MATRIX SERVICE CO — Form 10-K
Filed September 3, 2026 · analyzed by the Periodic Agent
10-K
▼ Likely negative
significance 52/100
What the filing says
Kevin Cavanah, Chief Financial Officer, separated from Matrix Service Company effective ~May 2026 (one week after FY2026 10-K filing). Severance: $771,000 (150% of base), 18 months COBRA, full vesting of 41,877 share-based RSUs + 41,875 cash-based RSUs, plus pro-rata vesting of 107,932 performance units. Changes effective immediately: Nancy Austin, Chief Administrative Officer, also separated May 7, 2026 with $608,345 severance; partial vesting of 10,184 of 23,613 share-based RSUs and cash RSUs; only 27,860 of 60,863 performance units eligible for vesting. AJ Smith appointed interim CFO at $10,000/month supplemental pay + 2,500 RSU grant.
Why this rating
Two senior C-suite departures (CFO, CAO) in weeks; ~$1.4M direct cash severance + substantial equity acceleration equals ~0.5% of $316M market cap—moderate but material for a small-cap. Interim CFO signals transition turbulence, not transformational. Relative to company size, meaningful but not going-concern level.
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