Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
As previously reported in a Current Report on Form 8-K filed on March 1, 2021, Beyond Meat, Inc. (the “Company”) announced that Mark J. Nelson, the Company’s Chief Financial Officer and Treasurer, will be retiring from his position with the Company on May 5, 2021. Mr. Nelson will provide consulting services to the Company pursuant to a consulting agreement, as previously reported.
In connection with Mr. Nelson’s retirement, on April 30, 2021, the Company’s Board of Directors appointed Gary A.Schultz, the Company’s Vice President, Corporate Controller, to serve as the Company’s interim principal financial officer effective May 6, 2021. The Company’s search for Mr. Nelson’s successor is ongoing.
Mr. Schultz, age 67, joined the Company as a Senior Accountant on September 24, 2014, has served the Company as Controller since March 16, 2017 and as Vice President, Corporate Controller since November 1, 2019, and has over 30 years of financial, business and leadership experience in high growth organizations. Prior to joining the Company, from January 2010 to January 2014, Mr. Schultz served as the Corporate Controller for Inter-Con Security Systems, Inc. a multinational security services company. Prior to joining Inter-Con Security Systems, Inc., Mr.Schultz served as the Controller of EIWA International, Inc., Optical Communications Products, Inc. and Siemens Medical Solutions Diagnostics. Mr. Schultz began his career at a certified public accounting firm providing consulting, income tax and planning services. Mr. Schultz, a licensed certified public accountant in the State of California, received a Bachelor of Science in Accounting from California State University at Northridge.
In connection with Mr. Schultz’s appointment as the Company’s interim principal financial officer, Mr. Schultz entered into the Company’s standard form of indemnification agreement, a copy of which is filed as Exhibit 10.11 to the Company’s Registration Statement on Form S-1/A filed with the SEC on January 9, 2019. Pursuant to the terms of the indemnification agreement, the Company may be required, among other things, to indemnify Mr. Schultz for certain expenses, including attorneys’ fees, judgments, fines and settlement amounts incurred by him in any action or proceeding arising out of his service as an officer of the Company.
There is no arrangement pursuant to which Mr. Schultz was selected as an officer, no family relationships between him and any director or other executive officer of the Company, and no transactions involving him or a member of his immediate family, that would require disclosure by the Company under Item 404(a) of SEC Regulation S-K.