ALICO, INC. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by ALICO, INC., an agriculture and rural land management company, on September 4, 2012. The report covers events occurring on August 31, 2012, specifically regarding the departure of an executive officer from its wholly-owned subsidiary, Alico Land Development, Inc.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to a specific severance arrangement:
- Severance Payment: $168,750 (representing nine months' severance), payable in a lump sum on October 1, 2012.
- Consulting Fee: $150 per hour for post-termination services, effective October 1, 2012.
Material Changes
The primary material change reported is the termination of employment for Donald Schrotenboer, President of Alico Land Development, Inc., effective September 30, 2012. As part of the Separation Agreement, all shares contingently awarded to Mr. Schrotenboer under the Long Term Incentive Program have terminated.
Outlook, Risks, and Management Commentary
Management has entered into a Separation Agreement to facilitate the orderly departure of the subsidiary's President. The agreement includes a transition to a potential consulting role. The filing does not contain forward-looking guidance, general risk factors, or commentary on unusual items beyond the executive departure.
Key Facts for Investor Verification
- Donald Schrotenboer, President of Alico Land Development, Inc., is departing effective September 30, 2012.
- The company has committed to a one-time severance payment of $168,750.
- Mr. Schrotenboer forfeited all contingently awarded shares under the Long Term Incentive Program.
- The filing does not disclose the company's broader financial results or liquidity position.