# EDGAR Filing Document

**Accession Number:** 0000939930
**File Stem:** 0000939930-23-000011
**Filing Date:** 2023-1
**Character Count:** 12262
**Document Hash:** 3d77b5ad13444c6db052545af2b01c42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000939930-23-000011.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0000939930-23-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230117

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PYXUS INTERNATIONAL, INC.
- **CENTRAL INDEX KEY:** 0000939930
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-FARM PRODUCT RAW MATERIALS [5150]
- **IRS NUMBER:** 541746567
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-25734
- **FILM NUMBER:** 23544970

**BUSINESS ADDRESS:**
- **STREET 1:** 8001 AERIAL CENTER PARKWAY
- **CITY:** MORRISVILLE
- **STATE:** NC
- **ZIP:** 27560-8413
- **BUSINESS PHONE:** 9193794300

**MAIL ADDRESS:**
- **STREET 1:** 8001 AERIAL CENTER PARKWAY
- **CITY:** MORRISVILLE
- **STATE:** NC
- **ZIP:** 27560-8413

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCE ONE INTERNATIONAL, INC.
- **DATE OF NAME CHANGE:** 20050516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DIMON INC
- **DATE OF NAME CHANGE:** 19950301

?xml version="1.0" ? pyx-20230117

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): <u>January 17, 2023</u>

![pyx-20230117_g1.gif](pyx-20230117_g1.gif)![pyx-20230117_g1.gif](pyx-20230117_g1.gif)

**Pyxus International, Inc.**

(Exact name of Registrant, as specified in its charter)

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| | | |
|:---|:---|:---|
| Virginia | 000-25734 | 85-2386250 |
| (State or other jurisdiction<br>of incorporation) | (Commission file number) | (I.R.S. Employer<br>Identification No.) |
| (State or other jurisdiction<br>of incorporation) | (Commission file number) | (I.R.S. Employer<br>Identification No.) |

---

8001 Aerial Center Parkway

Morrisville, North Carolina 27560-8417

(Address of principal executive offices, including zip code)

(919) 379-4300

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: <u>None</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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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.** |

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Mr. Fallon is a Managing Principal of Monarch Alternative Capital LP ("Monarch"). Mr. Bartels served as a Managing Principal of Monarch from 2002 to December 2018. As described in the Company's <u>[d](http://www.sec.gov/Archives/edgar/data/939930/000119312522193435/d367156ddef14a.htm#rom367156_4)[efinitive proxy statement](http://www.sec.gov/Archives/edgar/data/939930/000119312522193435/d367156ddef14a.htm#rom367156_4)</u> for its annual meeting of shareholders held on August 18, 2022 (the "2022 Proxy Statement"), in connection with the resolution of Chapter 11 bankruptcy proceedings involving the Company's predecessor, on August 24, 2020, the Company entered into a Shareholders Agreement (the "Shareholders Agreement"), among the Company and the investors listed therein, each other beneficial owner of the Company's common stock as of the date of the Shareholder Agreement deemed to be a party thereto pursuant to the plan of reorganization in the Chapter 11 proceeding and other persons that may from time to time become parties thereto (collectively, the "Investors"). The Shareholders Agreement provides that each of Glendon Capital Management, L.P. (together with its affiliates that are shareholders of the Company, the "Glendon Investor") and Monarch (together with its affiliates that are shareholders of the Company, the "Monarch Investor") shall be entitled to nominate two individuals to serve on the board of directors of the Company so long as it beneficially owns at least 20% of the outstanding shares of the Company's common stock, or one individual to serve as such a director if it beneficially owns fewer than 20% of the outstanding shares but at least 10% of the outstanding shares. The Shareholders Agreement provides that the Investors shall take all necessary action to elect such nominees of each of the Glendon Investor and the Monarch Investor as directors, as well as the election of the chief executive officer of the Company as a director and other individuals qualifying as independent directors to be selected by Investors that beneficially own 5% or more of the outstanding shares of common stock of the Company, as determined by a majority of the shares of the Company's common stock beneficially owned by such Investors. The Shareholders Agreement also includes provisions for shareholders that are parties thereto to vote for the removal and replacement of the directors designated by the Glendon Investor at the request of the Glendon Investor and the removal and replacement of the directors designated by the Monarch Investor at the request of the Monarch Investor.

Mr. Alphin was appointed as a member of the Environmental, Social, Governance and Nominating Committee of the Company's Board of Directors. Mr. Bartels was appointed as a member of the Audit Committee of the Company's Board of Directors and as the Chair of the Compensation Committee of the Company's Board of Directors. Each of Mr. Alphin and Mr. Bartels will be entitled to receive compensation for his service as a director in accordance with the Company's policies for the compensation of directors who are not employees of the Company, which currently provide for annual cash compensation of $115,000 for service on the Board of Directors, $10,000 for service on each committee thereof (other than as Chair of the committee), and $25,000 for service as Chair of the Compensation Committee, as well as an award of restricted stock units having a grant date value of $125,000 that vest subject to the satisfaction of the conditions set forth in the <u>[2022 Proxy Statement](http://www.sec.gov/Archives/edgar/data/939930/000119312522193435/d367156ddef14a.htm#rom367156_24)</u> under the heading "Compensation of Directors," which information is incorporated herein by reference. Such compensation will be prorated for their respective period of service.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

On January 23, 2023, the Company issued a press release, which is filed as Exhibit 99.1 hereto and is incorporated by reference herein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | <u>[Press release dated January 23, 2023](exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:&nbsp;&nbsp;&nbsp;&nbsp;January 23, 2023

---

| | |
|:---|:---|
| **PYXUS INTERNATIONAL, INC.** | **PYXUS INTERNATIONAL, INC.** |
| By: | /s/ William L. O'Quinn, Jr. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;William L. O'Quinn, Jr. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President – Chief Legal |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Officer and Secretary |

---

## Exhibit 99.1

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| | | |
|:---|:---|:---|
| **Pyxus International, Inc.** | Tel: 919 379 4300 | ![image_0a.jpg](image_0a.jpg) |
| 8001 Aerial Center Parkway | Fax: 919 379 4346 | ![image_0a.jpg](image_0a.jpg) |
| Post Office Box 2009 | www.pyxus.com | ![image_0a.jpg](image_0a.jpg) |
| Morrisville, NC 27560-2009 |  | ![image_0a.jpg](image_0a.jpg) |
| USA |  | ![image_0a.jpg](image_0a.jpg) |

---

**NEWS RELEASE**

**Pyxus International Announces Changes to Board of Directors** 

**Morrisville, NC** – **January 23, 2023** – Pyxus International, Inc. (OTC Pink: PYYX) ("Pyxus" or the "Company"), a global value-added agricultural company, today announced the resignation of Patrick B. Fallon, Managing Principal of Monarch Alternative Capital LP, from its Board of Directors and the appointment of two new members of the Board, John S. Alphin and Patrick J. Bartels, Jr. effective January 18, 2023. The changes to the Board result in an increase in the total number of directors from six to seven individuals.

"On behalf of the Company's Board of Directors, I thank Mr. Fallon for his guidance in redefining the Company's strategy, helping position the business for growth and long-term success," said Pyxus President and CEO Pieter Sikkel. "I am pleased to welcome Mr. Alphin and Mr. Bartels to Pyxus' Board of Directors and look forward to their strategic direction as we work to accelerate business growth, increase stakeholder value and together grow a better world."

Alphin has 24 years of tobacco industry experience, including serving as a Corporate Director and Head of Global Leaf Sourcing for British American Tobacco. His areas of expertise include strategy and business development, generation of sales and operational efficiencies, navigation of complex, global supply chains, and implementation of robust sustainability and corporate governance programs. Alphin will serve as a member of the Environmental, Social, Governance and Nominating Committee of Pyxus' Board of Directors.

Bartels brings more than 20 years of experience in the financial sector and currently serves as a Managing Member of Redan Advisors LLC. He previously held positions with Monarch Alternative Capital LP, Investco Ltd. and PwC. Additionally, Bartels has served as a director on numerous public and private boards and has experience in corporate governance, finance, capital markets, and mergers and acquisitions. Bartels will serve as a member of the Audit Committee and Chair of the Compensation Committee of the Company's Board of Directors.

**About Pyxus International, Inc.**

Pyxus International, Inc. is a global agricultural company with 150 years of experience delivering value-added products and services to businesses and customers. Driven by a united purpose—to transform people's lives, so that together we can grow a better world—Pyxus International, its subsidiaries and affiliates, are trusted providers of responsibly sourced, independently verified, sustainable, and traceable products and ingredients. For more information, visit <u>www.pyxus.com</u>.

**Media Contact**

Miranda Kinney

VP, Communications,

Sustainability & External Affairs

Pyxus International, Inc.

(919) 379-4300

mkinney@pyxus.com

**Investor Relations** 

Tomas Grigera

VP Corporate Treasurer

Pyxus International, Inc.

(919) 379-4300

tgrigera@pyxus.com