Freshpet Announces Board & Executive Compensation Changes

TL;DR

Freshpet's board is shuffling, and exec pay plans are changing. Keep an eye on this.

AI Summary

Freshpet, Inc. announced on September 1, 2024, changes in its board of directors and executive compensation arrangements. The filing details the departure of certain officers and directors, the election of new directors, and updates to compensatory plans for key executives. Specific financial details or dollar amounts related to these changes were not provided in this excerpt.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in leadership and compensation can introduce uncertainty and signal underlying issues or strategic shifts.

Key Players & Entities

• Freshpet, Inc. (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• September 1, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $525,000 — y will receive an annual base salary of $525,000 ("Base Salary"). Ms. Baty shall also be
• $500,000 — a cash bonus on joining the Company of $500,000 and relocation support in the amount of
• $50,000 — and relocation support in the amount of $50,000. The Restricted Stock Units grant, the

Filing Documents

• a8k.htm (8-K) — 29KB
• exhibit99-1.htm (EX-99.1) — 10KB
• image0.jpg (GRAPHIC) — 367KB
• 0000929638-24-003051.txt ( ) — 681KB
• frpt-20240901.xsd (EX-101.SCH) — 4KB
• frpt-20240901_lab.xml (EX-101.LAB) — 21KB
• frpt-20240901_pre.xml (EX-101.PRE) — 16KB
• a8k_htm.xml (XML) — 4KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective September 1, 2024, Freshpet, Inc. (the "Company") appointed Nicki Baty, 45, as the Company's Chief Operating Officer. Scott Morris, previously the Company's President and Chief Operating Officer, will continue in his role as President and Co-Founder. Ms. Baty brings extensive operational and leadership experience managing brands across the UK, Europe and the U.S. Over her nearly 20-year tenure at Colgate-Palmolive, Ms. Baty held a variety of roles. She most recently served as President & General Manager of Hill's Pet Nutrition U.S. from 2020 to 2024, where she executed a strategic plan to drive growth and scale a multi-billion-dollar business. Previously, she served as Senior Vice President of Global Sales & General Manager of Latin America and Asia for Hill's Pet Nutrition, General Manager of the Nordic Region, General Manager of the Netherlands, and European Customer Development Director. From 2000 to 2005, she held various roles at Unilever in the UK. Ms. Baty holds a degree in Law and Business from the University of Warwick. Ms. Baty will receive an annual base salary of $525,000 ("Base Salary"). Ms. Baty shall also be eligible to participate in the Company's long term equity incentive programs, with an annual target opportunity of at least one hundred percent (100%) of her Base Salary. As an inducement to joining the Company, Ms. Baty has been granted restricted stock units in respect of 17,150 shares of the Company's Common Stock (the "Restricted Stock Units"), which will vest 33.3%, 39.5% and 27.2%, respectively, on each of the first three anniversaries of the date of the Restricted Stock Units grant, subject to Ms. Baty's continued employment through such dates. Ms. Baty will also receive a cash bonus on joining the Company of $500,000 and relocation support in the amount of $50,000. The

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On September 3, 2024, the Company issued a press release announcing the matters described under Item 5.02 of this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number 99.1 Press Release, dated September 3, 2024 104 Cover Page Interactive Data File (formatted as inline XBRL) SIGNATURE 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. FRESHPET, INC. Date: September 3, 2024 By: /s/ Todd Cunfer Name: Todd Cunfer Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR