Dive Brief:

• Once Upon a Farm disclosed that it increased the salary of its CFO Lawrence Waldman to $450,000, effective May 5, from $388,514 last year, according to a Wednesday securities filing and a company prospectus filed in February, respectively.
• The Berkeley, California-based organic kids’ food maker will also pay an additional $3 million to its co-founder and Chief Brand Officer Jennifer Garner over a two-year period beginning in 2027, according to a separate filing with the Securities and Exchange Commission also submitted Wednesday. The added pay is part of an amendment to an existing spokesperson agreement with the actress. 
• The changes come about three months after the company, known for its refrigerated food pouches, went public in February in an initial public offering that raised about $198 million.  

Dive Insight:

Along with Garner, the company was co-founded by John Foraker, a former CEO and president at Annie’s, a natural and organic food brand known for its organic macaroni and cheese which was acquired by General Mills in 2014.

Waldman has been CFO of Once Upon a Farm since joining in 2017, according to his LinkedIn account. He also serves as president and previously held the COO title as well. In addition to his increased salary, the company will revise his annual cash bonus opportunity to 70% of his “then-current” base salary and give the finance chief restricted stock units with a grant date fair value of $1 million that will vest in about two years. 

Garner’s additional compensation will be an amendment to an existing spokesperson agreement inked in 2022, which was to cover a term from Nov. 15, 2022 to Dec. 15, 2028. Under the agreement Garner received two stock option grants, each of which vests in 48 equal monthly installments, as well as cash compensation paid out over the period covered by the agreement totalling $8 million, according to the prospectus. 

The company did not immediately respond to a request for comment.