Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Departure of Chief Financial Officer
On October 3, 2025, Todd Cunfer informed Freshpet, Inc. (the "Company") that he will resign from his role as Chief Financial Officer of the Company, effective October 17, 2025, to accept another position. The Company will conduct a search of candidates to fill his position.
Appointment of Interim Chief Financial Officer
The Company's board of directors (the "Board") has appointed Ivan Garcia, the Company's current Vice President- Finance, as interim Chief Financial Officer of the Company effective October 17, 2025. As interim Chief Financial Officer Mr. Garcia will be the Company's principal financial officer and principal accounting officer on an interim basis.
Mr. Garcia, age 41, has served as Vice President - Finance since July 2023. Previously, he served as VP Corporate Controller from October 2020 to June 2023, VP of Financial Reporting from March 2017 to September 2020 and held a number of roles since joining the Company in February 2014 as Manager-financial reporting. Prior to joining Freshpet, he worked at KPMG in their auditing function. Mr. Garcia provides management and the Board with an in-depth understanding of the Company's business model, sharp financial acumen and fiscal discipline. There are no arrangements or understandings between Mr. Garcia and any other persons outside of the Company pursuant to which he was selected as an executive officer of the Company, and there are no family relationships between any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company and Mr. Garcia. Mr. Garcia has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
In connection with his appointment as the Company's interim Chief Financial Officer, the Company's Board approved an increase in Mr. Garcia's annual salary, which raises his annual salary to $341,214 per year. Such salary increase is effective as of October 17, 2025. In addition, Mr. Garcia will have a target bonus of 40% of his annual salary and a Long Term Incentive Target of 25% of his annual salary, each prorated for the partial year of service. Finally, Mr. Garcia has received a grant under the Company's 2024 Equity Plan of 3,000 Restricted Stock Unit, vesting on the first anniversary of the grant date.