to Section 13(a) of the Exchange Act. Management believes there is substantial doubt about our ability to continue as a going concern, AppHarvest warned investors Nov. 7 in its 10-Q filing for the third quarter of 2022. Date Total Comp. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. AppHarvest CEO Jonathan Webb Discusses Positioning Kentucky as an Agricultural Leader By this time next year, AppHarvest expects to begin production in the 2.76-million-square-foot greenhouse the company is building in Morehead, Kentucky. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. We talk about how, at current rates of production, we'll need two earths to provide the needed supply of food by 2050 -- and about how Jonathan is tackling that plus other systemic issues like hunger despite supply. Nelson lasted 15 months. . Exhibit 10.24 . For more information, please see the SECs Web Site Privacy and Security Policy. For more information, contact opendata@sec.gov. It is illegal for insiders to make trades in their companies based on specific, non-public information. by the Committee from time to time. Facility Coordinator. Mr. Jonathan Webb is Founder and Chief Executive Officer at AppHarvest, Inc since January 2018 and is its Chairman of the Board. Here are further demographic highlights of the leadership team: The AppHarvest executive team is 45% female and 55% male. The anticipated 285 jobs will range from a head grower who makes a "doctor's salary," to mid-level water technicians and less skilled entry-level employees who would earn a $13 minimum wage, with health insurance benefits and incentives for pay of up to $16 to $17 an hour, Webb said. Help other job seekers by rating AppHarvest. Dutchfarms now grow up to 30 times more fruits and vegetables on a single acreindoors compared to oneacre outdoors, while slashing water usage by 90%. The applied technology company is developing and operating some of the world's largest high-tech indoor farms. We're building a sustainable, homegrown food supply that's accessible to all, all year long. Location. Lamentamos pelo inconveniente. According to its financial disclosures, AppHarvest has spent hundreds of millions of dollars building and operating the farms in Morehead, Berea, Somerset and Richmond while seeing sales in only the tens of millions of dollars. AppHarvest, the ambitious Morehead-based produce company that planned to open twelve huge, high-tech, indoor farms across Central Appalachia by 2025, told investors last month that its running out of cash. Projected net sales for 2022, which the company set at $24 million to $32 million earlier this year, have been revised downward to $14 million to $17 million, or barely half the original sum. United States. [1] AppHarvest's greenhouses aim to primarily use sunlight in lieu of LEDs for growing plants hydroponically. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. Committee may modify and/or adjust the performance goals or the related level of achievement, in whole or in part, as it deems Item 5.02 Departure of Directors or Certain None of the information on this page has been provided or approved by AppHarvest. enviando un correo electrnico a Insurance. will be described in the Companys annual proxy statement filed in 2022. Aydanos a proteger Glassdoor y demustranos que eres una persona real. It's more about for us, as a company, making sure that we can build and operate facilities at the price point that's available. A look at forecast, timeline. Anything we do going forward will never be as hard as what weve already done on the development side, he added. The combined company will be led by Jonathan Webb, AppHarvest's Founder & Chief Executive Officer. Jonathan Webb is the Founder and CEO of AppHarvest, a sustainable foods company developing and operating some of the world's largest high-tech indoor farms to build an efficient food system. para nos informar sobre o problema. Employee is employed by the Company as its Chief Executive Officer. AppHarvest raised $500 million on its balance sheet this year, went public on the Nasdaq, hired 400 people to work in its first facility, and brought its first product, beefsteak tomatoes, to. AppHarvest expected to sell $20 million to $25 million this year but have. , except that Jonathan Webb, the Company's Chief Executive Officer, is not eligible to participate for the 2021 performance period. He has a bachelors degree in business from the University of Kentucky. an. As far as to your question of where well be in 25 and 26, weve kind of cut out the long-term discussion of the company. But I would say if you let the past be a predictor of the future, we started with absolutely nothing two and a half years ago and weve built eight million square feet of stuff. Reference ID: 0.8decc017.1677933561.2c6dde87. Two private companies also have launched large indoor grow operations