Item 2.02 Results of Operations and Financial Condition
On May 7, 2020, YETI Holdings, Inc. (the "Company") issued a press release
announcing its 2020 fiscal first quarter financial results and withdrawal of its
full year 2020 outlook provided on February 13, 2020. The press release is being
furnished with this Current Report on Form 8-K as Exhibit 99.1 and is
incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 7, 2020, in response to the COVID-19 pandemic and current market
conditions, the Company announced revisions to compensation effective May 20,
2020, which include a temporary 50% reduction in base salary for Matthew J.
Reintjes, the Company's President and Chief Executive Officer, and a temporary
25% reduction in base salary for the other current named executive officers (as
named in the Company's 2020 Proxy Statement filed on April 9, 2020). The
Company's Board of Directors has also voluntarily elected to temporarily waive
payment of all of the directors' annual cash retainer fees. The base salary and
annual cash retainer reductions are expected to be temporary and restored in
whole or in part as the Company's business recovers from the COVID-19 pandemic
Item 7.01 Regulation FD Disclosure
On May 7, 2020, the Company issued a press release announcing that its annual
meeting of stockholders for 2020 (the "Annual Meeting") will be held in a
virtual format only, via live audio webcast due to public health concerns
regarding the COVID-19 outbreak and to support the health and well-being of
meeting participants. The Annual Meeting will still be held at 11:30 a.m.
Central Daylight Time on Wednesday, May 20, 2020, but in virtual meeting format
only. The Annual Meeting will be held at
www.virtualshareholdermeeting.com/YETI2020. The full text of the press release
is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information contained in this report shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or otherwise subject to the liability of that section. The
information in this report shall not be incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit
No. Description
99.1 Press release issued by YETI Holdings, Inc., dated May 7, 2020 .
99.2 Press release issued by YETI Holdings, Inc., dated May 7, 2020 .
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