Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnDecember 7, 2021 , the Board of Directors (the "Board") ofDuckhorn Portfolio, Inc. (the "Company") appointedAdriel Lares to the Board.Mr. Lares' initial term as a director will expire at the Company's 2023 Annual Meeting of Stockholders.Mr. Lares will also serve on the Audit Committee of the Board.Mr. Lares will replaceDan Costello on the Audit Committee, butMr. Costello will remain both a member of the Board and Committee Chair of theNominating & Corporate Governance Committee .Adriel Lares brings with him a tenured track record of public and private financial operations and reporting.Mr. Lares is currently the CFO of Stash, a subscription platform empowering middle-class Americans to invest and build wealth. He has served in that role sinceJuly 2021 . Prior to that,Mr. Lares served as the CFO of Fastly, Inc. Prior to Fastly, Inc.,Mr. Lares served as an advisor and CFO toLookout, Inc. , a mobile security firm. FromSeptember 2010 toFebruary 2012 ,Mr. Lares served as Business Unit Manager of3PAR Inc. , a data storage and information storage software company. FromJanuary 2005 toSeptember 2010 ,Mr. Lares served as Chief Financial Officer at3PAR Inc. , including during 3PAR's sale to Hewlett Packard.Mr. Lares has also served in various other capacities at 3PAR, including company treasurer and director of finance.Mr. Lares is a co-founder of Memento Mori, a Napa-based winery.Mr. Lares earned his BA in Economics fromStanford University . As a non-employee director,Mr. Lares will receive compensation in respect of his service to the Company in accordance with the Company's non-employee director compensation policy and consistent with the compensation paid to the Company's other non-employee directors who are eligible to receive compensation under such policy, as described in its Proxy Statement for the Fiscal 2022 Annual Meeting of Stockholders, as filed with theSecurities and Exchange Commission ("SEC") onNovember 23, 2021 . In addition, as with all directors, the Company entered into an Indemnification Agreement withMr. Lares onDecember 8, 2021 , the form of which is filed as Exhibit 10.5 to the Company's Annual Report on Form 10-K for the year endedJuly 31, 2021 , filed with theSEC onOctober 4, 2021 .
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