Bridgford Foods Corporation (NASDAQ:BRID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 10, 2019, Bruce H. Bridgford resigned as an officer (President of Bridgford Foods of California) and member of the Board of Directors of Bridgford Foods Corporation (the “Company”), effective immediately. In connection with his resignation from employment, the Company and Mr. Bridgford entered into a separation and release agreement effective July 12, 2019 to which the Company agreed to pay Mr. Bridgford a one-time lump sum cash payment of $72,980.27 within 30 days (unless the agreement is revoked by Mr. Bridgford during the 7-day statutory revocation period), and Mr. Bridgford agreed to a general release in favor of the Company and its affiliates and related persons, as well as a covenant not to sue, a non-disparagement covenant and a covenant of future cooperation. The resignation was not the result of a disagreement with management regarding operations, policies or practices of the Company.
The Company intends to begin a search for a new member of the Board of Directors as soon as practicable.
About Bridgford Foods Corporation (NASDAQ:BRID)
Bridgford Foods Corporation is engaged in the manufacturing, marketing and distribution of a range of frozen and snack food products throughout the United States. The Company operates in two business segments, which include the processing and distribution of frozen products, and the processing and distribution of snack food products. The Company’s frozen food products segment serves both food service and retail customers. The Company, through its frozen food products segment, sells approximately 160 frozen food products through wholesalers, cooperatives and distributors to approximately 21,000 retail outlets and over 23,000 restaurants and institutions. The Company through snack food products segment sells approximately 90 different items through customer owned distribution centers and a direct store delivery network serving approximately 15,000 supermarkets, mass merchandise and convenience retail stores located in over 45 states.