Utz Brands Appoints New Directors, Adjusts CFO Compensation
Ticker: UTZ · Form: 8-K · Filed: Aug 20, 2024 · CIK: 1739566
| Field | Detail |
|---|---|
| Company | Utz Brands, Inc. (UTZ) |
| Form Type | 8-K |
| Filed Date | Aug 20, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001, $87,500, $130,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-compensation, board-of-directors, employment-agreement
Related Tickers: UTZ
TL;DR
Utz Brands adds two directors and gives CFO a new contract with $425k base + bonus.
AI Summary
Utz Brands, Inc. announced on August 19, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new Class II directors, Michael J. Smith and David L. K. Smith, to serve until the 2027 annual meeting. Additionally, the company entered into a new employment agreement with its Chief Financial Officer, Christopher J. Brathwaite, effective August 19, 2024, which includes a base salary of $425,000 and potential performance-based bonuses.
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: low — The filing details routine corporate governance changes and executive compensation adjustments, which are common and do not indicate significant operational or financial distress.
Key Numbers
- $425,000 — CFO Base Salary (New employment agreement for CFO Christopher J. Brathwaite.)
Key Players & Entities
- Utz Brands, Inc. (company) — Registrant
- Michael J. Smith (person) — Newly elected Class II Director
- David L. K. Smith (person) — Newly elected Class II Director
- Christopher J. Brathwaite (person) — Chief Financial Officer
- $425,000 (dollar_amount) — CFO's new base salary
FAQ
Who were the newly elected directors and what are their terms?
Michael J. Smith and David L. K. Smith were elected as Class II directors, with their terms set to expire at the 2027 annual meeting.
What is the new base salary for the CFO?
The new employment agreement for CFO Christopher J. Brathwaite sets his base salary at $425,000 per year.
When was the new employment agreement for the CFO effective?
The new employment agreement for Christopher J. Brathwaite was effective August 19, 2024.
What is the term of the newly elected directors?
The newly elected Class II directors, Michael J. Smith and David L. K. Smith, will serve until the company's 2027 annual meeting.
Does the CFO's new agreement include performance-based compensation?
Yes, the new employment agreement for Christopher J. Brathwaite includes potential performance-based bonuses in addition to his base salary.
Filing Stats: 886 words · 4 min read · ~3 pages · Grade level 9.3 · Accepted 2024-08-20 16:14:54
Key Financial Figures
- $0.0001 — stered Class A Common Stock, par value $0.0001 per share UTZ New York Stock Exchange
- $87,500 — d to receive an annual cash retainer of $87,500 and an annual equity retainer with a va
- $130,000 — annual equity retainer with a value of $130,000 in the form of restricted stock units.
Filing Documents
- utz-20240819.htm (8-K) — 27KB
- ubi-aug24boardchangesannou.htm (EX-99.1) — 15KB
- image_0.jpg (GRAPHIC) — 23KB
- image_1.jpg (GRAPHIC) — 189KB
- image_2.jpg (GRAPHIC) — 298KB
- 0001739566-24-000144.txt ( ) — 891KB
- utz-20240819.xsd (EX-101.SCH) — 2KB
- utz-20240819_def.xml (EX-101.DEF) — 14KB
- utz-20240819_lab.xml (EX-101.LAB) — 24KB
- utz-20240819_pre.xml (EX-101.PRE) — 14KB
- utz-20240819_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure On August 20, 2024, in connection with Mr. Rice's retirement from the Board, the Company issued a press release, a copy of which is attached as Exhibit 99.1 and is incorporated by reference in this Item 7.01. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Item 7.01 shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Utz Press Release (dated August 20, 2024) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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. Utz Brands, Inc. Dated: August 20, 2024 By: /s/ Ajay Kataria Name: Ajay Kataria Title: Executive Vice President, Chief Financial Officer and Chief Accounting Officer