Functional Brands Inc. amended its CEO's employment agreement to align the term with the fiscal calendar, clarify currency, and restate duties and revenue-based bonus targets.
Key takeaways
CEO Eric Gripentrog's employment term now automatically renews annually starting January 1, 2026, aligning with the company's fiscal calendar.
The amendment clarifies that all dollar amounts in the agreement are in United States dollars, removing potential currency ambiguity.
The CEO's essential duties and responsibilities have been formally restated, emphasizing strategic leadership, financial oversight, and public company compliance.
Annual bonus eligibility is now explicitly tied to consolidated net revenue targets, with payout percentages scaling from 50% to 200% of base salary based on performance thresholds.
The Compensation Committee and Board of Directors approved the amendment, with the CEO abstaining from the board vote.