secwatch.observer — SEC 8-K summary
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Issuer:     Freshpet, Inc. (FRPT)
CIK:        0001611647
Form:       8-K
Filed at:   2024-08-30T23:59:59+00:00
Accession:  0000929638-24-003043
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Freshpet adopts Key Executive Severance Plan; CEO William Cyr enters letter agreement
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- Plan effective Aug 27, 2024, replacing individual employment agreements; covers named executive officers and senior employees.
- CEO Cyr to receive 2x annual comp for qualifying termination (no cause/good reason) and 3x for change-in-control termination.
- Other Level 2 executives get 1.5x (qualifying) or 2x (change-in-control) annual comp, plus COBRA and outplacement benefits.
- Cyr's letter agreement includes 24-month noncompete/nonsolicit; other executives 12 or 24 months.
- Plan designed to standardize severance and protect intellectual property; amendments restricted near change-in-control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1611647/000092963824003043/0000929638-24-003043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1611647/000092963824003043/a8k.htm
  HTML page:      https://secwatch.observer/filing/0000929638-24-003043

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