Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c)
On January 25, 2023, AvidXchange Holdings, Inc. (the "Company") announced the
appointment of Dan Drees to serve as President of the Company, effective as of
January 25, 2023. In this role Mr. Drees will be responsible for sales,
marketing, operations and product with a focus on driving organizational agility
and operational synergies.
Mr. Drees, 55, most recently served as Chief Growth Officer of the Company since
April 2018. Mr. Drees is a seasoned financial technology executive and industry
veteran with more than 25 years of experience generating growth at Fortune 500
companies and financial institutions, such as General Electric Company (NYSE:
GE), Bank of America (NYSE: BAC), Ally Financial Inc. (NYSE: ALLY), and Capital
One (NYSE: COF). Most recently, he led the fraud and risk solutions business at
Fiserv, Inc. (NASDAQ: FISV) from July 2017 through March 2018, where he focused
on enabling financial institutions and their clients to reduce the cost and
complexity associated with fraud and compliance through process automation and
data analytics. Mr. Drees received his BS degree in Mechanical Engineering from
Iowa State University.
There is no arrangement or understanding between Mr. Drees and any other
person(s) pursuant to which Mr. Drees was selected as an officer. There are no
family relationships between Mr. Drees and any director or other executive
officer of the Company, and Mr. Drees has no direct or indirect material
interest in any transaction or proposed transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
On August 26, 2021, we entered into an Employment Agreement with Mr. Drees (the
"Drees Employment Agreement") as our Chief Growth Officer and Senior Vice
President. The Drees Employment Agreement, which does not have a fixed term,
provides for his base salary, which is subject to review and adjustment by the
Human Capital and Compensation Committee of our board of directors, and his
target annual bonus and an annual variable sales bonus. In connection with Mr.
Drees' appointment as President of the Company, the terms of the Drees
Employment Agreement remain unchanged other than in connection with his title
and responsibilities.
Item 7.01 Regulation FD Disclosure.
On January 31, 2023, the Company issued a press release announcing the events
described above. A copy of that press release is furnished as Exhibit 99.1
hereto.
The information in this Item 7.01, including the press release attached hereto
as Exhibit 99.1, is being furnished under Item 7.01 of Form 8-K and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities
of that section, and it shall not be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated January 31, 2023.
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