Molson Coors Beverage Company filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
Commission
File Number:
| (State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbols | Name of each exchange on which registered | ||
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. ¨
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 18, 2024, Molson Coors Beverage Company (the “Company”) announced that Sergey Yeskov, the President and Chief Executive Officer of the Company’s EMEA&APAC business, resigned from the Company for personal reasons, effective October 17, 2024. In connection with his resignation, Mr. Yeskov, Zagrebačka Pivovara d.o.o., a wholly-owned subsidiary of the Company, and the Company have entered into a Mutual Agreement on Termination, dated October 17, 2024 (the “Termination Agreement”).
Pursuant to the Termination Agreement, Mr. Yeskov will be placed on “garden leave” from October 17, 2024, until December 31, 2024, on which date Mr. Yeskov’s employment will terminate (the “Termination Date”). Pursuant to the Termination Agreement, Mr. Yeskov will: (a) be entitled to a severance payment equal to one year of his current base salary, less applicable taxes and withholdings; (b) be eligible for a payout, if any, under the 2024 Molson Coors Incentive Plan in ordinary course on the same terms as other named executive officers of the Company, except his individual goal multiplier will be set at 100% of target; (c) be entitled to a cash payout equivalent to his 2022 performance share unit award in April 2025 at a minimum of 100% of target, up to 200% of target, based on actual Company results; (d) have (1) all of his other unvested equity awards cancelled as of the Termination Date, and (2) one year following the Termination Date to exercise stock options that have vested as of the Termination Date; and (e) be subject to certain customary restrictive covenants, including, but not limited to, certain non-compete provisions for the 12-month period following his “garden leave.”
The foregoing description of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Termination Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
| Exhibit Number | Document Description |
| 10.1 | Mutual Agreement on Termination between Sergii Ieskov, Zagrebačka Pivovara d.o.o., and Molson Coors Beverage Company dated October 17, 2024 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
2
Signature
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.
| MOLSON COORS BEVERAGE COMPANY | ||
| Date: October 18, 2024 | By: | /s/ Natalie G. Maciolek |
| Natalie G. Maciolek | ||
| Chief Legal & Government Affairs Officer and Secretary |