in Ohio. $357,640 per year. Thorough reviews have been conducted to assure this data accurately reflects disclosures. APPHARVEST INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Webb attributed the quality problems to scaling up the Morehead facility to 400 employees. selling tomatoes from the flagship Morehead greenhouse. employee will be assigned an individual incentive target expressed as a percentage of the employee's annual base salary . Kentucky native and University of Kentucky graduate Jonathan Webb is turning his dream of a high-tech farming hub in Appalachia into reality with AppHarvest. Prior to her current role at AppHarvest, Emily was a Human Resources Manager at Luckett & Farley and an HR Business Partner at CHI Saint Joseph Health. per informarci del problema. When Webb gave optimistic interviews, such as describing the good, healthy, consistent supply of tomatoes, that was not fraud by any legal definition, the company said. . Another grower, Kentucky Fresh Harvest, is working on 30-acre greenhouse development in Stanford. The pandemic has only amplified the need for long-term planning for food and energysustainability, Webb said, and it's clearly resonating. EMPLOYMENT AGREEMENT . AppHarvest ( APPH) CEO Jonathan Webb said the company has its eyes on the long term as it looks to "institutionalize" controlled environment agriculture (CEA). Caso continue recebendo esta mensagem, Of this total $250,000 was received as a salary, $1,500,000 was received as a bonus, $0 was received in stock options, $31,282,077 was awarded as stock and $55,782 came from other types of compensation. The top 10 competitors average 136.1M. Winds light and variable.. A clear sky. In order to receive an award under the Cash Incentive AppHarvest has rounded up $120 million in venture capital, including cash from AOL co-founder Steve Case's Rise of the Rest fund. Inside, you'll find row after row of tomatoes. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. $20.64 per hour. Jonathan Webb, Founder and CEO of AppHarvest, joins the show to talk about the sustainable food company that is designed to grow non-GMO, chemical pesticide-free produce, using only recycled rainwater at some of the world's largest indoor farms. The suits cite the eyewitness accounts of six unnamed confidential witnesses who allegedly held different jobs inside AppHarvest during 2021. AppHarvest acquired Root AI, an agricultural robotics and artificial intelligence company that helps manage high-tech indoor farms, in April to collect data while harvesting. Based on our data team's research, Jonathan Webb is the AppHarvest's CEO. The Committee (or its delegate) will administer the Cash Incentive Plan and will have the authority to determine all of the awards granted Hopefully when we have this conversation in the end of 23, youll see a company that is less about talk and less about me talking, candidly and more about results.. Company leadership on the call said the profits from selling tomatoes from the flagship Morehead greenhouse were lower because the prices of tomatoes hit a 10-year low in May and the quality of the tomatoes was lacking. AppHarvest was a young company with an inexperienced management team undertaking a massive farming endeavor for the first time in a region where workers were transitioning from a different industry, it said. Item 9.01 Financial Statements and Exhibits. Committee of the Board (the Committee) adopted an Employee Cash Incentive Plan (the Cash Incentive 2024 is gonna look a lot different than 2022, the CEO said. As at APPHARVEST INC, made $0 in total compensation. At least 4 deaths; power outages climb. Additionally, the speed bumps associated with our initial harvest are fixable and weve already deployed solutions against these problems in advance for our next harvest.. AppHarvest CEO Jonathan Webb has given dozens of interviews to promote the company. Jonathan is an entrepreneur and the founder and CEO of AppHarvest (@appharvest), a company that is helping to turn his dream of a high-tech farming hub in Appalachia into reality. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Si vous continuez voir ce Webb said the company has ample funds for the construction of future farms. AppHarvest is redefining American agriculture by developing modern, large-scale and efficient indoor farms in Central Appalachia, a water-rich region strategically located within a day's drive of approximately 70% of the U.S . Zippia gives an in-depth look into the details of AppHarvest, including salaries, political affiliations, employee data, and more, in order to inform job seekers about AppHarvest. The company became publicly listed after a merger with special purpose acquisition company Novus Capital Corp in 2020. "Our favorable crop yields and market pricing. In May 2019, AppHarvest closed an $82 million deal with Equilibrium Capital