Kevin Coveney
Enveric BiosciencesAbout Kevin Coveney
Kevin Coveney, 61, has served as Chief Financial Officer of Enveric Biosciences (ENVB) since March 13, 2023. He brings over 30 years of biotechnology finance and accounting experience, including CFO roles at multiple biotech firms and prior audit partner experience; he holds a B.S. in Management (Accounting) from the University of Massachusetts and served as a non‑commissioned officer in the U.S. Coast Guard . The company discloses that he is eligible for an annual bonus based on performance criteria determined by the Board, but no specific TSR/revenue/EBITDA performance metrics are disclosed for his pay program . Executives are at‑will employees under ENVB’s governance framework .
Past Roles
| Organization | Role | Years | Strategic impact / notes |
|---|---|---|---|
| Enveric Biosciences | Chief Financial Officer | Mar 13, 2023 – present | CFO since March 2023 |
| Coveney Capital Advisors (consulting) → Progressive Therapeutics, Inc. | Founder; fractional CFO/consultant | Sep 2022 – Mar 2023 | 30+ years biotech finance/accounting experience |
| Coveney Capital Advisors (consulting) → Power of Patients, LLC | Founder; fractional CFO/consultant | Oct 2022 – Mar 2023 | 30+ years biotech finance/accounting experience |
| Memgen, Inc. | Chief Financial Officer | Nov 2021 – Jun 2022 | Biotech CFO tenure |
| Q‑State Biosciences, Inc. | Chief Financial Officer | Apr 2020 – Apr 2021 | Biotech CFO tenure |
| Vedanta Biosciences, Inc. | SVP Finance, HR & IT | Nov 2018 – Feb 2020 | Senior finance leadership |
| Berg Health LLC | Various senior positions | Sep 2015 – Nov 2018 | Senior finance roles |
| Braver PC (now CBIZ) | Audit Partner | Jul 2007 – Oct 2012 | Audit partner background |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public company directorships disclosed in ENVB’s proxy; listed as an executive officer, not a director . |
Fixed Compensation
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Salary | $308,989 | $385,000 |
| Bonus (cash) | $0 (no bonus disclosed) | $0 (no bonus disclosed) |
| Stock awards (grant‑date fair value) | $49,688 (1,767 RSUs) | $93,002 (10,667 RSUs) |
| Total compensation | $358,677 | $478,002 |
- Base salary per employment agreement: $350,000; bonus opportunity up to 40% of base salary (Board‑determined performance criteria) .
- Note: ENVB effected a 1‑for‑15 reverse stock split on Jan 29, 2025; historical share amounts in the 2025 proxy are adjusted for comparability .
Performance Compensation
| Incentive | Weighting | Target | Actual Metric Disclosure | Payout (2023) | Payout (2024) | Vesting |
|---|---|---|---|---|---|---|
| Annual cash bonus | Not specified | 40% of base salary eligibility | Board discretion; financial results (not specified) | $0 | $0 | N/A |
- No specific financial/TSR/ESG targets or payout formulas are disclosed for Coveney’s cash bonus; payouts were $0 in 2023 and 2024 .
Equity Awards (RSUs) – Grants and Vesting
| Grant date | Instrument | Granted (#) | Unvested as of 12/31/2024 (#) | Market value at 12/31/2024 | Vesting schedule / key terms |
|---|---|---|---|---|---|
| Mar 13, 2023 | RSUs | 1,767 | 1,325 | $7,129 (at $5.38/sh) | 4 equal annual installments; first on Mar 13, 2024; continued employment required |
| Feb 22, 2024 | RSUs | 4,000 | 4,000 | $21,520 (at $5.38/sh) | 25% on 1‑yr anniversary (Feb 22, 2025) then 1/36 monthly thereafter; continued employment required |
| Oct 9, 2024 | RSUs | 6,667 | 6,667 | $35,868 (at $5.38/sh) | 25% on 1‑yr anniversary (Oct 9, 2025) then 1/36 monthly thereafter; continued employment required |
- Aggregate as of Dec 31, 2024: 12,434 RSUs awarded; 10,467 unvested (per proxy overview) .
- Options: No option awards reported for Coveney in the outstanding awards table .
- Conversion feature: Vested RSUs convert into issued shares only upon termination of employment or change of control (deferred issuance), per company disclosure .
Equity Ownership & Alignment
| As of | Beneficial ownership (shares) | % of class | Detail |
|---|---|---|---|
| Apr 11, 2025 | 2,133 | <1% | Includes 1,883 shares and vested & unissued RSUs, plus 250 RSUs vesting within 60 days . Outstanding shares: 2,471,656 . |
- Pledging/hedging: ENVB’s policy prohibits pledging company securities as collateral, short sales, publicly traded options, and hedging by insiders .
- Ownership guidelines: Not disclosed for executives in the proxy sections reviewed.
- Alignment: No options; equity mix is time‑based RSUs. RSU issuance is deferred until termination or change‑of‑control, which reduces near‑term selling pressure from vested units .
Employment Terms
| Term | Key provision |
|---|---|
| Effective date | CFO effective March 13, 2023 |
| Base salary | $350,000 per employment agreement |
| Annual bonus | Eligible up to 40% of base; Board discretion on criteria |
| Term/termination | Agreement continues until terminated; either party may terminate with ≥30 days’ written notice |
| Severance (no cause/good reason) | 9 months of then‑current base salary, subject to release of claims |
| Equity acceleration (CIC) | All outstanding RSUs fully vest upon Change in Control |
| Equity acceleration (no cause/good reason) | All outstanding RSUs immediately vest upon such termination |
| Non‑solicit | 12 months post‑termination (employees/customers) |
| Confidentiality / non‑disparagement | Ongoing obligations |
| Employment at‑will | Executives are at‑will employees |
| Clawback | Company‑wide clawback policy for incentive compensation upon accounting restatement |
| Insider trading / pledging | Prohibits short sales, options, hedging, and pledging as collateral |
Investment Implications
- Pay structure and risk: Coveney’s pay is equity‑heavy and primarily time‑based RSUs; there are no options and no disclosed performance‑based equity, and cash bonuses were $0 in 2023–2024, indicating low direct pay‑for‑performance linkage in disclosed metrics .
- Retention and acceleration: While vesting is multi‑year, single‑trigger RSU acceleration on change‑of‑control and immediate vesting on no‑cause/good‑reason terminations limit retention “hooks” in downside scenarios; severance is moderate at 9 months’ base .
- Selling pressure: Vested RSUs convert to shares only upon termination or change‑of‑control, reducing ongoing issuance into the float and near‑term insider selling pressure; anti‑hedging/anti‑pledging policy further supports alignment .
- Ownership: Beneficial ownership is de minimis (<1%), which provides limited direct economic alignment through shareholding; however, continued RSU vesting schedules extend exposure, with major vesting gates in 2025 and beyond .