Once Upon a Farm, Co-founded by Jennifer Garner, Raises CFO Compensation After IPO
According to securities filings submitted on Wednesday and the February prospectus, Once Upon a Farm increased CFO Lawrence Waldman's annual salary from $388,514 last year to $450,000, effective May 5. Additionally, the company plans to pay co-founder and Chief Brand Officer Jennifer Garner an extra $3 million over two years starting in 2027, as an amendment to her existing endorsement agreement. The company raised approximately $198 million in its IPO in February.
Quick Overview
- Once Upon a Farm disclosed in a securities filing on Wednesday that it has raised Chief Financial Officer Lawrence Waldman's annual salary from $388,514 last year to $450,000, effective May 5. The figures come from Wednesday's SEC filing and the company's February prospectus, respectively.
- The Berkeley, California-based organic children's food maker said in another filing also submitted to the U.S. Securities and Exchange Commission on Wednesday that it will pay co-founder and Chief Brand Officer Jennifer Garner an additional $3 million over a two-year period beginning in 2027. The additional compensation is an amendment to her existing endorsement agreement.
- These changes come about three months after its initial public offering (IPO) in February, which raised approximately $198 million. The company is known for its refrigerated food pouch products.
In-Depth Analysis
Once Upon a Farm was co-founded by Jennifer Garner and John Foraker. Foraker previously served as president and CEO of Annie's, a natural and organic food brand known for its organic macaroni and cheese, which was acquired by General Mills in 2014.
According to Waldman's LinkedIn profile, he joined Once Upon a Farm in 2017 and has served as CFO since then. He also holds the title of president and previously served as COO. In addition to the salary increase, the company will adjust his annual cash bonus opportunity to 70% of his "then-current" base salary and grant this finance executive restricted stock units with a grant-date fair value of $1 million, vesting approximately two years later.
Garner's additional compensation is an amendment to an existing endorsement agreement signed in 2022. That agreement originally covered the period from November 15, 2022, to December 15, 2028. Under the agreement, according to the prospectus, Garner received two stock option grants, each vesting equally over 48 months, as well as total cash compensation of $8 million over the term of the agreement.
The company did not immediately respond to requests for comment.