Atlantic International Corporation
08/11/2025 | Press release | Distributed by Public on 08/11/2025 04:00
Regulation FD Disclosure, Management Change/Compensation (Form 8-K)
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 5, 2025, Christopher Broderick, the Company's Chief Financial Officer ("CFO") announced his intention to retire from the Company on August 15, 2025 due to personal family reasons. Mr. Broderick's retirement is not due to any disagreements with the Company. As provided in Mr. Broderick's Employment Agreement, Mr. Broderick's voluntary retirement results in his forfeiture of any outstanding equity grants and does not entitle him to any severance payments. Mr. Broderick will be entitled to the earned portions of his yearly bonus payments, all salary through August 15, 2025 and health insurance payments for six (6) months after his termination date.The Company has retained L. Maxwell, a highly respected global leader in retained search for executives in human capital and professional services to lead the search for a new Chief Financial Officer and has actively started the process. L. Maxwell brings a strong track record of identifying and recruiting top-tier finance talent for high-growth companies. Mr. Broderick has agreed to a transition period whereby he will assist the Company and his replacement. The preceding is a summary of the terms of the Separation Agreement attached hereto as Exhibit 10.1, please refer to the Separation Agreement for a full detail of the terms of separation.
As disclosed in a press release of the same day, on June 2, 2025, the Company hired Mathew Evelt as Chief Operating Officer of the Company. Mr. Evelt brings over 20 years of experience in workforce strategy, operational transformation, and international expansion to the role. Evelt holds a B.A. in Government with a Business Minor from The University of Texas at Austin. He will be responsible for overseeing global operations and enhancing the efficiency and delivery of the company's staffing solutions. From July 2023 to May 2025, Mr. Evelt served as President - Americas at Airswift. From April 2020 until July 2023, he was the founder and CEO of The Roosevelt Strategic, a strategic consulting company to partner with emerging practices. Prior thereto, from August 2016 until July 2020, Mr. Evelt was Group President, Americus at Gattica. He has held leadership positions at several other firms. Mr. Evelt will receive a salary of $400,000 a year, with the ability to earn a performance based bonus of up to $400,000 each year based upon agreed metrics. Mr. Evelt was provided 1,000,000 options to purchase shares of the Company's common stock vesting over 4 years at a strike price equal to the common stock price on the grant date. Mr. Evelt will be entitled to participate in the Company's benefit plans commensurate with his role at the Company. Should Mr. Evelt be terminated for any reason, absent cause, he will be paid 12 months of severance at his current salary.
Item 7.01 Regulation FD Disclosure
Atlantic International Corporation published this content on August 11, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on August 11, 2025 at 10:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]