Radius Recycling Inc. filed SEC Form 8-K: Leadership Update, Regulation FD Disclosure, Financial Statements and Exhibits
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On November 8, 2024, Radius Recycling, Inc. (the “Company”) announced the appointment of Marc E. Hathhorn to serve as the Company’s Executive Vice President and Chief Operating Officer, effective November 1, 2024. Prior to his appointment, Mr. Hathhorn, 54, served in various roles of increasing responsibility with Peabody Energy Corporation (NYSE: BTU) (“Peabody”), since 2011, including most recently as President – Global Operations since June 2024. Prior to that, Mr. Hathhorn served as Peabody’s President – U.S. Operations from 2021 until June 2024, President – Australian Operations from 2019 until 2021, and Group Executive – Americas Operations from 2016 to 2019.
In connection with his appointment, the Company entered into an offer letter with Mr. Hathhorn, pursuant to which Mr. Hathhorn will receive a base salary of $700,000 per annum, will be eligible to participate in the Company’s Annual Incentive Compensation Plan (“AICP”), with a target AICP bonus equal to 100% of his annual base salary, and will be recommended to participate in the Company’s Long-Term Incentive Plan (“LTIP”). In consideration of the compensation from his previous employer forfeited as a result of resigning his position to join the Company, pursuant to the offer letter, Mr. Hathhorn received an equity award in the form of restricted stock units under the LTIP with a grant date value of $2.25 million that will ratably vest annually over three years; in addition, Mr. Hathhorn is entitled to receive a signing bonus of $550,000, payable March 1, 2025, subject to Mr. Hathhorn’s continued employment with the Company. In the event that Mr. Hathhorn voluntarily terminates his employment before November 1, 2025, he is required to repay the signing bonus to the Company on a pro-rated basis. Mr. Hathhorn is also eligible to participate in the Company’s health, welfare, deferred compensation, and retirement employee benefit plans.
Mr. Hathhorn has entered into the Company’s standard form of indemnification and change in control agreements, in substantially the same forms filed as Exhibits 10.30 and 10.25, respectively, to the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2024.
The selection of Mr. Hathhorn to serve as Executive Vice President and Chief Operating Officer was not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships between Mr. Hathhorn and any director or executive officer of the Company, and there are no transactions between Mr. Hathhorn and the Company that would be required to be reported under Item 404(a) of Regulation S-K.
On November 8, 2024, the Company issued a press release announcing the appointment of Mr. Hathhorn, a copy of which is attached hereto as Exhibit 99.1, and is incorporated by reference herein.
(d) Exhibits
| 99.1 | Press Release of Radius Recycling, Inc. issued on November 8, 2024 | |
| 104 | The cover page of this Current Report on Form 8-K, formatted in InLine XBRL |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RADIUS RECYCLING, INC. | ||
| Date: November 8, 2024 | By: | /s/ James Matthew Vaughn |
| James Matthew Vaughn | ||
| Senior Vice President, General Counsel, Chief Compliance Officer and Secretary | ||