Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e)
As previously disclosed on a Form 8-K filed on January 13, 2022, on January 10,
2022, the Company provided notice that Mr. Youssef Zakharia would leave his
position as President and Chief Operating Officer of Fresh Del Monte Produce
Inc. (the "Company") effective January 31, 2022. On January 21, 2022, the
Company entered into a severance agreement with Mr. Zakharia pursuant to which
the Company will provide Mr. Zakharia certain payments in exchange for a release
of claims and his agreement to not compete with the Company and not solicit the
Company's customers, vendor and employees, for a twelve month period commencing
on February 1, 2022. Pursuant to the severance agreement Mr. Zakharia will
receive (1) salary continuation for a twelve month period following his
separation, (2) payment of Mr. Zakharia's medical health premiums for the twelve
month period following his separation, (3) fifty thousand dollars for
outplacement services and (4) sixty-two thousand dollars for potential
relocation services. In addition, the Company will accelerate vesting of his
unvested time-based restricted stock units (RSUs). In accordance with their
terms, all unvested performance-based RSUs will be forfeited.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.21 Severance Agreement and General and Full Release, dated as of
January 21, 2022, by and among Del Monte Fresh Produce Company and
Youssef Zakharia.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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