UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM
CURRENT REPORT
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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 December 12, 2024, the employment of Chad Hagen, Chief Customer Officer of SunOpta Inc. (the "Company"), was terminated effective immediately.
In connection with Mr. Hagen's separation from the Company, the Company entered into a Separation Agreement and Full and Final Release (the "Separation Agreement") with Mr. Hagen, entitling him to receive: Severance pay in the total gross amount of $175,000 to be paid in a lump sum; if Mr. Hagen elects COBRA, the Company will pay the employer portion and COBRA fees for medical and dental coverage for up to three (3) months; and the vesting of 36,667 unvested Restricted Stock Units. The Company will apply standard tax and other applicable withholdings to payments made to Mr. Hagen. The Company also will pay Mr. Hagen accrued but unused vacation, regardless of whether Mr. Hagen signed the Separation Agreement. Mr. Hagen's right to receive the consideration and benefits is contingent upon Mr. Hagen agreeing to (and not revoking) a release of claims against the Company; to that end, the Separation Agreement contains a release and waiver of claims for the benefit of the Company, pursuant to which Mr. Hagen agrees to release the Company and certain other parties from any and all claims, charges, causes of action and damages arising on or prior to his execution of the Separation Agreement. Mr. Hagen shall have the right to revoke the Separation Agreement by giving written notice to the Company within seven (7) days after signing the Separation Agreement. In the event of any such revocation, the Separation Agreement will no longer be effective and Mr. Hagen will not receive the payment and benefits listed above.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit No. | Description |
| 10.1 | Separation Agreement and Full and Final Release, by and between SunOpta Inc. and Chad Hagen, dated as of December 18, 2024. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| SUNOPTA INC. | ||
| By | /s/ Jill Barnett | |
| Jill Barnett | ||
| Chief Administrative Officer | ||
| Date | December 18, 2024 | |