Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Laird Superfood, Inc. (the "Company") previously reported in its Prospectus on
424(b)(4) dated September 22, 2020 that Luan Pham, Chief Marketing and Revenue
Officer, would be retiring on December 31, 2020, and that he qualified for
certain benefits by reason of a departure due to retirement. Mr. Pham retired
from the Company on such date, executed a separation agreement and general
release of claims (the "Separation Agreement"), and thereby became entitled to
have the term of certain stock options extended for five (5) years from the date
of separation, notwithstanding his departure. The time-based vesting of certain
of Mr. Pham's stock options also accelerated effective as of December 31, 2020.
The Separation Agreement also contained a general release and various other
customary terms in favor of the Company. The description of the Separation
Agreement herein is qualified by reference to the full text of the Separation
Agreement, a form of which is attached as Exhibit A to Mr. Pham's Employment
Agreement, attached as Exhibit 10.12 to Amendment No. 1 to the Company's
Registration Statement on Form S-1 dated September 10, 2020.
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