NEOGEN CORPORATION (NASDAQ:NEOG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On July17, 2017, Neogen Corporation (the “Registrant”) named John Adent to serve as Chief Executive Officer of the Registrant, replacing James L. Herbert, who remains Executive Chairman of the Board of Directors.
Mr.Adent, age 49, served as the Chief Executive Officer of Patterson Animal Health, a subsidiary of Patterson Companies, Inc., a supplier of products to the animal health market, until July1, 2017. Prior to joining Patterson Animal Health, he served as President and Chief Executive Officer of Animal Health International, Inc. from 2004 through Patterson Companies, Inc.’s acquisition of Animal Health International, Inc. in 2015.
Mr.Adent will receive an annual base salary of $450,000 and will be eligible for bonuses of up to $450,000 per annum, based on achievement of agreed upon objectives. He was awarded an option to purchase 75,000 shares of the Registrant’s common stock according to the terms of the Registrant’s approved stock option plan on his date of hire at an exercise price equal to the closing price of the stock on that date. In addition to these benefits, Mr.Adent is eligible to receive benefits offered to other executive officers of the Registrant. If the Company dismisses Mr.Adent without cause during the first 12 months of his employment, he will be paid a severance amount of $37,500 per month for a period of up to six months or until such a time as he finds similar alternative employment, whichever period is shorter. Should Mr.Adent be involuntarily terminated following a change in control of the Registrant within the first two years of his employment, he will be paid his full salary plus benefit continuation for a period of 24 months.
A copy of the press release issued by the Registrant to announce the above is attached to this Current Report as Exhibit 99.1. This press release is being furnished to, as opposed to filed with, the Securities and Exchange Commission.
| Item 5.02 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit99.1 |
Press Release issued by the Registrant on July17, 2017 |
NEOGEN CORP ExhibitEX-99.1 2 d396310dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE CONTACT: Steven J. Quinlan,…To view the full exhibit click here
About NEOGEN CORPORATION (NASDAQ:NEOG)
Neogen Corporation develops, manufactures and markets a range of products and services dedicated to food and animal safety. The Company operates through two segments: Food Safety and Animal Safety. The Food Safety segment produces and markets diagnostic test kits and related products used by food producers and processors to detect harmful natural toxins, foodborne bacteria, allergens and levels of general sanitation. The Animal Safety segment is primarily engaged in the production and marketing of products dedicated to animal health, including a range of consumable products marketed to veterinarians and animal health product distributors. The Animal Safety segment also provides genetic identification services. Additionally, the Animal Safety segment produces and markets rodenticides, disinfectants and insecticides to assist in the control of rodents and disease in and around agricultural, food production and other facilities.
