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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Enfusion Inc | NYSE:ENFN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.22 | 2.32% | 9.69 | 9.755 | 9.48 | 9.60 | 398,111 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction |
| (Commission File Number) |
| (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip code) |
( | |
(Registrant’s telephone number, including area code) |
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
| Trading |
| Name of each exchange |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02(e) – Compensatory Arrangements of Certain Officers.
Severance Policy for Executive Officers
On July 19, 2024, the Board of Directors (the “Board”) of Enfusion, Inc. (the “Company”) adopted an Executive Severance Policy for participating executives (the “Policy”). The Policy provides for severance payments and benefits to eligible executives (each, a “Covered Executive”) in the event that the Company terminates the employment of a Covered Executive without Cause (as defined in the Policy) or if a Covered Executive resigns with Good Reason (as defined in the Policy) (such termination or resignation, a “Qualifying Termination”). At the time of the Policy’s adoption, it was anticipated that the Covered Executives would initially be comprised of the executive officers without severance entitlements in their existing employment agreements, which are Oleg Movchan, Bradley Herring, Bronwen Bastone and Matthew Campobasso.
Upon a Qualifying Termination, a Covered Executive will be entitled to receive severance pay in the form of: (i) a lump sum cash payment equivalent to one year of the Covered Executive’s base pay in effect at the time of the Qualifying Termination, and (ii) payment to the group health plan provider or the COBRA provider of the employer cost of the COBRA premiums applicable to the Covered Executive and his or her eligible dependents for a period of up to 12 months immediately following his or her loss of coverage from the Company.
As described more fully in the Policy, in order to receive the foregoing benefits a Covered Executive must execute a separation agreement and general release of claims in favor of the Company and affirm his or her continuing obligations towards the Company, including his or her ongoing restrictive covenants. The Policy also contains provisions that can, among other things, alter the timing of payments made under the Policy to ensure compliance with the deferred compensation regulations under Internal Revenue Code Section 409A.
The foregoing description of the Policy does not purport to be complete and is qualified in its entirety by reference to the complete text of the Policy, a copy of which is filed herewith as Exhibit 10.1.
Item 9.01 – Financial Statements and Exhibits.
(d) | The following exhibits are being filed herewith: |
Exhibit No. |
| Description |
10.1* | Enfusion, Inc. Executive Severance Policy, adopted on July 19, 2024 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Management contract or compensatory plan or arrangement
SIGNATURES
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.
Date: July 25, 2024 | ENFUSION, INC. | |
By: | /s/ Matthew R. Campobasso | |
Name: | Matthew R. Campobasso | |
Title: | General Counsel |
Exhibit 10.1
ENFUSION, INC.
EXECUTIVE SEVERANCE POLICY
The Board of Directors (the “Board”) of Enfusion, Inc. (the “Company”) has determined that the Enfusion, Inc. Executive Severance Policy (this “Policy”) should be adopted to reinforce and encourage the continued attention and dedication of the Company’s Covered Executives (as defined in Section 1 hereof) to their assigned duties. Nothing in this Policy shall be construed as creating an express or implied contract of employment and nothing shall alter the “at will” nature of the Covered Executives’ employment with the Company.
1. | Definitions. |
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2. | Administration of this Policy |
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All decisions and interpretations of the Administrator shall be conclusive and binding on all persons, including the Company and Covered Executives.
3. | Eligibility |
All Covered Executives who have executed and submitted to the Company a Participation Agreement, and satisfied such other requirements as may be determined by the Administrator, are eligible to participate in this Policy. Following an individual’s designation as a Covered Executive and execution of a Participation Agreement, such individual may not be removed from participating in this Policy as a Covered Executive without his or her written consent.
Notwithstanding the foregoing, if a Covered Executive ceases to be a Covered Executive for any reason other than the termination of such Covered Executive’s employment (i) by the Company without Cause or (ii) by the Covered Executive for Good Reason, then such individual shall immediately cease to be a Covered Executive and shall no longer have any rights pursuant to this Policy. For the avoidance of doubt, a Covered Executive shall not be eligible for severance payments or benefits under this Policy in the event he or she is terminated due to such Covered Executive’s death or disability; provided, however, such Covered Executive shall still be entitled to his or her Accrued Benefits.
4. | Severance Payments and Benefits |
If the employment of a Covered Executive is terminated either by the Company without Cause or by the resignation of the Covered Executive for Good Reason, then, in addition to the Accrued Benefits, the Covered Executive shall be eligible to receive the benefits described within this Section 4. These benefits are subject to the Covered Executive’s execution of a Separation Agreement and Release, and the Separation Agreement and Release becoming irrevocable, all within the time frame set forth in the Separation Agreement and Release but in no event to exceed 60 days from the Date of Termination.
4
The amounts payable under Section 4(a) shall be paid out in single lump sum within 60 days after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall begin to be paid in the second calendar year by the last day of such 60-day period. The amounts payable under Section 4(b), to the extent taxable, shall be paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months, commencing within 60 days, after the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified deferred compensation” within the meaning of Section 409A of the Code, shall begin to be paid in the second calendar year by the last day of such 60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination.
5. | General Terms and Conditions. |
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(i) if the Covered Executive is not the Chief Executive Officer of the Company:
Attention: Chief Executive Officer
Enfusion, Inc.
125 South Clark Street, Suite 750,
Chicago, IL 60603
8
with a copy to:
Attention: General Counsel
Enfusion, Inc.
125 South Clark Street, Suite 750,
Chicago, IL 60603
(ii) if the Covered Executive is the Chief Executive Officer of the Company:
Attention: Chair of the Board of Directors
Enfusion, Inc.
125 South Clark Street, Suite 750,
Chicago, IL 60603
with a copy to:
Attention: General Counsel
Enfusion, Inc.
125 South Clark Street, Suite 750,
Chicago, IL 60603
9
DATE ADOPTED BY THE BOARD: July 19, 2024
10
Document and Entity Information |
Jul. 19, 2024 |
---|---|
Document and Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 19, 2024 |
Entity Registrant Name | Enfusion, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40949 |
Entity Tax Identification Number | 87-1268462 |
Entity Address, Address Line One | 125 South Clark Street |
Entity Address, Adress Line Two | Suite 750 |
Entity Address, City or Town | Chicago |
Entity Address State Or Province | IL |
Entity Address, Postal Zip Code | 60603 |
City Area Code | 312 |
Local Phone Number | 253-9800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common stock, par value $0.001 per share |
Trading Symbol | ENFN |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001868912 |
Amendment Flag | false |
1 Year Enfusion Chart |
1 Month Enfusion Chart |
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