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5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 21, 2023, Mission Produce, Inc. (the “Company”) announced that Timothy A. Bulow, President and Chief Operating Officer, will depart the Company effective September 30, 2023 to pursue other opportunities. Chief Executive Officer, Stephen J. Barnard, will assume Mr. Bulow’s duties.
In connection with Mr. Bulow’s departure, the Company has entered into a Separation Agreement and General Release pursuant to which the Company will pay Mr. Bulow severance payments consisting of: (i) $475,020, representing one year of base salary; (ii) twelve months of Company-paid COBRA; and (iii) acceleration of outstanding unvested restricted stock units that would have become vested on January 6, 2024 had Mr. Bulow remained employed through such date, pro-rated for the length of time served from the grant date to the separation date. In exchange for the aforementioned severance payments, the Company received a general release of claims from Mr. Bulow. The foregoing description is qualified in its entirety by reference to the Separation Agreement and General Release, which will be filed as an exhibit to the Company’s annual report on Form 10-K for the period ending October 31, 2023.
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.
|MISSION PRODUCE, INC.|
Date: September 21, 2023
|Stephen J. Barnard|
|Chief Executive Officer|