SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 3, 2018
MARRONE BIO INNOVATIONS, INC.
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction||(Commission||(I.R.S. Employer|
|of incorporation)||File Number)||Identification No.)|
|1540 Drew Avenue, Davis, CA||95618|
|(Address of principal executive offices)||(Zip Code)|
Registrant’s telephone number, including area code: (530) 750-2800
(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 (see General Instruction A.2. below):
|[ ]||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|[ ]||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|[ ]||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|[ ]||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Indicate by check mark whether the registrant is an emerging growth company as defined in 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 [X]
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. [X]
|Item 5.02.||Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.|
Executive Officer Base Salary Increases
On May 3, 2018, the Board of Directors of Marrone Bio Innovations, Inc. (the “Company”) approved of increases in the annual base salaries of each of the Company’s named executive officers, with an increase for Dr. Pamela G. Marrone, Chief Executive Officer, from $300,000 to $350,000, an increase for James B. Boyd, Chief Financial Officer and President, from $285,000 to $300,000, and an increase for Linda V. Moore, Executive Vice President, General Counsel and Secretary, from $260,000 to $270,000. The base salary increases were effective immediately.
Hiring of Chief Commercial Officer
On May 7, 2018, the Company announced the appointment of Kevin Hammill as the Company’s Chief Commercial Officer, effective May 7, 2018.
Mr. Hammill previously served as chief operating officer of Pivot Bio, a crop nutrition company, from January 2016 to April 2018. Prior to Pivot Bio, from 2004 to January 2016, Mr. Hammill served in various roles at Valent USA (a division of Sumitomo Chemical), including as vice president of Agriculture Business Operations and Strategy and as the senior director for U.S. Marketing. In addition to these positions, Mr. Hammill served as a member on the board of directors of Valent USA from January 2015 to January 2016. From 1992 to 2004, Mr. Hammill held multiple positions at BASF, a major chemical company, and American Cynamid (acquired by BASF in 2000). Mr. Hammill earned his Bachelor of Science degree in Agriculture and a Master’s degree in Agriculture Business from the University of Guelph in Ontario, Canada. He is 51.
Under the terms of the Company’s offer letter with Mr. Hammill, he is entitled to receive a base salary of $320,000 per year. Mr. Hammill will also be eligible to participate in the Company’s bonus plan, with any award for 2018 prorated based on the portion of the year worked for the Company. His target bonus may be up to 40% of his base salary. Mr. Hammill will also receive an option to purchase 400,000 shares of the Company’s common stock under the Company’s 2013 Stock Incentive Plan, which will vest over four (4) years, with 25% of the total shares vesting on the first anniversary of the date on which the option is granted and the remainder vesting in equal monthly installments over the following three (3) years. Mr. Hammill is also eligible for a monthly auto allowance of $900-$950 per month, which is designed to cover all costs of owning and operating a vehicle.
In the event that the Company actually or constructively terminates Mr. Hammill’s employment without cause, it will provide Mr. Hammill, at the time of his termination, a lump sum payment of six (6) months’ salary, and upon his election of COBRA, will pay for the first six (6) months of COBRA premium for medical, dental and vision coverage.
No “family relationship,” as that term is defined in Item 401(d) of Regulation S-K, exists among Mr. Hammill, on the one hand, and any of the Company’s directors or executive officers, on the other hand.
A copy of the Company’s press release announcing the appointment of Mr. Hammill is furnished as Exhibit 99.1 hereto.
|Item 9.01.||Financial Statements and Exhibits.|
|99.1||Press Release of Marrone Bio Innovations, Inc., dated May 7, 2018.|
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.
|MARRONE BIO INNOVATIONS, INC.|
|Dated: May 7, 2018||By:||/s/ Linda V. Moore|
|Linda V. Moore|
|Executive Vice President, General Counsel and Secretary|
Marrone Bio Innovations Appoints Kevin Hammill as New Chief Commercial Officer
Executive With Proven Track Record Brings MBI Over 25 Years of Agrochemical and Biologicals Experience
DAVIS, Calif., May 07, 2018 — Marrone Bio Innovations, Inc. (NASDAQ:MBII) (MBI), a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, is pleased to announce that Kevin Hammill has joined as Chief Commercial Officer.
