Company: ABM
Filing Date: 2025-06-10
Form Type: 8-K
Source: 0000950170-25-084112
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Company: ABM INDUSTRIES INC /DE/
Filing Date: 2025-06-10
Form: 8-K
Item: Item 5.02
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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.

On June 6, 2025, the ABM Industries Incorporated (the “ Company”) Board of Directors (the “ Board”) appointed David Orr to serve as the Company’s Executive Vice President and Chief Financial Officer, effective immediately. Mr. Orr succeeds Earl Ellis, who has served as the Company’s chief financial officer since November 2020. Mr. Orr, age 51, has served as the Company’s Senior Vice President of Financial Planning and Analysis since 2015. Prior to that, he was the Company’s Vice President of Strategic Solutions from 2008 to 2015 and held various finance and administration roles in the Company’s Amtech Lighting Services division from 2001 to 2008.

In connection with his appointment as CFO, Mr. Orr’s base salary will be set at $560,000 per year, his target annual equity incentive opportunity will be set at 175% of base salary, and his target annual cash incentive opportunity will be set at 85% of base salary. Mr. Orr will receive promotion grants of (i) Restricted Stock Units with a value of $180,000, which will vest 1/3 on each of the first three anniversaries of the grant date and (ii) Performance Shares with a value of $270,000, which will vest, if earned, based on the achievement of adjusted EBITDA and revenue goals over a three-year performance period, subject to modification based on the Company’s total shareholder return performance relative to the S& P Composite 1500 Commercial Services & Supplies Index over such period, subject, in each case, to the terms of the applicable award agreement and the Company’s equity incentive plan.

In connection with Mr. Orr’s promotion, the Company and Mr. Orr entered into the Company’s standard form of executive employment agreement and change in control agreement. The employment agreement provides, among other matters, that if Mr. Orr’s employment is terminated by the Company without cause or he resigns for good reason, subject to his execution (and non-revocation) of a release of claims against the Company, Mr. Orr will be entitled to: (i) two times the sum of his base salary plus target annual cash bonus, (ii) 18 months of medical benefits coverage, (iii) his prorated annual cash bonus for the year of termination based on actual performance as