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November 21, 2012
07:07 EDTDMNDDiamond Foods says former CEO, CFO leave company
On February 8, Diamond Foods had announced that Michael J. Mendes, Diamondís former President and CEO, and Steven M. Neil, Diamondís former CFO, had been placed on administrative leave from their positions; the administrative leave was without pay after April 6. On November 19, Mr. Mendes formally resigned from the company. Mr. Mendes will not be paid any severance payment in connection with his resignation. The company and Mr. Mendes entered into a Separation and Clawback Agreement, pursuant to which Mr. Mendes agreed to deliver to the Company the following: (i) a cash payment of $2,743,400, representing the total value of his fiscal 2010 and fiscal 2011 bonuses; and (ii) 6,665 shares of Diamond common stock, representing the vested shares of Company common stock awarded to Mr. Mendes after fiscal 2010. The Cash Clawback will be deducted from the amount Diamond owes to Mr. Mendes pursuant to the Diamond Foods Retirement Restoration Plan. Mr. Mendes and Diamond have determined that prior to giving effect to the Cash Clawback, the retirement benefit due to Mr. Mendes in a lump sum under the SERP was approximately $5.44M. Accordingly, after giving effect to the Cash Clawback, the SERP amount will be reduced to approximately $2.7M, which is expected to be paid in December. On November 19, Steven M. Neil, Diamondís former CFO, was formally terminated from the company.
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October 6, 2014
09:05 EDTDMNDDiamond Foods builds dedicated innovation center in Oregon
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