Mr. Hammill brings over 25 years of leadership experience and broad commercial success in the crop protection (row crop, non-crop, horticulture, soil and seed), plant nutrition and biotechnology industries.
Most recently, Mr. Hammill was Chief Operating Officer at Pivot Bio, a startup company which harnesses the innate ability of naturally occurring microbes to provide crops with nutrients exactly when they need it the most. Prior to Pivot Bio, Hammill was at Valent USA, a division of Sumitomo Chemical, where he oversaw the U.S. Marketing Group, seed treatment business unit and Canadian business operations. Over his 12 years at Valent, Hammill created and directed new growth platforms, commercial alliances, licensing agreements, strategic initiatives and technology adoption that resulted in significant incremental growth and margin to the company.
Before Valent, Mr. Hammill had multiple sales and marketing management positions over the course of 12 years at BASF and American Cyanamid (acquired by BASF in 2000), such as Director of Marketing and Sales, Regional Sales Manager, and Product Manager. He established and implemented strategic direction for a multi-hundred million dollar product portfolio, overseeing global brands and intellectual property, negotiating and managing global licensing agreements with market-leading bioscience and biotechnology companies, identifying high potential market segments, and developing key strategic alliances. As the Director of Sales and Marketing, Mr. Hammill managed the business unit P&L and led a team of marketing, sales, and technical development professionals. In the role of Regional Sales and National Accounts Manager, he managed a high-caliber sales team and was responsible for forging a productive relationship with distribution customers to facilitate the attainment of mutual business goals.
Mr. Hammill has a Bachelor of Science degree in Agriculture and a Master’s degree in Agriculture Business from the University of Guelph, Ontario, Canada.
“I joined MBI because I believe that their highly-effective and widely respected biological products have tremendous potential in the market. I look forward to leveraging my more than two decades of commercial leadership experience to drive forward MBI’s growth plans,” said Mr. Hammill, Chief Commercial Officer of MBI.
“I am thrilled to have someone with Kevin’s acumen and track record of proven results lead our commercial business and collaborate with the rest of our leadership team to grow our sales and enhance value to our shareholders, employees and customers,” said Pam Marrone, CEO and Founder of MBI.
About Marrone Bio Innovations
Bio With Bite.
Marrone Bio Innovations, Inc. (NASDAQ:MBII) strives to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. MBI’s effective and environmentally responsible pest management solutions help customers operate more sustainably while uniquely improving plant health and increasing crop yields. MBI’s currently available commercial products are Regalia®, Grandevo®, Venerate®, Majestene®, Haven® StargusTM and AmplitudeTM, ZeltoTM and Zequanox®. MBI also distributes Bio-tam 2.0® for Isagro USA and Jet-Ag® for Jet Harvest in most regions of the U.S.
Marrone Bio Innovations is dedicated to pioneering smart biopesticide solutions that support a better tomorrow for both farmers, turf managers and consumers around the globe. For more information, please visit www.marronebio.com.
Marrone Bio Innovations Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing MBI’s views as of any subsequent date. Examples of such statements include the potential of our new Chief Commercial Officer to drive sales, provide market projections, and realize the potential benefits of our products. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including weather, regulatory and other factors affecting demand for the MBI’s products, any difficulty in marketing MBI’s products in its target markets, competition in the market for pest management products, lack of understanding of bio-based pest management products by customers and growers. Additional information that could lead to material changes in MBI’s performance is contained in its filings with the SEC. MBI is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise.
Bio Innovations Contacts:
Pam Marrone, CEO and Founder
Telephone: +1 (530) 750-2800
MZ Group – MZ North America