Calavo Growers Inc. has announced a new agreement with former President and CEO Lecil E. Cole following his retirement on December 8, 2025. Under the terms of the agreement, 300,000 stock options previously granted to Mr. Cole will vest and become exercisable as of his retirement date. The right to exercise these options has been extended to the end of the agreement's term. Additionally, if a Change of Control occurs, each share subject to the option will automatically convert into the right to receive the per-share consideration payable to shareholders, minus the exercise price and applicable taxes, provided the resulting amount is positive. The agreement also grants Calavo Growers a right of first offer to purchase all avocados grown by Mr. Cole or his affiliates during the defined term of the agreement.