to build its first greenhouse. The farms grow tomatoes, leafy greens for salads and berries. AppHarvest's farms are designed to grow non-GMO produce using sunshine, 100% rainwater and up to 90% less water than open-field growing, all . Please help us protect Glassdoor by verifying that you're a AppHarvest Inc (NASDAQ:APPH) . Winds light and variable. enva un correo electrnico a Real-time updates and all local stories you want right in the palm of your hand. But it launched on an ambitious scale in a region of Kentucky that sorely needed new jobs, Quarles said. Appharvest, Inc. : Change in Directors or Principal Officers (form 8-K) AQ. Defendants knew they could only secure financing needed to scale up their operations if they appeared to be successful, according to one of the suits. Overall, the goal is to create an ecosystem similar to what's been developed over decades in the Netherlands' greenhouse industry. On Aug. 11, 2021, AppHarvest shocked the market with a second-quarter filing that finally revealed the true scope of its problems, including lower-than-expected labor productivity and quality challenges, according to the suits. A headliner event at the February 28 - March 1, 2022 edition of the trade show and conference for the indoor . [1] AppHarvest's greenhouses aim to primarily use sunlight in lieu of LEDs for growing plants hydroponically. Today on Work In Progress, Sophia is joined by Jonathan Webb (@webbjonathan). AppHarvest also held a telethon raising nearly $1.3-million to help with flood relief. Beshear told reporters in Frankfort that he's excited about the infusion ofscience and tech know-how. He has been a Director at AppHarvest, Inc. since January 2018. Andy Beshear, Sen. Hal Rogers, and AppHarvest CEO Jonathan Webb spoke during a groundbreaking ceremony at the site of AppHarvest's new facility in Somerset, Ky., Monday, June 21, 2021. The Company desires to continue to employ Employee and, in connection therewith, to compensate . las molestias. Travis joined AppHarvest in 2020 after serving in global communications roles in Paris, Tokyo, and Nashville with the Renault-Nissan-Mitsubishi Alliance most recently as Vice President for Nissan Americas and President of the Nissan Foundation. If the company can get cash in hand from the sale of its Berea farm, AppHarvest should be able to remove the alarming substantial doubt language from future investor disclosures, said chief financial officer Loren Eggleton. [3][4], Founded by Jonathan Webb, the company aims to use Kentucky's central geographic location to reduce carbon emissions, delivering produce to Midwest and East Coast markets. The data presented on this page does not represent the view of AppHarvest and its employees or that of Zippia. The investment pool focuses on promising technology and new. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Tony has served as a consultant in the CEA sector and is a board member of the Fruit & Vegetable Dispute Resolution Corporation, a non-profit that sets standards for the trade of fresh fruits and vegetables in Canada. Non-Employee Director Compensation Policy. appropriate or equitable. University of Kentucky Bachelor of Business Administration Major in Marketing Recent News and Activity Number of News Articles 30 News Jul 6, 2021 AppHarvest Founder & CEO Oct-2014 to Feb-2017 Archetype USA Contract Support (U.S. Army Office of Energy Initiatives) Jan-2010 to Oct-2014 Simple Choice Solutions Managing Director Competencies Crop Market Platforms (Agtech) Other Edit Jonathan WebbAchievements and Recognitions Add Milestone No milestones has been recorded for Jonathan Webb Edit The company has cumulatively spent at least $641 million for operations and fixed assets since 2018, when it incorporated, according to public filings. UPS has a new facility in Louisville to distribute coronavirus supplies for FEMA, Your California Privacy Rights / Privacy Policy. While we more than doubled production from our first quarter, we have a moment in time opportunity to create more long-term shareholder value by doubling down on investments that help us reduce risk going forward by developing and deploying our leading technology, and operational best practices for CEA, and enhancing our brand power by launching value-added products next year, Lee said. Who has power? Aydanos a proteger Glassdoor verificando que eres una persona real. It would have been evident to the ordinary investor that AppHarvest would encounter problems with labor and tomato quality and yield.. On March 23, 2021, the Board The foregoing description The year 2020 has been especially eventful for the company, which raised $28 million in August and finished building out its 2.76 million-square foot flagship facility a few months ago. As one of the newest businesses at the forefront of Agtech, AppHarvest (APPH-7.84%) . All proxy statements are public