Andrew Monnich
About Andrew Monnich
Andrew Monnich, 49, has served as NRC Health’s Chief Corporate Development Officer since January 2024, with 20+ years in product and corporate development across healthcare, financial services, and education, including prior roles at NRC (SVP Strategy & Corporate Development, 2011–2013), Connect (MD & Co‑Founder, 2013–2016; acquired by NRC), and Practicing Excellence (Chief Strategy Officer, Jul 2018–Aug 2020). Company performance in his initial tenure year showed 2024 revenue of $143.1 million and net income of $24.8 million, with the value of a fixed $100 investment in NRC at $29.28 for 2024; executive compensation design was explicitly tied to Total Recurring Contract Value (TRCV) and Adjusted EBITDA Margin targets during this period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| NRC Health | SVP – Strategy & Corporate Development | 2011–2013 | Corporate strategy and development leadership inside NRC . |
| Connect | Managing Director & Co‑Founder | 2013–2016 | Built platform later acquired by NRC, adding to NRC’s portfolio . |
| Practicing Excellence | Chief Strategy Officer | Jul 2018–Aug 2020 | Strategy leadership in clinician coaching/engagement domain . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Independent Consulting | Strategy Consultant | Most recent prior to Jan 2024 | Developed and implemented strategies to improve innovation and performance for businesses . |
Fixed Compensation
- Employment status: Executive officers are elected by and serve at the discretion of the Board (at‑will employment; no standing employment agreement disclosed) .
- Base salary: Not disclosed for Monnich in 2024 proxy (he was not a Named Executive Officer) .
- 2025 change: In April 2025, the Compensation Committee aligned executives’ pay to shareholder interests via stock ownership; the described changes for COO Hrdy “also were made for Andrew Monnich” (see Performance Compensation) .
Performance Compensation
| Award/Plan | Metric | Target/Terms | Actual/Payout | Vesting/Restrictions |
|---|---|---|---|---|
| 2025 Restricted Stock Grant | Stock ownership (alignment) | 100,000 shares issued April 7, 2025; Company can repurchase for $1 if terminated for cause/resigns without good reason before 3rd anniversary; non‑transferable before 3rd anniversary except limited exceptions; after 3rd anniversary, only 50% transferable during employment . | Cash bonus equal to 66 2/3% of the value of the shares (based on closing price prior to Grant Date); exact $ value not disclosed here . | Transfer restrictions through April 7, 2028; repurchase option under specified terminations; post‑3 year 50% transfer cap during employment . |
| 2024 Incentive Program (eligibility) | TRCV and Adjusted EBITDA Margin (Short‑Term and Long‑Term Cash Plans; performance options) | Messrs. Hahn, Louvion, and Monnich “eligible to receive compensation packages similar to” Hrdy’s, which included TRCV thresholds and an Adjusted EBITDA Margin gate and performance options granted Jan 19, 2024 . | Specific grants/payouts for Monnich not disclosed in proxy tables (not a 2024 NEO); TRCV at 12/31/2024 was $133M—below bonus threshold for Short‑Term Cash Plan for those participating . | 2024 performance option agreements included restrictive covenants and change‑in‑control mechanics; Monnich’s specific award details not itemized in tables . |
Equity Ownership & Alignment
- Beneficial ownership: Not separately disclosed for Monnich in the 2025 proxy beneficial ownership table (as a non‑NEO in 2024) .
- Recent equity grant: 100,000 restricted shares on April 7, 2025 with strong transfer/repurchase restrictions (see Performance Compensation) .
- Hedging: Company states officers have not historically engaged in hedging; as of the 2025 record date, none of its officers were party to hedging transactions .
- Pledging: No pledging disclosure appears for Monnich; pledging footnotes in recent proxies reference other individuals but do not list Monnich .
Employment Terms
| Provision | Terms |
|---|---|
| Role start date | Chief Corporate Development Officer since January 2024 . |
| Employment agreement | Executive officers serve at Board’s discretion; no standard employment contract disclosed . |
| Severance (2025 program) | Entitled to one year of continued payment of then‑current annual base salary if terminated without cause or resigns with good reason after the third anniversary of the grant date (mirrors COO Hrdy’s revised terms extended to Monnich) . |
| Change‑of‑control | 2025 stock grant terms do not specify CIC acceleration for Monnich; 2024 option agreements included CIC provisions generally (Monnich’s specific awards not itemized) . |
| Restrictive covenants | 2024 option agreements included non‑compete, non‑solicit, non‑interference, and non‑disclosure; breach forfeits unexercised portion (Monnich’s specific 2024 award not itemized) . |
| Clawback | Dodd‑Frank compliant Clawback Policy covering Section 16 officers, enabling recovery of incentive compensation upon restatements, misconduct, or restrictive covenant breaches . |
Compensation Structure Analysis
- Shift to stock ownership in 2025: A 100,000 share restricted grant plus a cash bonus formula (66 2/3% of share value) signals a move toward equity alignment with multi‑year transfer restrictions and a repurchase provision, reducing near‑term selling pressure and increasing retention incentives .
- Performance linkage: Company’s 2024 incentive designs tied payouts and vesting to TRCV and Adjusted EBITDA Margin, reinforcing revenue durability and margin discipline in strategic execution .
- Peer benchmarking: NRC does not use a formal peer group due to lack of comparable public peers; compensation decisions are committee‑driven without peer targeting (50th/75th percentile) .
Say‑On‑Pay & Governance Context
- Say‑on‑pay approval: >98% of votes cast approved 2024 executive compensation (May 2024) .
- Compensation & Talent Committee: Independent directors Lockhart (Chair), Berwick, Bhandari, Nunnelly, Wheeler; two meetings in 2024; no compensation consultant used; NRC notes absence of publicly traded peers .
- Hedging practices: No formal prohibition policy, but officers historically have not engaged in hedging; none were party to hedging as of record date .
Performance & Track Record
- Strategic backdrop: NRC highlighted expanded leadership and product portfolio; noted a significant multi‑million‑dollar Advocate Health contract in January 2024 press release (organizational achievement context during Monnich’s appointment) .
- Company metrics (2024): Revenue $143,060k; Net Income $24,783k; fixed $100 investment TSR value $29.28 (company‑level performance measures disclosed in pay‑versus‑performance) .
Investment Implications
- Alignment and retention: The 100,000‑share restricted grant with 3‑year transfer lock and repurchase option creates strong ownership alignment and retention, potentially lowering insider selling pressure; post‑3 years, a 50% transfer cap sustains alignment during employment .
- Performance signal: Incentive frameworks keyed to TRCV and Adjusted EBITDA Margin support durable recurring revenue growth and margin discipline—watch for disclosures of TRCV trajectory and margin gates to gauge payout probability .
- Disclosure gap: As a non‑NEO in 2024, Monnich’s base salary and granular payouts are not reported; investors should monitor future proxies and any Form 4 filings for updates on ownership changes and award activity .
- Governance protections: Robust clawback and restrictive covenant structures reduce misconduct risk and can deter short‑termism; absence of hedging activity among officers as of the record date further supports alignment .
