Matthews International sets executive transition plan
Matthews International Corporation entered into an Employment and Transition Agreement with Steven D. Gackenbach, Group President, Memorialization.
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Form Type
8-K
Rhea-AI Filing Summary
Matthews International Corporation entered into an Employment and Transition Agreement with Steven D. Gackenbach, Group President, Memorialization. He will remain in this full-time role through September 30, 2026, then serve as Senior Advisor on a part-time basis from October 1, 2026 through January 2, 2028.
During the current period, Mr. Gackenbach receives an annual base salary of $562,500, which will be reduced by 50% when he moves to the Advisor Period. His annual bonus target is set at 60% of base salary both before and during the Advisor Period, and he remains eligible for restricted stock unit awards and standard employee benefits. The agreement includes change-in-control payments and customary terms on termination, confidentiality, non-solicitation, non-competition, and non-disparagement.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Annual Base Salary: $562,500
Salary Reduction: 50%
Bonus Target: 60% of Base Salary
+3 more
6 metrics
Annual Base Salary
$562,500
Base salary during Current Employment Period
Salary Reduction
50%
Base salary cut from October 1, 2026 in Advisor Period
Bonus Target
60% of Base Salary
Annual bonus opportunity during both employment and Advisor periods
Current Employment End Date
September 30, 2026
End of full-time Group President role
Advisor Period Start
October 1, 2026
Beginning of part-time Senior Advisor role
Advisor Period End
January 2, 2028
End of defined Advisor Period
Key Terms
Employment and Transition Agreement, change in control, restricted stock unit awards, non-solicitation, +1 more
5 terms
Employment and Transition Agreement financial
"On April 8, 2026, Matthews International Corporation entered into an Employment and Transition Agreement"
change in control financial
"The Agreement provides for certain payments in the event of a change in control of the Company"
A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.
restricted stock unit awards financial
"Mr. Gackenbach will also continue to be eligible to be granted restricted stock unit awards"
Restricted stock unit awards are company promises to deliver a specific number of shares to employees or service providers in the future once conditions—such as staying with the company for a set time or meeting performance targets—are met. They matter to investors because when the promises convert into actual shares they increase the total share count and can reduce earnings per share, while also aligning recipients’ interests with stock performance much like deferred pay that turns into ownership if goals are met.
non-solicitation financial
"The Agreement contains customary provisions relating to ... non-solicitation, non-competition, and non-disparagement"
A non-solicitation clause is a contractual promise that one party will not actively try to lure away another party’s employees, customers, or suppliers. For investors, it signals protection of a company’s workforce and client base after a deal or partnership—reducing the risk that key staff or revenue sources will be poached and therefore helping preserve the business’s value, predictability, and post-transaction earnings. Think of it as an agreement not to knock on a neighbor’s door to take their business or team.
non-competition financial
"The Agreement contains customary provisions relating to ... non-solicitation, non-competition, and non-disparagement"
A non-competition is a contractual restriction that prevents a person or business from starting or working in a competing business within a specified time and geographic area after leaving a job or completing a transaction. It matters to investors because it acts like a temporary fence around customers, trade secrets and know‑how, helping protect future revenue and company value; weak or unenforceable restrictions can increase the risk of customer loss and competitive erosion.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What executive change did Matthews International (MATW) disclose for Steven D. Gackenbach?
Matthews International agreed a staged transition for Steven D. Gackenbach. He remains Group President, Memorialization full-time through September 30, 2026, then shifts to a part-time Senior Advisor role from October 1, 2026 through January 2, 2028 under a formal transition agreement.
What is Steven D. Gackenbach’s base salary under the new MATW agreement?
During the current employment period, Steven D. Gackenbach’s annual base salary is set at $562,500. When he moves into the Advisor Period on October 1, 2026, this base salary amount is reduced by 50%, reflecting his shift from full-time to part-time responsibilities.
How are bonuses structured for Steven D. Gackenbach in the MATW transition plan?
The agreement gives Mr. Gackenbach an annual bonus opportunity equal to 60% of base salary. This 60% target applies during both the Current Employment Period and the Advisor Period, mirroring his historical bonus opportunity and maintaining continuity in his incentive structure.
Does Matthews International (MATW) grant equity to Steven D. Gackenbach under this agreement?
Yes. The agreement states Mr. Gackenbach remains eligible for restricted stock unit awards. The size of these RSU grants is to be established using market benchmarks for comparable industry roles, keeping his long-term equity incentives aligned with broader market practices.
What happens if Steven D. Gackenbach retires during the Advisor Period at MATW?
If Mr. Gackenbach retires during the Advisor Period, he is entitled to accrued but unpaid compensation and specified benefits. He will then immediately move into a consultant arrangement with Matthews International for at least two years from the end of the Advisor Period, under terms described in the agreement.
What protections and covenants are included in Steven D. Gackenbach’s MATW agreement?
The agreement includes provisions for payments upon a change in control, plus eligibility for employee benefits and expense reimbursement. It also contains customary clauses covering termination with or without Cause, resignation for Good Reason, confidentiality, non-solicitation, non-competition, and non-disparagement obligations.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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