UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Section 5 Corporate Governance and Management
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 31, 2023, The GEO Group, Inc. (“GEO” or the “Company”) and David Venturella, who served as GEO’s Senior Vice President, Client Relations until February 1, 2023, entered into a consulting agreement, effective February 1, 2023 (the “Consultant Agreement”). The Company previously announced on a Form 8-K filed on July 22, 2022 Mr. Venturella’s retirement effective February 1, 2023 and announced that Matthew Albence would succeed Mr. Venturella as Senior Vice President, Client Relations.
Under the terms of the Consultant Agreement, which will continue through January 31, 2025 (the “Consulting Period”), unless extended by mutual agreement or terminated earlier by Mr. Venturella with not less than 30 days prior written notice, Mr. Venturella will provide consulting services to GEO and its subsidiaries, including providing any and all assistance requested by GEO to assist GEO in submitting proposals for new projects or for the renewal of existing contracts and participating in conference calls with GEO staff, as requested, regarding new projects, the renewal of existing projects or other matters as reasonably requested by GEO, for a consulting fee of $10,000 per month for the Consulting Period. Additionally, all of Mr. Venturella’s previously-awarded unvested performance shares will remain active and shall continue to vest as scheduled. The Consultant Agreement also contains customary provisions related to non-competition and confidentiality.
Section 9 Financial Statements and Exhibits
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit No. |
Description | |
10.1 | Consultant Agreement, by and between The GEO Group, Inc. and David Venturella, effective February 1, 2023. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE GEO GROUP, INC. | ||||||
February 6, 2023 | By: | /s/ Brian R. Evans | ||||
Date | Brian R. Evans | |||||
Senior Vice President and Chief Financial Officer | ||||||
(Principal Financial Officer) |
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Exhibit 10.1
CONSULTANT AGREEMENT
THIS CONSULTANT AGREEMENT (the Agreement), effective February 1, 2023, is made by and between The GEO Group, Inc. (hereinafter GEO, which includes any and all GEO subsidiaries), with a principal place of business at 4955 Technology Way, Boca Raton, Florida 33431, and David Venturella (the Consultant). This Agreement supersedes all prior written and/or verbal agreements which may exist between the parties regarding the subject matter herein.
In consideration of the mutual promises herein contained, the sufficiency of which is hereby acknowledged, GEO and Consultant, each intending to be legally bound, agree as follows:
1. | SCOPE OF SERVICES |
During the term of this Agreement, Consultant shall:
| Provide any and all assistance requested by GEO to assist GEO in submitting proposals for new projects or for the renewal of existing contracts; |
| Participate in conference calls with GEO staff, as requested, regarding new projects, the renewal of existing projects or other matters as reasonably requested by GEO; |
| Attend meetings with GEO staff, as requested; and |
| Provide assistance on other matters as reasonably requested by GEO |
2. | TERM OF AGREEMENT |
This Agreement shall commence on February 1, 2023 and shall continue through January 31, 2025 (Initial Period), unless extended by mutual agreement in writing or terminated earlier by Consultant with not less than 30 days prior written notice.
3. | PAYMENT RATES AND BILLING |
Consultant shall be compensated for Services, at the rate of $10,000.00 (Ten Thousand Dollars) per month, with payment to be made after submittal of a billing statement at the end of each month. Consultants previously-awarded unvested performance shares shall remain active and shall continue to vest as scheduled.
Consultant shall be reimbursed for all reasonable and necessary documented travel and business expenses incurred directly as a result of providing services under this Agreement. All air travel and lodging shall require the prior approval and authorization in order to qualify for reimbursement hereunder. GEO will provide Consultant with Pre -paid Air Travel at not lower than Business Class Fare Rate, with travel dates, times and departure/arrival locations mutually agreed.
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4. | RIGHTS AND DATA |
Consultant agrees that all data, including drawings, designs, prints, photographs, specifications, test data tabulation, completed forms, reports, proposals, and all other information furnished by GEO to Consultant for use in connection with the performance of this Agreement or emanating from the work called for under this Agreement (herein called GEO Data) shall be and remain the sole property of GEO. GEO Data that qualifies as Confidential GEO Information (as defined below) provided to Consultant shall be governed by the obligations of confidentiality in Section 5, data security and privacy best practices, and restrictions against disclosure at least as restrictive as those contained in this Section and Section 5 of this Agreement. Consultant further agrees that all GEO Data not considered Confidential GEO Information shall be kept in confidence and not disclosed to third parties, excepting that certain data, as appropriate, may be disclosed to appropriate agencies/departments in connection with the performance of this Agreement. Consultant agrees that GEO Data shall not be used for any other purposes or disclosed to any other parties except with the prior written consent of GEO. At the conclusion of the work hereunder, Consultant shall deliver all GEO Data to GEO and shall be fully responsible for the care and protection of GEO Data until such delivery.
Consultant will, and will cause its employees and, or, agents to (i) wipe clean the device memory on all equipment and machines on which GEO Data is placed, at the time of disposal, sale or recycling, as applicable, and (ii) sanitize storage media, as well as temporary files and back up files on which GEO Data is stored, at the time Consultants retention timeframe for archival or audit purposes expires, and shall certify such destruction to GEO in writing. Upon completion or termination of the Services to be furnished under this Agreement, Consultant shall return and, or, destroy all remaining GEO Data in accordance with Consultants record retention and destruction policies.
