PRINCETON, N.J. & PHILADELPHIA–(BUSINESS WIRE)–Richter Capital LLC, a clandestine asset administration firm, appear today that it has submitted a letter to the Board of Admiral of Hill International, Inc. (NYSE:HIL) apropos contempo accomplishments of Hill’s Board accompanying to the advantage of Interim Chief Controlling Administrator Paul J. Evans and accomplishments to be taken by assertive affiliates of Richter Capital at Hill’s accessible 2017 Annual Meeting of Stockholders. A complete archetype of the letter is reprinted below.
May 31, 2017
Board of Admiral of Hill International, Inc.c/o William H. Dengler, Jr., SecretaryOne Commerce Square2005 Market Street, 17th FloorPhiladelphia, PA 19103
Re: 2017 Annual Meeting of Stockholders
Dear Associates of the Board of Directors:
This letter is actuality beatific to you on account of myself and assertive added associates of the Richter family. Collectively, we own about 10.6 actor shares, or 20.4%, of the outstanding accepted banal of Hill International, Inc. (“Hill” or the “Company”). In addition, I and my ancestor Irv Richter own vested and exercisable agent banal options giving us the appropriate to access about 3.0 actor added shares. We appropriately collectively own or acquire the appropriate to own about 13.6 actor shares, or 24.7%, of the Company’s outstanding disinterestedness on a adulterated basis. We are thus—by far—Hill’s better stockholder group. And we are actual aghast in contempo accomplishments of Hill’s Board.
We acquire advised the Accepted Report on Form 8-K, filed by the Aggregation on May 16, 2017 with the U.S. Securities and Exchange Commission, account the advantage amalgamation awarded to Interim CEO Paul J. Evans. In summary, Mr. Evans’ amalgamation includes abject advantage of $140,000 per month, consisting of $60,000 in banknote and $80,000 in Hill accepted stock. On an annualized basis, this equates to $1.68 actor in affirmed compensation. This bulk is about 9% college than the abject advantage I accustomed as the Company’s best contempo CEO, a bacon that accustomed abundant criticism both from this Board and from several of the Company’s added activist stockholders. On top of that, Mr. Evans is additionally advantaged to a banknote achievement benefit of up to $50,000 per ages and active costs of $5,000 per month, or up to $660,000 annualized. This after-effects in absolute annualized advantage for Mr. Evans of $2.34 million.
For a superstar CEO, that ability be a reasonable advantage package. For Mr. Evans—an Interim CEO, a placeholder, a man who has never been the CEO of a accessible company, a man who has been unemployed back 2015 afterwards actuality affected out by his aftermost employer, a man who has no acquaintance whatsoever in the activity administration industry—it is arrant and outrageous. And afterwards speaking with abundant added Hill stockholders, we are not abandoned in this opinion.
As a aftereffect of Mr. Evans’ advantage package, which was recommended by Hill’s Advantage Committee and accustomed by Hill’s Board, we intend to do the afterward at the Company’s 2017 Annual Meeting of Stockholders:
While there is no contested acclamation this year, Hill adapted its Bylaws aftermost year to crave majority voting for its admiral in accepted elections. Thus, if Mr. Curts and/or Mr. Fellheimer abort to accomplish at atomic 50% of the votes cast, they would be appropriate to breakable their resignations to the Board promptly afterward the acceptance of acclamation results. In that case, the Board would again adjudge whether or not to acquire their resignations.
In such event, we awful acclaim that Hill’s Board acquire their resignations and abatement the admeasurement of the Board, for three reasons. First, the Board charge admit and acquire the accurate will of the Company’s stockholders in such a situation. Second, the admeasurement of the Board at nine associates is artlessly too ample and bulky for a aggregation of Hill’s accepted admeasurement now that the Construction Claims Accumulation has been awash off. And third, the Aggregation would be extenuative about $1 actor in directors’ fees over the abutting three years with two beneath directors. In ablaze of desperate cost-cutting throughout the Aggregation at present, that abeyant accumulation is too abundant to ignore.
We will not be soliciting any proxies in affiliation with the above, but we do intend to ability out and acquaint with our adolescent stockholders to animate them to vote as we intend to vote. We additionally intend to abide to be active activity advanced in administering the decisions and achievement of Hill’s Board in adjustment to assure our cogent advance in Hill International, Inc.
RICHTER CAPITAL LLC
/s/ David L. Richter
David L. RichterChairman and CEO
Richter Capital LLC, founded in 2017 by Chairman and CEO David L. Richter, is an asset administration close based in Princeton, New Jersey that manages abundance for clandestine clients. For added advice on Richter Capital, amuse appointment our website at www.richtercap.com.
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