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an annual bonus award target at 75% of his base salary, with the actual payout determined based on the achievement of applicable performance goals under our annual bonus plan.
Mr. Feenan retired from his role as CFO effective September 30, 2022. Pursuant to his Transition Agreement, he is entitled to receive:
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beginning October 1, 2022 and continuing until October 31, 2022, an annual base salary of $665,000;
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beginning November 1, 2022 and continuing until November 30, 2023, an annual base salary of $340,000;
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for Fiscal 2023, an annual bonus award target of $255,000, with the actual payout determined based on the achievement of applicable performance goals under our annual bonus plan; and
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beginning October 1, 2022, awards under the Company’s equity incentive plan as determined by the Compensation Committee. For Fiscal 2023, the Company expects to grant Mr. Feenan awards under the Company’s equity incentive plan in the same form and on the same terms as applicable to the Company’s executive officers, using Mr. Feenan’s previous base salary of $665,000 to determine the target grant date value of his Fiscal 2023 awards.
Jonathan Gottsegen. Mr. Gottsegen’s employment agreement provides for his continued employment as our Chief Legal Officer and Corporate Secretary, reporting to our CEO. Mr. Gottsegen is entitled to receive:
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an annual base salary of $540,000, subject to review by our Compensation Committee for increase from time to time; and
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an annual bonus award targeted at 60% of his base salary (increased to 65% commencing with Fiscal 2020), with the actual payout determined based on the achievement of applicable performance goals under our annual bonus plan.
Amanda Orders. Ms. Order’s employment agreement provides for her continued employment as our Chief Human Resources Officer, reporting to our CEO. Ms. Orders is entitled to receive:
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an annual base salary of $315,000, subject to review by our Compensation Committee for increase from time to time; and
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an annual bonus award targeted at 60% of her base salary, with the actual payout determined based on the achievement of applicable performance goals under our annual bonus plan.
Tom Donnelly. Mr. Donnelly’s employment agreement provides for his continued employment as our President, Landscape Development, reporting to our CEO. Mr. Donnelly is entitled to receive:
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an annual base salary of $465,000, subject to review by our Compensation Committee for increase from time to time; and
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an annual bonus award targeted at 75% of his base salary, with the actual payout determined based on the achievement of applicable performance goals under our annual bonus plan.
Terms of Equity Awards
Pre-IPO Class B Units and Converted Restricted Stock
Prior to our IPO, long-term equity incentive awards were granted to our NEOs in the form of Class B Units, which were 50% time-vesting and 50% performance-vesting. In connection with the IPO, all outstanding unvested Class B Units, including those held by our NEOs, were converted into shares of restricted stock granted under our 2018 Omnibus Incentive Plan on the basis of an exchange ratio that took into account the number of unvested Class B Units held, the applicable threshold value applicable to such Class B Units and the value of the distributions that the holder would have been entitled to receive had BrightView Parent L.P., an affiliate of KKR which was dissolved in August 2018 following the IPO, been liquidated on the date of such conversion in accordance with the terms of the distribution “waterfall” set forth in the Parent Limited Partnership Agreement. Vested Class B Units were similarly converted into shares of our common stock.