| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 2, 2024, Kevin Watson notified the Company of his resignation as Executive Vice President and Chief Financial Officer, effective January 4, 2025. In connection with Mr. Watson’s resignation, the Company has entered into a Transition and Separation Agreement with Mr. Watson which provides for a lump sum cash severance payment of $270,000, subject to appropriate withholdings, and COBRA continued health care coverage at the premium level in effect prior to the resignation for Mr. Watson and his dependents for two months, in exchange for a release of claims against the Company.
On December 2, 2024, Seema Paul notified the Company of her resignation as Chief Accounting Officer, effective December 27, 2024.
On December 5, 2024, the Board appointed Jason Snagusky, age 44, as Chief Financial Officer, effective January 4, 2025. Mr. Snagusky has served as the Company’s Senior Vice President, Treasury, Loss Prevention and Procurement since April 2023. Prior to that he served as Treasury Analyst from August 2007 to November 2010, Assistant Treasurer from November 2010 to April 2017, Director from April 2017 to March 2020, Vice President Treasury from March 2020 to June 2021, and Vice President Treasury, Loss Prevention and Procurement from June 2021 to April 2023. There are no family relationships between Mr. Snagusky and any director, executive officer or person nominated by the Company to become director or executive officer, and there are no transactions between Mr. Snagusky or any of his immediate family members, on the one hand, and the Company or any of its subsidiaries, on the other, that would be required to be reported under Item 404(a) of Regulation S-K.
