ALICO, INC. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by ALICO, INC. on March 14, 2012. The report discloses a significant change in corporate governance and management effective April 2, 2012.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
On March 13, 2012, the Board of Directors appointed JD Alexander as the company's full-time Chief Executive Officer and President, effective April 2, 2012. A new compensation package was approved for Mr. Alexander, including:
- Annual salary of $380,000.
- Eligibility for a discretionary annual cash bonus determined by the Board.
- A reasonable housing allowance for six months.
- Participation in all employee benefit programs and the Long Term Incentive Program.
- Severance agreement of $190,000 if employment is terminated for any reason, in addition to base salary through the termination date.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on financial outlook, or discussion of risks and contingencies beyond the standard disclosure of the executive appointment.
Key Facts for Investor Verification
- JD Alexander's start date as CEO and President is April 2, 2012.
- Total fixed annual compensation is $380,000 plus a six-month housing allowance.
- Severance terms include a fixed $190,000 payment regardless of the reason for termination.
- Review the attached Press Release (Exhibit 99.1) for additional context on the leadership transition.