Company: NEOG
Filing Date: 2025-04-09
Form Type: 8-K
Source: 0000950170-25-052304
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Company: NEOGEN CORP
Filing Date: 2025-04-09
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 9, 2025 Neogen Corporation (the “ Company”) announced that John Adent, the Company’s CEO and President, will be stepping down. Mr. Adent will continue to serve in his existing roles as CEO and President and as a member of the Company’s Board of Directors until his successor has been appointed.

The Company’s Board of Directors has formed a special committee, comprising Board Chair James Borel, Thierry Bernard and Jeffrey Capello, to direct the search for the Company’s next CEO and has engaged a leading global executive search firm.

On April 8, 2025, Mr. Adent and the Company entered into a CEO transition agreement (the “ Transition Agreement”) in connection with the transition of Mr. Adent’s role with the Company. Pursuant to the terms of the Transition Agreement, following the appointment of his successor and until October 31, 2025 (the “ Separation Date”), Mr. Adent will continue to be employed by the Company as a Special Advisor to the Board and to the Company’s new CEO.

Pursuant to the terms of the Transition Agreement, Mr. Adent will continue to participate in the Company’s benefit plans and receive his base salary until the Separation Date. Mr. Adent will remain entitled to receive his annual bonus for fiscal year 2025 and will be eligible to earn a pro-rata annual bonus for fiscal year 2026, with any payment amount prorated based on the number of days from the start of the 2026 fiscal year through the Separation Date. Mr. Adent’s outstanding equity incentive awards will be treated in accordance with their terms through the Separation Date. In addition, any stock option awards that are vested as of the Separation Date will remain exercisable for three years following the Separation Date or, if earlier, the full-term expiration of the stock option award. Mr. Adent will not be eligible for any grants of new equity after the date of the Transition Agreement. Mr. Adent will continue to be subject to the restrictions of his Non-Disclosure, Non-Competition, Non-Solicitation and Property Assignment Agreement. After the Separation Date, Mr. Adent will receive the severance compensation and benefits provided under and on terms substantially consistent with his current severance letter agreement consistent with a termination without cause