Retired CEO Cole accelerates 300k options; Board forms special committee for strategic review

CALAVO GROWERS INC

Lecil E. Cole retired as CEO effective Dec 8, 2025; letter agreement accelerates vesting of 300,000 stock options.
Agreement extends option exercise period and grants Company right of first offer on all avocados grown by Cole.
Board formed Special Transactions Committee, engaged financial advisor and M&A counsel to evaluate strategic alternatives.
If no transaction, Board may consider share repurchase or special dividend to enhance shareholder value.

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