Freshpet Board Changes Announced
Ticker: FRPT · Form: 8-K · Filed: Jan 8, 2025 · CIK: 1611647
| Field | Detail |
|---|---|
| Company | Freshpet, INC. (FRPT) |
| Form Type | 8-K |
| Filed Date | Jan 8, 2025 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001, $8,000,000, $4,000,000, $2,043,750 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-change, governance
Related Tickers: FRPT
TL;DR
Freshpet board shakeup: director out, new one in. Watch for strategy shifts.
AI Summary
Freshpet, Inc. announced on January 3, 2025, a change in its board of directors. The company reported the departure of a director and the election of a new director, effective January 3, 2025. This filing also touches upon compensatory arrangements for certain officers.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine board changes and compensatory arrangements, which are common corporate events.
Key Players & Entities
- Freshpet, Inc. (company) — Registrant
- January 3, 2025 (date) — Effective date of board changes
- Delaware (jurisdiction) — State of incorporation
FAQ
Who is the departing director and who is the newly elected director?
The filing does not specify the names of the departing or newly elected directors, only that a change occurred.
What is the effective date of the board changes?
The changes are effective as of January 3, 2025.
What specific compensatory arrangements are mentioned?
The filing indicates that compensatory arrangements of certain officers are part of the report, but does not detail them.
What is Freshpet, Inc.'s state of incorporation?
Freshpet, Inc. is incorporated in Delaware.
What is the principal executive office address for Freshpet, Inc.?
The principal executive offices are located at 1545 US-206, Bedminster, New Jersey 07921.
Filing Stats: 924 words · 4 min read · ~3 pages · Grade level 13.4 · Accepted 2025-01-07 19:57:42
Key Financial Figures
- $0.001 — f the Company's common stock, par value $0.001 per share, and were issued effective as
- $8,000,000 — ") Billy Cyr Chief Executive Officer $8,000,000 27,716 27,716 Scott Morris Presiden
- $4,000,000 — Scott Morris President & Co-Founder $4,000,000 13,858 13,858 Thembi Machaba Chief
- $2,043,750 — Machaba Chief Human Resources Officer $2,043,750 7,080 7,081 Subject to such Recipie
Filing Documents
- a8k.htm (8-K) — 35KB
- 0000929638-25-000089.txt ( ) — 167KB
- frpt-20250103.xsd (EX-101.SCH) — 4KB
- frpt-20250103_lab.xml (EX-101.LAB) — 21KB
- frpt-20250103_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 January 3, 2025, the Compensation and Human Capital Management Committee of the Board of Directors (the "Committee") of Freshpet, Inc., a Delaware corporation (the "Company"), in consultation with its independent compensation consultant, approved the grant of performance and time-based retention awards (each, a "2025 Retention Grant") to three of the Company's named executive officers: (i) our Chief Executive Officer, Mr. William B. Cyr; (ii) our President and Co-Founder, Mr. Scott Morris; and (iii) our Chief Human Resources Officer, Ms. Thembeka Machaba (each of Ms. Machaba, Mr. Cyr and Mr. Morris being a "Recipient"). The 2025 Retention Grants were awarded in the form of Restricted Stock Units ("RSUs") in respect of the Company's common stock, par value $0.001 per share, and were issued effective as of January 3, 2025 (the "Grant Date") pursuant and subject to the Company's 2024 Equity Incentive Plan. In determining to award the 2025 Retention Grants, the Committee considered that, as of January 1, 2025, each of Mr. Cyr, Mr. Morris and Ms. Machaba had no unvested equity awards with retentive power, as a result of their last equity grants having been made in 2020, and the performance and service periods for such awards concluded on December 31, 2024. The Committee believes that each of these executives have been critical to generating significant value creation for the Company and its stockholders, and accordingly, that Mr. Cyr's, Mr. Morris's and Ms. Machaba's retention will be a key driver for the Company's continued success and future growth. Effective as of the Grant Date, each Recipient is awarded a 2025 Retention Grant as set forth below: Recipient Position Grant Date Value Number of RSUs Granted Subject to Time-Based Vesting ("Time-Based RSUs") Number of RSUs Granted Subject to Perfor