Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 5, 2022, MGP Ingredients, Inc. (the "Company") entered into a letter agreement with David Dykstra, the Company's Vice President of Alcohol Sales, in connection with his planned retirement from the Company on December 31, 2022. In order to promote an orderly transition of Mr. Dykstra's responsibilities and customer relationships, the letter agreement provides that if Mr. Dykstra remains employed with the Company through December 31, 2022 and executes a separation and release agreement in the form attached to the letter agreement, he will receive the following additional compensation:

(a) A lump sum payment in an amount equal to the value of all outstanding unvested restricted stock units held by Mr. Dykstra as of December 31, 2022, less all applicable withholding taxes, based on the closing price of the Company's common stock on December 30, 2022.; and

(b) A lump sum payment equal to the fiscal year 2022 short term incentive compensation bonus payment that would have been payable to Mr. Dykstra if he had remained employed by the Company through the date on which such payment would have been made by the Company, less all applicable withholding taxes.

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits
Exhibit Number            Description

104                       The cover page from this Current Report on Form 8-K, formatted in iXBRL
                          (Inline Extensible Business Reporting Language)

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses