Form 4: Enviri CFO Reports Final Equity Exit Following Merger

Enviri Corp CFO Tom G. Vadaketh reports the final disposition of equity holdings following the company's acquisition by Veolia Environnement S.A.

Summary

• CFO Tom G. Vadaketh reported the final disposition of all direct holdings in Enviri Corp common stock as of June 1, 2026.
• The transactions were executed in connection with the merger of Enviri Corp into a subsidiary of Veolia Environnement S.A.
• The reporting person received cash consideration of $15.00 per share for holdings in the merger.
• Performance share units were settled in cash based on a closing price of $21.22 on May 28, 2026.
• Existing stock appreciation rights (SARs) were cancelled and replaced with rights in the newly formed New Enviri entity.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing documenting the final stages of a previously announced merger, with no new operational or financial surprises.

Positives

• Successful completion of the merger and reorganization process.
• Liquidity event for the reporting person through cash settlement of equity and performance units.

Negatives

• Cessation of the reporting person's direct equity ownership in the legacy Enviri Corp entity.

Risks

• Integration risks associated with the complex reorganization and separation of business segments (Clean Earth vs. Environmental/Rail).
• Market risks associated with the newly issued equity in the spun-off New Enviri entity.

Future Outlook

The company has undergone a structural reorganization where the Clean Earth segment is separated into New Enviri, while the Environmental and Rail segments are held by Enviri LLC under the ownership of the buyer, Veolia.

Management Comments

• The transactions were executed pursuant to the Merger Agreement and Separation Agreement dated November 20, 2025.

Industry Context

StockSavvy.ai notes that this filing marks the final administrative step in the consolidation of Enviri Corp into Veolia, reflecting a broader trend of environmental services sector consolidation and the divestiture of non-core industrial assets.

Comparison to Industry Standards

• The transaction structure involving a spin-off of the Clean Earth segment followed by a cash-out merger is consistent with complex corporate carve-outs seen in the waste management and industrial services sectors.
• The $15.00 per share cash consideration represents the final valuation benchmark for the legacy entity.

Corporate Governance

Stakeholder Impact

• Shareholders received cash consideration of $15.00 per share.
• Shareholders received equity in the newly formed New Enviri entity.

Next Steps

• Integration of Enviri assets into Veolia Environnement S.A. operations.
• Commencement of trading for the newly separated New Enviri entity.

Key Dates

Keywords

Enviri, Veolia, Merger, CFO, Form 4, Insider Trading, Acquisition, Reorganization