Claritev Corporation
09/26/2025 | Press release | Distributed by Public on 09/26/2025 14:24
Management Change/Compensation (Form 8-K)
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Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On September 23, 2025, Claritev Corporation (the "Company") appointed Brock Albinson as its Senior Vice President and Chief Accounting Officer, effective September 29, 2025 (the "Effective Date"). Mr. Albinson will also assume the role of principal accounting officer of the Company as of the Effective Date, replacing Gerald Kozel. Prior to joining the Company, Mr. Albinson served, from 2007 to 2024, in various financial management roles of increasing responsibility at Automatic Data Processing, Inc., a human resources and payroll solutions provider ("ADP"), most recently as Corporate Controller and Principal Accounting Officer from 2015 to 2024. Before ADP, Mr. Albinson was with PricewaterhouseCoopers from 1997-2007. Mr. Albinson does not have a family relationship with any of our directors or executive officers and has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
A summary of the material terms and conditions of Mr. Albinson's compensation is set forth below.
Base Salary and Target Annual Cash Incentive Award. Mr. Albinson will receive a starting annual base salary of $375,000. He will also be eligible to receive an annual cash incentive award with a target amount equal to 50% of his annual earned base salary for the applicable year, including 2025.
Long-Term Incentive Grants. Commencing in 2026, Mr. Albinson is eligible to participate in the Company's long-term incentive program with an annual grant target equal to 150% of his base salary, in the same form and on the same terms as long-term incentive grants to similarly situated employees of the Company, with such annual long-term incentive awards subject to the approval of the Compensation Committee of the Company's Board of Directors. In addition, on September 30, 2025, the Company plans to grant Mr. Albinson a number of restricted stock units (the "RSUs") equal to $150,000 divided by the fair market value of the Company's Class A Common Stock on the date of grant. These RSUs will vest pro rata over a four-year period beginning on the first anniversary of the date of grant in substantially equal annual installments, subject to his continued employment and the terms and conditions of the Company's 2020 Omnibus Incentive Plan and the award agreement evidencing such grant.
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