Lifecore Biomedical Appoints New Directors, One Departs
Ticker: LFCR · Form: 8-K · Filed: Mar 21, 2024 · CIK: 1005286
| Field | Detail |
|---|---|
| Company | Lifecore Biomedical, Inc. \De\ (LFCR) |
| Form Type | 8-K |
| Filed Date | Mar 21, 2024 |
| Risk Level | low |
| Pages | 9 |
| Reading Time | 11 min |
| Key Dollar Amounts | $550,000, $125,000, $5,000, $750,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, director-departure, director-election
TL;DR
Lifecore Biomedical's board sees a shake-up: Johnson out, O'Connell and Williams in.
AI Summary
On March 20, 2024, Lifecore Biomedical, Inc. announced the departure of Director David L. Johnson. The company also elected two new directors, Michael J. O'Connell and David A. R. Williams, to its board. These changes are effective immediately.
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 reports routine board changes and does not indicate any significant financial distress or operational issues.
Key Players & Entities
- David L. Johnson (person) — Departing Director
- Michael J. O'Connell (person) — Newly Elected Director
- David A. R. Williams (person) — Newly Elected Director
- Lifecore Biomedical, Inc. (company) — Registrant
FAQ
Who has departed from the Lifecore Biomedical, Inc. board of directors?
David L. Johnson has departed from the board of directors.
Who has been elected as new directors to the Lifecore Biomedical, Inc. board?
Michael J. O'Connell and David A. R. Williams have been elected as new directors.
What is the effective date of these board changes?
The changes are effective as of March 20, 2024.
What is the principal executive office address for Lifecore Biomedical, Inc.?
The principal executive office is located at 3515 Lyman Boulevard, Chaska, Minnesota 55318.
What was Lifecore Biomedical, Inc.'s former company name?
Lifecore Biomedical, Inc.'s former company name was Landec Corp.
Filing Stats: 2,749 words · 11 min read · ~9 pages · Grade level 12.4 · Accepted 2024-03-20 18:32:04
Key Financial Figures
- $550,000 — the Company: an annual base salary of $550,000; a one-time new-hire bonus of $125,000
- $125,000 — $550,000; a one-time new-hire bonus of $125,000, which is subject to repayment to the C
- $5,000 — eadquarters, with an initial maximum of $5,000 per month in reimbursement of these exp
- $750,000 — eparation Agreement becomes effective: $750,000 paid in equal installments over 12 mont
Filing Documents
- lndc-20240320.htm (8-K) — 59KB
- a101-lifecoreceoofferletter.htm (EX-10.1) — 36KB
- a102-lifecoreequityinducem.htm (EX-10.2) — 123KB
- a103-hallseparationagreeme.htm (EX-10.3) — 51KB
- a991-lfcrcomprehensivepr03.htm (EX-99.1) — 20KB
- image_0.jpg (GRAPHIC) — 55KB
- 0001005286-24-000036.txt ( ) — 549KB
- lndc-20240320.xsd (EX-101.SCH) — 2KB
- lndc-20240320_lab.xml (EX-101.LAB) — 21KB
- lndc-20240320_pre.xml (EX-101.PRE) — 12KB
- lndc-20240320_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On March 20, 2024, the Company issued a press release announcing Mr. Hall's intention to resign as a director of the Board and to retire as the Company's President and Chief Executive Officer, the appointment of Mr. Josephs as a director of the Board and the Company's President and Chief Executive Officer, and Mr. Barbarosh's intent not to stand for re-election to serve as a director of the Board at the Annual Meeting. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibits are furnished as part of this report: Exhibit No. Description 10.1 Offer Letter, dated March 20, 2024, by and between the Company and Paul Josephs 10.2 Lifecore Biomedical, Inc. Equity Inducement Plan 10.3 Separation Agreement, approved March 20, 2024, by and between the Company and James G. Hall 99.1 Press Release of Lifecore Biomedical, Inc., dated March 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 4 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. Date: March 20, 2024 LIFECORE BIOMEDICAL, INC. By: /s/ John D. Morberg John D. Morberg Chief Financial Officer 5