Business Context and Reporting Period
This Form 8-K is a current report filed by Perma-Fix Environmental Services, Inc. (PESI) on September 25, 2025. The filing discloses material definitive agreements and executive employment status updates effective in late September 2025.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on contractual and personnel matters rather than financial performance data.
Material Changes and Agreements
Collective Bargaining Agreement (Item 1.01)
- Parties: Perma-Fix Northwest Richland, Inc. (PFNW) and the United Association of Plumbers and Steamfitters Local Union 598.
- Effective Date: October 1, 2025.
- Scope: Covers 71 production employees at the PFNW facility.
- Terms: Annual base hourly wage increases of 1% plus the annual percentage change in the Consumer Price Index for All Urban Consumers (CPI-U), Western Region Average. Healthcare and 401k benefits continue.
- Duration: Five-year term through October 1, 2030, with automatic annual renewal thereafter unless terminated with 60 days' notice prior to the 2030 anniversary.
Executive Employment Agreements (Item 1.02)
- Executives Affected: Mark Duff (CEO), Ben Naccarato (CFO), Dr. Louis Centofanti (EVP Strategic Initiatives), Richard Grondin (EVP Hanford/International), and Troy Eshleman (COO).
- Action: On September 29, 2025, the Compensation and Stock Option Committee notified these officers that their current employment agreements will not be automatically extended on April 20, 2026.
- Next Steps: The Committee will recommend modifications to the Board, with the intention of offering new agreements effective April 21, 2026.
Outlook, Risks, and Management Commentary
The Company intends to maintain a skilled and stabilized labor force for its waste treatment operations through the new Collective Bargaining Agreement. Regarding executive leadership, the Company is in the process of negotiating new employment terms to replace the expiring agreements, indicating a strategic review of executive compensation structures.
Investor Verification Checklist
- Verify the specific wage increase calculations based on the CPI-U Western Region Average once the index data is finalized.
- Monitor the outcome of the Compensation Committee's recommendations for new executive employment agreements to be offered in April 2026.
- Confirm that the 71 covered employees at the PFNW facility represent a material portion of the Company's total workforce or operational capacity.
- Review future filings for the finalized terms of the new executive employment agreements.