5. | CONFIDENTIALITY |
Confidential GEO Information means any GEO Data or information provided under this Agreement by GEO to Consultant that is commercially valuable, confidential, proprietary, or a trade secret. Confidential GEO Information, however, shall not include information that is or was, at the time of the disclosure: (a) generally known or available to the public; (b) received by Consultant from a third-party; (c) already in Consultants possession prior to the date of receipt from Discloser; or (d) independently developed by Consultant. These exceptions apply in each case as long as the information was not delivered to or obtained by Consultant as a result of any breach of this Agreement, Law, or any contractual, ethical, or fiduciary obligation owed to GEO.
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Consultant agrees (i) not to disclose Confidential GEO Information to any other person, firm, or entity without first obtaining GEOs express written consent, and (ii) that at all times it shall use the same standard of care to protect Confidential GEO Information as it uses to protect its own confidential information of a similar nature, but not less than a commercially reasonable standard of care. Consultant shall hold all Confidential GEO Information and all GEO Data in trust and confidence for GEO, and shall not use any GEO Data other than for the benefit of GEO. If Consultant becomes subject to a court order for the release of Confidential GEO Information and/or GEO Data, or is otherwise legally compelled to release any information related to GEO, Consultant shall use its best efforts to provide GEO with as much advance notice as possible of the information s prospective release, to the extent permitted by applicable Laws, to enable GEO to petition for protective concealment, or to oppose the disclosure, of the GEO Data and, or, Confidential GEO Information. Consultant further agrees that the unauthorized disclosure of Confidential GEO Information is a material breach of this Agreement that may result in irreparable harm to GEO. In those cases, payment of money damages is inadequate and difficult to ascertain. Consultant agrees, therefore, that GEO may, at its sole option, seek immediate injunctive relief in any court of competent jurisdiction enjoining any further such breach, and Consultant consents to the entry of judgment for injunctive relief.
6. | STATUS AND RESPONSIBILITY OF CONSULTANT; NATURE OF RELATIONSHIP |
Consultant shall perform services for GEO as an independent contractor and not as an agent of GEO. It shall be the responsibility of Consultant to perform all services assigned hereunder in conformity and strict compliance with all applicable laws, rules and regulations of the United States and the several states, and any foreign country, including but not limited to compliance with the Foreign Corrupt Practices Act of the United States. During the term of this Agreement and notwithstanding anything contained herein to the contrary regarding Consultants duties as provided under this Agreement, the parties hereto agree that this Agreement does not in any way create the relationship of joint venture, partnership or principal and agent between GEO and Consultant. Unless expressly or specifically authorized in writing executed by both parties hereto, neither party shall act or attempt to act, or represent themselves, directly or by implication, as agent for the other or in any manner assume or create, or attempt assume or create, any obligation on behalf or in the name of the other party.
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7. | CONFLICT OF INTEREST |
During the term of this Agreement, Consultant shall not have any direct or indirect financial interest in any company, firm, corporation or other entity that competes with GEO in the provision of contracted detention, correctional, residential re-entry, transportation and/or youth services. For purposes of this Agreement, a direct or indirect financial interest shall mean any interest which exceeds five percent (5%) of the value of such company, firm, corporation or other entity.
Consultant shall not engage in any activity, directly or indirectly, alone or in association with any other person, company, firm, corporation or entity, which competes with or assists another, to compete with GEO in the provision of contracted detention, correctional, residential re-entry, transportation and/or youth services for two years following the termination of this Agreement.
Consultant is prohibited, during the term of this Agreement and for two years following the termination of this Agreement, from accepting any compensation in any form whatsoever from any contractor, subcontractor, consultant, or other person, company, firm, corporation or other entity participating with GEO in a design-build and/or operational project which arises during the term of this Agreement.
Consultant acknowledges that the breach of the provisions of this Section by Consultant will cause GEO to suffer significant competitive and economic damages and that any such breach will entitle GEO to seek legal damages and/or equitable relief in an appropriate court of law.
8. | CONSTRUCTION |
This Agreement shall be construed and enforced in accordance with the laws of the State of Florida.
9. | REPRESENTATION |
Consultant represents that the relationship, services, and compensation set forth in this Agreement are lawful and in strict accordance with all applicable laws and regulations of the jurisdiction identified in Section 8, and acknowledges that GEO has relied upon Consultants representation to such effect in entering into this Agreement. In the event any part or all of the terms and conditions of this Agreement are deemed to be contrary to such applicable laws or regulations of the identified jurisdiction, the parties hereto agree that such part or all of this Agreement shall be deemed null and void, and no services or compensation shall be due with respect to same.
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10. | ASSIGNMENT |
Neither party hereto may assign its rights, duties and obligations hereunder without written consent of the other party, which consent shall not be unreasonably withheld.
11. | COUNTERPARTS |
This agreement will be executed in two (2) or more counterparts, each of which shall be considered one and the same instrument.
IN WITNESS WHEREOF, the undersigned authorized parties affix their signatures effective the date first written above.
CONSULTANT | ||||
/s/ David Venturella | ||||
David Venturella | SS# or Fed. Tax ID # | |||
THE GEO GROUP, INC. | ||||
/s/ Jose Gordo | ||||
Name: Jose Gordo | ||||
Title: Chief Executive Officer |
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