Company: UTZ
Filing Date: 2025-04-17
Form Type: 8-K
Source: 0001739566-25-000058
Chunk: 2

Company: Utz Brands, Inc.
Filing Date: 2025-04-17
Form: 8-K
Item: Item 5.02
Chunk 2
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 Brands Company, now part of Tyson Foods, Inc. (NYSE: TSN) from 2012 to 2014. From 2010 to 2012, Mr. Kelley was vice president and corporate controller at USG Corporation, an American construction materials manufacturing company, and he spent the previous ten years in a variety of increasingly senior operating finance roles at PepsiAmericas, the second-largest bottler of Pepsi-Cola products, under contract with product owner PepsiCo, Inc. Mr. Kelley’s earlier career service included key finance and

accounting roles at Arthur Andersen and Cargill, Inc. Mr. Kelley has also served on the board of directors of THOR Industries, Inc. (NYSE: THOR), the world’s largest manufacturer of recreational vehicles, since November 2020, and he currently serves as chair of the audit committee of the board of directors of THOR Industries, Inc. Mr. Kelley received a bachelor’s degree in accounting from Clark-Atlanta University and a master’s degree in business administration specializing in strategy and accounting from the University of Chicago

The selection of Mr. Kelley to serve as Executive Vice President, Chief Financial Officer and Principal Accounting Officer was not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships between Mr. Kelley and any director or executive officer of the Company, and there are no transactions between Mr. Kelley and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

As part of Mr. Kelley’s appointment, the Compensation Committee of the Board of Directors of the Company (the “ Committee”) approved the compensation for Mr. Kelley, which will consist of an annual base salary of $575,000, an annual bonus equal to 80% of his base salary as in effect at the end of calendar year 2025 under the Company’s annual bonus plan, as may be in effect from time to time, an initial cash signing bonus of $50,000, and an initial award under the Company’s 2020 Omnibus Equity Incentive Plan (the “ OEIP”) valued at $718,750, comprised 75% of performance stock units and 25% of restricted stock units, which will be granted on or about the CFO Effective Date. Mr. Kelley will also receive equity and other long-term incentive awards under any applicable plan adopted by the Company during the term of his employment for which employees are generally eligible and will be eligible to receive annual incentive awards under the OEIP, with a target grant