Andersons, Inc. Adjusts CEO Compensation
Ticker: ANDE · Form: 8-K · Filed: Aug 19, 2024 · CIK: 821026
| Field | Detail |
|---|---|
| Company | Andersons, INC. (ANDE) |
| Form Type | 8-K |
| Filed Date | Aug 19, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.00, $0.01, $1,000,000, $3,000,000, $500,000 b |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, employment-agreement
TL;DR
Andersons just updated CEO Patrick Anderson's pay package, effective Aug 15, 2024.
AI Summary
The Andersons, Inc. announced on August 15, 2024, changes in its executive compensation arrangements. Specifically, the company entered into a new employment agreement with its CEO, Patrick B. Anderson, effective August 15, 2024. This agreement outlines his new base salary, annual incentive opportunity, and long-term incentive opportunity.
Why It Matters
Changes in executive compensation can signal management's confidence in future performance or reflect adjustments to align incentives with strategic goals.
Risk Assessment
Risk Level: low — This filing primarily concerns executive compensation and does not appear to involve significant financial transactions or operational changes that would inherently increase risk.
Key Players & Entities
- The Andersons, Inc. (company) — Registrant
- Patrick B. Anderson (person) — CEO
- August 15, 2024 (date) — Effective date of new employment agreement
FAQ
What is the effective date of the new employment agreement for Patrick B. Anderson?
The new employment agreement for Patrick B. Anderson is effective August 15, 2024.
What specific compensation components are detailed in the new agreement for the CEO?
The new agreement outlines Patrick B. Anderson's base salary, annual incentive opportunity, and long-term incentive opportunity.
What is the filing date of this 8-K report?
This 8-K report was filed on August 19, 2024.
What is the fiscal year end for The Andersons, Inc.?
The fiscal year end for The Andersons, Inc. is December 31.
In which state is The Andersons, Inc. incorporated?
The Andersons, Inc. is incorporated in Ohio.
Filing Stats: 1,023 words · 4 min read · ~3 pages · Grade level 10.5 · Accepted 2024-08-19 17:10:49
Key Financial Figures
- $0.00 — nge on which registered: Common stock, $0.00 par value, $0.01 stated value ANDE The
- $0.01 — stered: Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Mark
- $1,000,000 — er will be entitled to the following: $1,000,000 annual base salary; Upon the achieveme
- $3,000,000 — with an anticipated grant date value of $3,000,000 commencing with his 2025 annual grants,
- $500,000 b — of the Board, Mr. Bowe is entitled to a $500,000 base salary and a target annual bonus of
Filing Documents
- ande-20240815.htm (8-K) — 33KB
- secondamendedandrestatedem.htm (EX-10.1) — 197KB
- letteragreementdatedaugust.htm (EX-10.2) — 44KB
- executivetransitionrelease.htm (EX-99.1) — 8KB
- ande-20240815_g1.jpg (GRAPHIC) — 118KB
- image_0b.jpg (GRAPHIC) — 75KB
- 0000821026-24-000202.txt ( ) — 854KB
- ande-20240815.xsd (EX-101.SCH) — 2KB
- ande-20240815_def.xml (EX-101.DEF) — 4KB
- ande-20240815_lab.xml (EX-101.LAB) — 25KB
- ande-20240815_pre.xml (EX-101.PRE) — 14KB
- ande-20240815_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure A copy of the Company's press release related to Mr. Krueger's appointment as President and Chief Executive Officer and Mr. Bowe's appointment as Executive Chair of the Board is being furnished as Exhibit 99.1 to this report.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits: Exhibit No. Description 10.1 Second Amended and Restated Employment Agreement, dated August 15, 2024, between The Andersons, Inc. and William E. Krueger 10.2 Letter Agreement, dated August 15, 2024, between The Andersons, Inc. and Patrick E. Bowe 99.1 Press Release dated August 19, 2024 104 Inline XBRL for the cover page of this Current Report on Form 8-K
SIGNATURES
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 Andersons, Inc. August 19, 2024 By: /s/ Christine M. Castellano Christine M. Castellano Executive Vice President, General Counsel and Corporate Secretary