Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Separation of Timothy P. Burgess
On October 11, 2021, Landec Corporation (the "Company"), Curation Foods, Inc.
("Curation Foods"), a wholly owned subsidiary of the Company, and Timothy P.
Burgess, Vice President of the Company and Senior Vice President of Supply Chain
with Curation Foods, agreed to separate his employment, effective October 11,
2021 (the "Separation Date").
In connection with his separation, Mr. Burgess entered into a Separation
Agreement and General Release (the "Separation Agreement"), pursuant to which he
will receive the following payments and benefits, provided he does not revoke
the Separation Agreement: (i) salary continuation payments in an aggregate
amount of $258,633.18, reflecting thirty-nine weeks' base salary and (ii) full
accelerated vesting of the Company restricted stock unit award granted to him on
July 25, 2019. The Separation Agreement also contains a general release of
claims against the Company, Curation Foods and their affiliates. Mr. Burgess may
revoke the Separation Agreement until October 20, 2021.
The foregoing description of the Separation Agreement is not complete and is
subject to and qualified in its entirety by the terms of the Separation
Agreement, a copy of which is filed herewith as Exhibit 10.1 and incorporated
herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit.
The following exhibits are furnished as part of this report:
Exhibit No. Description
10.1 Separation Agreement and General Release, dated October 13, 2021, by and
between the Company and Timothy Burgess.
104 Cover Page Interactive Data File - the cover page XBRL tags are embedded
within the Inline XBRL document.
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