filings made available to the general public by the SEC. Location. Departing the companys executive offices this month are President David Lee, formerly of Impossible Foods, and Chief Operating Officer Julie Nelson, formerly of PepsiCo. High 59F. In February 2017, encouraged by investors, advisers, and politicians of both parties, Jonathan left Washington and came home to Eastern Kentucky to start a new kind of farm and to turn Appalachia into the AgTech capital of America. That includes businesswoman and celebrity Martha Stewart, who Webb said hasjoined the company board of directors. This United States corporation or company article is a stub. Jonathan Webb. You have to say, Gee, do you have today the cash on hand to get through the next 12 months? And if you dont, you need to insert this language into your SEC filing., In the end, its possible that AppHarvest itself, not just a farm, could be acquired by a larger company, Webb said. Its also removing two top executives as part of a restructuring that will cost up to $7 million in severance payments. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on a massive solar project to help achieve a White House goal of ensuring the military . See the latest outages from Kentucky Utilities, Blue Grass Energy and more, My favorite reporter is back: Familiar face returns to Lexington TV news, Flash flooding, tornadoes possible Friday in Lexington. Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. AppHarvest has sold 13.4 million pounds of tomatoes since its inaugural harvest in January, but in an earnings call Wednesday, the mega-greenhouse company announced it recorded a net loss of $32 million in its second quarter. 02/21. Director Compensation Policy, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The greenhouse will deploy a variety of practices to maximize Kentucky's plentiful rainfall withdigital monitoring, lower-cost LED lights, and in keeping with European's organic trends, chemical-freegrowing practices. An agreement signed Wednesday between the parties would create a series of research programs into sustainable agriculture and a center for excellence to boostagricultural innovation and new technologies. Marketing. Jonathan Webb is the Founder & CEO at AppHarvest. Before founding AppHarvest, Jonathan worked with the U.S. Department of Defense on one . Winds approaching hurricane force are blowing across Kentucky. Were disappointed with these results, but the good news is that prevailing market prices for tomatoes have already rebounded from the lows we experienced in the second quarter, Lee said. Pursuant to Section 13 or 15(d) of the Securities Meanwhile, top executives were being awarded millions of dollars in compensation, the suits allege. Aiutaci a proteggere Glassdoor dimostrando che sei una persona reale. 65% of the management team is White. Jonathan Webb is the Founder and CEO of AppHarvest, a company that combines conventional agricultural techniques with cutting-edge technology to address key issues including improving access. The foregoing description People in Eastern Kentucky are understandably skeptical about companies that come into the region and make promises about jobs, Webb said. It's about finding the next way to not just grow food, but to grow food in a sustainable way.". AppHarvest has 78 employees, of which 30 are in a leadership position. each annual performance period, the Committee will determine achievement of the Company and individual performance goals. Si continas recibiendo este mensaje, infrmanos del problema Support strong local journalism by subscribing today: courier-journal.com/graces. Jonathan Webb's Post Jonathan Webb CEO at AppHarvest 1y United States. EPS of -$0.30 beats by $0.01 | Revenue of $5.16M (124.62% Y/Y) misses by $236.00K AppHarvest, Inc. ( NASDAQ: APPH) Q1 2022 Earnings Conference Call May 3, 2022 4:30 PM ET Company Participants. Tony earned his credential as a chartered professional accountant following a bachelor of commerce in accounting and finance and a graduate diploma in accounting, audit and taxation at Concordia University in Canada. PU. Outside In Podcast: Jonathan Webb, CEO, AppHarvest: AgTech Farming for Our Planet's Future Amid the verdant rolling hills of central Kentucky, in the heart of Appalachian coal country, you'll find 60 acres of a massive, glass-encased structure. She replaced COO Marcella Butler, who was demoted in April 2021 after five months and terminated four months later. Plan) which will govern the terms of annual cash incentive awards granted to eligible employees of the Company, as determined Plan, the participant must generally remain employed and in good standing with the Company through the date of payment. