Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 10, 2022, the Company provided notice that Mr. Youssef Zakharia would
leave his position as President and Chief Operating Officer of Fresh Del Monte
Produce Inc. (the "Company") effective January 31, 2022.
On January 14, 2022, the Company announced that Mohammed Abbas, 46, is being
appointed as the Company's Executive Vice President and Chief Operating Officer
and will relocate to Coral Gables to work at the Company's headquarters.
Mr. Abbas has served as the Company's Senior Vice President, Asia Pacific and
Middle East Region since October 2019. Prior to that time, Mr. Abbas served as
the Company's Vice President, Middle East and North Africa from January 2016 to
October 2019 and as Vice President Fresh Produce from April to December 2015.
Mr. Abbas served as the General Manager of Del Monte Saudi Arabia from June 2009
to March 2015. Prior to that time, he served as General Manager of Del Monte
Foods UAE since the inception of the first unit in the MENA Region in January
2007 until May 2009.
In connection with his promotion to Executive Vice President and Chief Operating
Officer, the Compensation Committee has agreed to initially increase Mr. Abbas'
base salary by 15% and to increase his base salary to $850,000 once he has
relocated to the United States which includes tax equalization from his prior
jurisdiction. Mr. Abbas will continue to be eligible to participate in the
Senior Executive Annual Incentive Plan with a target opportunity of 50% of his
base salary, will receive, concurrently with the award of equity to each of the
Company's other executive officers, time-based RSUs and PSUs, in each case with
a value of 40% of his base salary and a Long Term Incentive Plan award set at
35% of his base salary.
There are no other arrangements or understandings between Mr. Abbas and any
other person pursuant to which Mr. Abbas was appointed as Chief Operating
Officer of the Company. There are also no family relationships between Mr. Abbas
and any director or executive officer of the Company, and Mr. Abbas has no
direct or indirect material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation S-K.
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