HILL INTERNATIONAL,INC. (NYSE:HIL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k

7 years ago

HILL INTERNATIONAL,INC. (NYSE:HIL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Retirement of John Fanelli,III

On November10, 2017, John Fanelli,III, Executive Vice President and Chief Financial Officer of Hill International,Inc. (the “Company”), notified the Company of his decision to retire and resign, effective immediately. Mr.Fanelli’s retirement and resignation were not due to any disagreement with the Company.

Separation Agreement with John Fanelli,III

The Company and Mr.Fanelli have entered into a Separation Agreement and General Release of Claims, dated November10, 2017 (the “Separation Agreement”). Among other matters, the Separation Agreement provides as follows:

· Mr.Fanelli agrees to provide transition services to the Company for up to 10 hours per week through February9, 2018 (the “Separation Date”) at a rate of $233.56 per hour.

· Mr.Fanelli will receive a lump sum, less applicable withholdings and deductions, of (i)$232,500 within 30 days from the date of the Agreement and (ii)$232,500 within 30 days following the Separation Date. The total amount of such payments is equal to the severance amount to which Mr.Fanelli would have been entitled under the Company’s 2016 Executive Retention Plan in the event of a termination without cause or change in control of the Company.

· Mr.Fanelli will receive approximately $66,000 related to accrued vacation.

· In exchange for the above benefits, Mr.Fanelli executed a release of claims in favor of the Company and its affiliates (such release to become effective upon expiration of the applicable revocation period). to the Separation Agreement, Mr.Fanelli agrees to not compete with or the Company or solicit the Company’s customers or employees for a period of two years following the Separation Date. The Company will be entitled to injunctive relief for any breach of an obligation under the Separation Agreement by Mr.Fanelli.

The foregoing summary of the Separation Agreement is not complete and is qualified in its entirety by the Separation Agreement, a copy of which is filed as Exhibit10.1 to this Form8-K and is incorporated herein by reference in its entirety.

Appointment of Marco Martinez

The Company has commenced a search for a successor to Mr.Fanelli as Chief Financial Officer. Effective as of the date of Mr.Fanelli’s resignation, Marco Martinez, age 52, commenced serving as the Interim Chief Financial Officer of the Company and is expected to serve in such capacity until a successor for Mr.Fanelli is appointed. Mr.Martinez brings nearly two decades of financial leadership and analysis experience to the Company. Most recently, Mr.Martinez

served as Senior Vice President and CFO for Pernix Group,Inc., a leading construction company in government, commercial, industrial and power sectors. Prior to joining Pernix, Mr.Martinez held several financial leadership positions including Vice President and CFO during an 18-year career at MYR Group, a leading specialty contractor serving the electrical infrastructure industry in the U.S. and Canada.

Effective immediately, Mr.Martinez will receive an annual salary of $420,000.

A copy of the Company’s press release regarding these events is filed as Exhibit99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Hill International, Inc. ExhibitEX-10.1 2 a17-27047_1ex10d1.htm EX-10.1 Exhibit 10.1 SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS This Separation Agreement and General Release of Claims (Agreement) is made by and between JOHN FANELLI III (Executive) and HILL INTERNATIONAL,…To view the full exhibit click here
About HILL INTERNATIONAL,INC. (NYSE:HIL)
Hill International, Inc. (Hill) is a professional services firm. The Company provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. The Company operates in two segments: Project Management Group and Construction Claims Group. The Project Management Group is engaged in providing fee-based or agency construction management services. The segment provides construction and project management services to construction owners across the world. The Construction Claims Group is engaged in advising clients in order to assist them in preventing or resolving claims and disputes based upon schedule delays, cost overruns and other problems on construction projects. The Company’s clients consist primarily of the United States and other national governments, state and local governments, and the private sector.