UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As reported in the Current Report on Form 8-K filed on January 8, 2024 (the “Original Form 8-K”), on January 7, 2024, Envestnet, Inc. (“Envestnet”) and Envestnet Financial Technologies, Inc. (“EFT” and, together with Envestnet, the “Companies”) entered into an Interim Executive Agreement (the “Executive Agreement”) with James Fox, who currently serves as chairman of the board of directors of Envestnet, pursuant to which Mr. Fox and the Companies agreed that Mr. Fox will serve as Interim CEO of Envestnet commencing on April 1, 2024. The term of the Executive Agreement is for an initial six-month term, which may be extended for additional one-month periods at Envestnet’s discretion. Mr. Fox will receive a salary of $350,000 per month, of which 25% will be paid in cash and the remainder will be deferred and will be paid in the form shares of Envestnet common stock to be issued promptly following the end of the agreement term, subject to a vesting period. The Executive Agreement mistakenly provided for an 18-month vesting period rather than a 12-month vesting period. The Companies and Mr. Fox have entered into an amendment (the “Amendment”) to the Executive Agreement to correct the mistake. Mr. Fox also received a stock grant valued at $250,000.
The foregoing description of the Executive Agreement is a summary only and is qualified in its entirety by the full text of the Executive Agreement filed as an exhibit to the Original Form 8-K and to the Amendment filed as an exhibit hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Description | |
| 10.1* | Amendment to Interim Executive Agreement | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ENVESTNET, INC. | |||
| By: | /s/ Shelly O’Brien | ||
| Name: | Shelly O’Brien | ||
| Title: | Chief Legal Officer, General Counsel and Corporate Secretary | ||
| Date: March 14, 2024 | |||
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