© Reuters.
BrightView Holdings , Inc. (NYSE: NYSE:), the leading commercial landscaping services company in the United States, bestowed two restricted stock unit (RSU) awards to its newly appointed President and Chief Executive Officer, Dale A. Asplund, on his start date of Sunday. The awards are part of the company’s previously announced employment agreement with Mr. Asplund and serve as a material inducement for him to join the company in its top role.
The first award consisted of 250,000 new hire RSUs. In addition, Mr. Asplund received an award of 667,820 matching RSUs, which equaled the number of shares he purchased before his start date, based on a personal investment of approximately $5.5 million. Both RSUs will vest ratably over four years beginning on October 1, 2024, contingent upon Mr. Asplund’s continued employment with BrightView.
Under the employment agreement, Mr. Asplund will also be granted an inducement award of performance stock units (PSUs) under the Inducement Plan with a target award of 250,000 PSUs. These PSUs will vest based on continued service and performance over a three-year performance period (fiscal years 2024-2026) with the same performance goals as determined in November 2023 for the PSU awards granted to other senior executives as part of the fiscal year 2024 long-term incentive program.
The PSU payout ranges from 0% for below-threshold performance to 200% for maximum performance. Each award was granted as a material inducement to employment in accordance with the NYSE Listed Company Manual Rule 303A.08.
According to InvestingPro metrics, BrightView has a market cap of $724.03 million, with a negative P/E ratio of -79.59. The company’s revenue for LTM2023.Q3 stands at $2795.7 million, with a revenue growth of 2.6%. The company’s gross profit for the same period is $681.9 million, with a gross profit margin of 24.39%. Despite the company not being profitable over the last twelve months, analysts predict that BrightView will be profitable this year.
InvestingPro Tips indicate a large price uptick over the last six months, with a 37.9% price total return. Notably, the company does not pay a dividend to shareholders. For more comprehensive insights and tips, consider checking out the InvestingPro product which includes additional tips to guide your investment decisions.
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