Vestis Amends Interim CFO Adam Bowen's Compensation Terms
Vestis Corporation entered into a second amended and restated offer letter and employment agreement with Adam K. Bowen, the Company's Interim Chief Financial Officer, to update his compensatory and employment arrangements. His annual base salary remains $400,000, and his target annual bonus opportunity remains 35% of base salary. The company waived the repayment of a previous $100,000 discretionary cash award and will provide new discretionary cash awards, including $100,000 in June 2026 and additional $100,000 awards for each three-month period if a permanent CFO is not appointed. The agreement also details terms for pro-rata bonus payouts and vesting of unvested equity awards under specific termination scenarios, and outlines a role change to Vice President, Financial Planning & Analysis if he is not selected as the permanent CFO.
Key Highlights
- Interim CFO Adam K. Bowen's employment and compensatory arrangements were amended.
- Annual base salary remains $400,000, and target annual bonus remains 35% of base salary.
- Repayment of a prior $100,000 discretionary cash award was waived.
- Mr. Bowen will receive a new $100,000 discretionary cash award in June 2026.
- Additional $100,000 discretionary cash awards are payable for each three-month period without a permanent CFO.
- A further $100,000 discretionary cash award is granted if not appointed permanent CFO and employed through specific dates.
- Unvested time-vested restricted stock units will vest on original dates under certain termination conditions.
- If not selected as permanent CFO, his position will revert to Vice President, Financial Planning & Analysis.
Price Impact
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