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    CVET   US22304C1009

COVETRUS, INC.

(CVET)
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COVETRUS, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

07/23/2021 | 09:02am EDT

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 22, 2021, Covetrus, Inc. (the "Company") announced that Drew Coxhead has joined the Company as Vice President, Accounting, and will be appointed Vice President, Corporate Controller and Chief Accounting Officer, effective August 16, 2021. In connection with such appointment, Mr. Coxhead will serve as the Company's principal accounting officer.

Mr. Coxhead, age 53, most recently served as Chief Financial Officer and Treasurer of LSC Communications, a leader in print and digital media solutions, from 2016 through 2020. Prior to this position, he served as Senior Vice President, Chief Accounting Officer of RR Donnelley, a marketing and business communications company, from 2007 to 2016. Mr. Coxhead received his MBA from University of Chicago Booth School of Business and his BS from University of Illinois, Urbana.

Mr. Coxhead is party to an Offer Letter, dated July 19, 2021, by and between the Company and Mr. Coxhead (the "Offer Letter"). Mr. Coxhead's agreement of employment entitles Mr. Coxhead to an annual base salary of $425,000 and a short-term incentive bonus equal to 50% of Mr. Coxhead's base salary for 2021, which shall be pro-rated. Mr. Coxhead's initial grant under the Company's Long-Term Incentive plan will be equal to $350,000 for fiscal 2022. He is also entitled to a one-time new hire equity grant in an amount equal to $500,000. Such grant will be 100% time-based restricted stock unit awards, which shall vest 100% on the three-year anniversary of the date of grant. If Mr. Coxhead is terminated by the Company without cause, or resigns for good reason (in each case as defined in the Offer Letter), Mr. Coxhead is entitled to receive his base salary for a period of twelve months and a pro-rated annual bonus.

Item 9.01. Financial Statements and Exhibits

Exhibit No.       Description
99.1                Press Release, dated July 22, 2021

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© Edgar Online, source Glimpses

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