IFHI Reports Material Agreement, Officer Compensation Changes

Ticker: IVFH · Form: 8-K · Filed: Jan 3, 2024 · CIK: 312257

Complexity: simple

Sentiment: mixed

Topics: material-agreement, executive-compensation, corporate-governance

TL;DR

**IFHI just made a material deal and changed exec pay, watch for strategic shifts.**

AI Summary

Innovative Food Holdings, Inc. (IFHI) filed an 8-K on January 3, 2024, reporting a material definitive agreement and changes in compensatory arrangements for certain officers, effective December 29, 2023. This filing indicates potential shifts in the company's financial commitments and executive incentives. For investors, this matters because changes in executive compensation and material agreements can signal new strategic directions or financial health adjustments, potentially impacting future stock performance.

Why It Matters

Changes in material agreements and executive compensation can signal strategic shifts or financial restructuring, directly influencing investor confidence and the company's future profitability.

Risk Assessment

Risk Level: medium — The filing mentions a 'material definitive agreement' and 'compensatory arrangements of certain officers' without specific details, introducing uncertainty about the nature and impact of these changes.

Analyst Insight

Investors should monitor subsequent filings for specific details regarding the 'material definitive agreement' and the 'compensatory arrangements of certain officers' to assess their financial impact and strategic implications for Innovative Food Holdings, Inc.

Key Players & Entities

Forward-Looking Statements

FAQ

What was the earliest event reported in this 8-K filing?

The earliest event reported in this 8-K filing occurred on December 29, 2023, as stated under 'Date of Report (Date of earliest event reported): January 3, 2024 (December 29, 2023)'.

What specific items were reported under Item Information in this 8-K?

The specific items reported were 'Entry into a Material Definitive Agreement' and 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers', as well as 'Financial Statements and Exhibits'.

What is the business address of Innovative Food Holdings, Inc.?

The business address of Innovative Food Holdings, Inc. is 28411 Race Track Road, Bonita Springs, Florida 34135, with a business phone number of (239) 596-0204.

What is the Central Index Key (CIK) for Innovative Food Holdings, Inc.?

The Central Index Key (CIK) for Innovative Food Holdings, Inc. is 0000312257, as listed under 'COMPANY DATA'.

What was the former name of Innovative Food Holdings, Inc. and when did the name change occur?

The former name of Innovative Food Holdings, Inc. was ALPHA SOLARCO INC, and the date of the name change was 19920703 (July 3, 1992), according to the 'FORMER COMPANY' section.

Filing Stats: 1,401 words · 6 min read · ~5 pages · Grade level 10.9 · Accepted 2024-01-03 16:24:10

Key Financial Figures

Filing Documents

01

Item 1.01. Entry into a Material Definitive Agreement. To the extent required by Item 1.01 of Form 8-K, the information contained in Item 5.02 of this Current Report on Form 8-K is incorporated herein by reference.

02

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Richard Tang Steps Down from Chief Financial Officer Position Richard Tang, the Chief Financial Officer of Innovative Food Holdings, Inc. (the "Company"), has stepped down from his position as Chief Financial Officer, effective December 31, 2023. Mr. Tang's departure from this position was not the result of any disagreement with management or the Company on any matter relating to the Company's operations, policies or practices. Appointment of Gary Schubert as Chief Financial Officer On December 22, 2023, the board of directors of the Company (the "Board") appointed Mr. Gary Schubert to the position of Chief Financial Officer of the Company, effective January 1, 2024. Mr. Tang will act as a consultant to the company from January 1, 2024 to January 31, 2024 to assist with the transition of Mr. Schubert to his new role. Mr. Schubert, 45, brings to the Company a wealth of public company food industry experience. Prior to joining the Company as Chief Financial Officer, Mr. Schubert spent fifteen years at Walmart Stores, Inc. ("Walmart"), and three years at Tyson Foods, Inc. ("Tyson"), the second largest protein processer in the world. From June 2021 through August 2023, Mr. Schubert was the Senior Director of eCommerce Finance & Transformation Strategy at Walmart. In this role, he was responsible for generating long-term sustainable growth by increasing customer share of Walmart's electronic wallet, driving retention, and improving end-to-end omni-channel economics for Walmart's $75 billion eCommerce business. From February 2017 through June 2021, Mr. Schubert served as the financial lead for Walmart's Neighborhood Market business, the sixth largest grocery chain in the United States, with over $20 billion in annual sales across 700 locations. In addition, his financial leadership experience at Walmart spa

Financial Statements and Exhibits

Financial Statements and Exhibits (d) Exhibits Exhibit Description 10.1 Executive Employment Agreement dated December 29, 2023 by and between the Company and Gary Schubert. 104 Cover Page Interactive Data File (formatted as Inline XBRL)

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. INNOVATIVE FOOD HOLDINGS, INC. Dated: January 3, 2024 By: /s/ Gary Schubert Gary Schubert Chief Financial Officer

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