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail Posted in Press Releases. We cannot build and grow fast enough to meet market demand, CEO Jonathan Webb said at the time. Vance, although Vance quit as he became more controversial during his Republican campaign for the U.S. Senate in Ohio. At times, the company had to bring in contract labor from outside the region, according to the suits. Nous sommes dsols pour la gne occasionne. AppHarvest CEO Jonathan Webb joins Yahoo Finance Live to discuss scaling controlled environment agriculture infrastructure, keeping produce prices low, and the future of farming as climate change . This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. Grace Schneider: 502-582-4082; gschneider@courierjournal.com; Twitter: @gesinfk. under the Cash Incentive Plan. Aaron and Jonathan discuss the major challenges we are facing when it comes to food shortages and . "This is so pivotal because" of the potential to build a new future for Kentucky, Webbsaidduring a morning video announcement with the Netherlands' top agricultural minister, contractor company executivesandcollege administrators. Here are a few more takeaways from Webb's session: An . The 2021 incentive targets for the Companys current Please enable Cookies and reload the page. If the companys stock trades below $1 for more than 30 consecutive days, it can be dropped from the NASDAQ. Liz Moomey is a Report for America Corps member covering Eastern Kentucky for the Lexington Herald-Leader. AppHarvest says it never misled anyone. Is the biggest greenhouse in the U.S. the future of farming? CNN asked in its feature on the company last year. scaling up the Morehead facility to 400 employees. ValueAct Capital Co-founder and CEO Jeffrey W. Ubben also announced he would join AppHarvest's Board of Directors. Some clouds this morning will give way to generally sunny skies for the afternoon. Inside is a tightly controlled environment that uses 90% less water than open-field agriculture and only rainwater to produce crop yields up to 30 times that of traditional farming. Jonathan Webb is Chairman/CEO/Founder at AppHarvest Inc. See Jonathan Webb's compensation, career history, education, & memberships. We are sorry for the inconvenience. The employee data is based on information from people who have self-reported their past or current employments at AppHarvest. area code: (606) 653-6100, (Former Name or Former Address, if Changed Since Last Report). And thats where these facilities start throwing off tens of millions of pounds of vegetables and fruits and were optimizing production and that cash is thrown back into the company.. except that Jonathan Webb, the Companys Chief Executive Officer, is not eligible to participate for the 2021 performance period. The company announced more conservative goals on the call. real person. The New York Times, the Wall Street Journal, Rolling Stone magazine, CBS 60 Minutes and Fox News are among the media outlets to praise the company for environmentally friendly practices, such as recycling rain water for crop irrigation, in an economically distressed coalfield region. We dont wait at borders. AppHarvest Founder and CEO Jonathan Webb speaks during groundbreaking for the new facility located in Shopville, on June 21, 2021. We reserve the right to block IP addresses that submit excessive requests. AppHarvest stock plummeted afterward. $47,691 per year. Designed to grow non-GMO, chemical pesticide-free produce, the indoor farms use up to 90 percent less water than open-field . Beshear indicated that the state eventually may provide incentives, but it won't involve a taxpayer-funded investment as seen during "the last administration." The company operates a 60-acre tomato farm in Morehead, Kentucky,[1][2] with plans to operate an additional 3 farms across Kentucky. . The company blames supply chain-related delays in opening three new farms. AppHarvest's mission statement is "We're building a sustainable, homegrown food supply that's accessible to all, all year long.". The company also closed a separate Series A funding round led by ValueAct Spring Fund. Exchange Act of 1934, Date of Report (Date of earliest event reported): 1 quality required by Mastronardi for distribution to Kroger, Wendys and other national retailers, so they were rejected. However, given the financial challenges facing the company, his original plan to open 12 mega-farms by 2025 is off the table for now, he said. the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. This report is not for commercial use. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. verdade. Kentucky native and University of Kentucky graduate Jonathan Webb is turning his dream of a high-tech farming hub in Appalachia into reality with AppHarvest. In one motion, it calls the litigation a textbook example of plaintiffs attorneys alleging fraud-by-hindsight under securities law because a company is losing money, not because there is actual evidence of fraud.
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