovich

IPVM | In reply to Undisclosed #2 | 11/05/22 12:07pm

***** *** **** ** **** ** $242 ******* ** *** *** ** June **** ************ ~$** ******* ** ** ****. Assume ****'* * ******** **** ****, they *** *** ** **** ** end ** ****.

*******, *** **** **** ** ****** to ******* ****** *** ** ************* increased ***** / ****** *********** (*.*., losing **** *****) ** ** ******* costs (*.*., ** **** ******* **** are *** ******* ***** ******).

***/***, ******* *** ** ***** ** not * ******* ******* *** *****.

*** ***** ******** *** ******** ** acquire **** ******* ** **** ******* for **** ** ****** ********* ** vacuum ** *** ******* ** * bankruptcy **** ****?

*** *******, ******** $*** ******* *** ************** *** *** $** ******* ** revenue ******* ******** ********** *** *********** cost *** ******* *** *** **** that **** ***** **** ** *** even **** ** *** ****** (***** as ** **** **** ***** *** be ****).

*** ********'* ********** ** **** ****** / ****** **** *****'* ****** **** is ********* * ******** ** ********* applications (****** ****** ****** ******* "****" is * *** ****** **** ****** concealed ****** *********).

Agree
Disagree
Informative
Unhelpful
Funny

Undisclosed #2

In reply to John Honovich | 11/08/22 07:02am

*** *******, **** **** $*** ******* for ******** ****** *** *** $** million ** *******

******** ** * ****-**** ****** ** the ******** ******.

*** ** ***** ****'*.

***** **** ********** ** *** ******** market ***** **** ** ********* ** take ** *** ******** **-****** ********, I ***'* ***** ******** ** *******.

****** ** ******** *** *** ** be * ******, ****** ****** ******** by ****** ** ****.

Agree
Disagree
Informative
Unhelpful
Funny
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