<SEC-DOCUMENT>0000902664-23-003264.txt : 20230524
<SEC-HEADER>0000902664-23-003264.hdr.sgml : 20230524
<ACCEPTANCE-DATETIME>20230524120052
ACCESSION NUMBER:		0000902664-23-003264
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20230524
DATE AS OF CHANGE:		20230524

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Freshpet, Inc.
		CENTRAL INDEX KEY:			0001611647
		STANDARD INDUSTRIAL CLASSIFICATION:	GRAIN MILL PRODUCTS [2040]
		IRS NUMBER:				201884894
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36729
		FILM NUMBER:		23952716

	BUSINESS ADDRESS:	
		STREET 1:		400 PLAZA DRIVE, 1ST FLOOR
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094
		BUSINESS PHONE:		201-520-4000

	MAIL ADDRESS:	
		STREET 1:		400 PLAZA DRIVE, 1ST FLOOR
		CITY:			SECAUCUS
		STATE:			NJ
		ZIP:			07094

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JANA PARTNERS LLC
		CENTRAL INDEX KEY:			0001159159
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		(212) 455-0900

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10153
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p23-1633dfan14a.htm
<DESCRIPTION>FRESHPET, INC.
<TEXT>
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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant </FONT><FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 7%; padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Preliminary Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Proxy Statement</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Definitive Additional Materials</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Wingdings; font-size: 12pt; line-height: 107%">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; line-height: 107%">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 22pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Freshpet, Inc.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JANA Partners LLC</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JANA Partners Management, LP</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Barry Rosenstein</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Scott Ostfeld</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Diane Dietz Suciu</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Timothy R. McLevish</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Kurt T. Schmidt</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ginger Gorden</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>James Lillie</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Carsten Charles (CC) Sabathia, Jr.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dwyane Wade</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</P>


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<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">Payment of Filing Fee (Check all boxes that apply):</P>

<P STYLE="font: 10pt/85% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">&nbsp;</P>

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    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 14pt; line-height: 85%">&#254;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-bottom: 8pt; line-height: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 85%">No fee required.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 14pt; line-height: 85%">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-bottom: 8pt; line-height: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 85%">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 5.75pt; padding-bottom: 8pt; line-height: 85%"><FONT STYLE="font-family: Wingdings; font-size: 14pt; line-height: 85%">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 8pt; line-height: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 85%">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>


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<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">On May 24, 2023, JANA Partners LLC issued
a press release regarding Freshpet, Inc. (the &quot;<U>Company</U>&quot;), which is reproduced in <U>Exhibit 1</U> hereto. Relevant information
regarding the Participants (as defined below) and their direct or indirect interests, by security holdings or otherwise, with respect
to the Company is provided in <U>Exhibit 2</U> hereto.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B><U>Exhibit 1</U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>JANA PARTNERS TO NOMINATE FOUR HIGHLY
QUALIFIED DIRECTORS TO FRESHPET BOARD</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>Believes Change is Urgently Needed at
Freshpet Due to Incumbent Board&rsquo;s Failure of Oversight and Diversion of Corporate Resources, Reckless Capital Allocation,
Deteriorating Performance and Substantial Erosion of Shareholder Value</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>Believes Actions of a Majority of Independent
Directors &ndash; David Basto, Olu Beck, Charles Norris, Daryl Brewster and Walter George &ndash; Call into Question Board&rsquo;s Ability
to Govern</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><I>JANA&rsquo;s Nominees &ndash; Diane
Dietz, Timothy McLevish, Scott Ostfeld and Kurt Schmidt &ndash; Are Committed to Restoring Credibility by Properly Overseeing
Management and Capital Allocation, Addressing Problematic Governance and Objectively Evaluating Potential Buyer
Interest</I></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>NEW YORK, May 24, 2023
&ndash;</B> JANA Partners (&ldquo;JANA&rdquo;) today announced that it will be nominating four highly qualified candidates to
Freshpet, Inc.&rsquo;s (&ldquo;Freshpet&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ:FRPT) Board of Directors (the
&ldquo;Board&rdquo;) for the 2023 Annual Meeting of Stockholders (&ldquo;Annual Meeting&rdquo;).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">JANA&rsquo;s nominees bring extensive experience
as executives and public company board members in the consumer sector.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Diane Dietz,</B> Former Chief Executive Officer of Rodan &amp; Fields, EVP &amp; Chief Marketing/Merchandising
Officer of Safeway and EVP at Procter &amp; Gamble. She currently serves as a director of Whirlpool.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Timothy McLevish, </B>Former Chief Financial Officer of Kraft Foods and Walgreens, and former Executive
Chairman of Lamb Weston and director of Conagra Brands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Scott Ostfeld, </B>Managing Partner and Portfolio Manager of JANA Partners. He currently serves as
a director of TreeHouse Foods and previously served as a director of Conagra Brands.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><B>Kurt Schmidt, </B>Former Chief Executive Officer of Blue Buffalo, Chief Executive Officer of Cronos
Group, deputy EVP at Nestle and Chief Executive Officer of Gerber Products. He currently serves as a director of Campbell Soup Company
and previously served as a director of Blue Buffalo.</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">JANA today issued the following public letter
to Freshpet shareholders:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">May 24, 2023</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Dear Fellow Shareholders:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">JANA, along with our affiliates and partners, owns
9.3% of Freshpet, making us the Company&rsquo;s largest shareholder. Freshpet has consistently struggled to execute and failed to achieve
its potential, leading to a 74% decline in its stock price in the year prior to our involvement in the Company.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify; margin: 0">We believe Freshpet&rsquo;s pattern of missteps stems directly from
a Board that has disregarded its most basic duties to shareholders. While recent management changes are a step in the right direction,
we have observed a Board that has, over multiple years, failed to properly supervise management as performance worsened, liquidity deteriorated
and shareholder value plummeted. Worse still, these problems unfolded while more than half of Freshpet&rsquo;s independent directors pursued
outside interests with corporate resources and key members of management.&nbsp;</P>

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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;<B><U>Freshpet Board&rsquo;s Repeated Dereliction of Duty</U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">We believe the Board has failed in
its duty to shareholders, including by:</P>









<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Recklessly deploying capital, including rubber stamping management&rsquo;s $1+ billion CapEx program without
articulating a credible plan to fund it, while at the same time investing tens of millions of dollars of shareholder capital in an unrelated
money-losing venture;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Creating liquidity problems by failing to secure adequate capital for its budgeted CapEx program and then
allowing the Company to fall out of compliance with its debt covenants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Choosing
                                            &ndash; after months of discussing a capital raise &ndash; a highly fragile moment in the
                                            capital markets, only days after the chaotic collapses of Silicon Valley Bank and Signature
                                            Bank, to raise needed capital through an equity-linked convertible bond, in the process reneging
                                            on its commitment not to raise equity;<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>1</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Allowing Freshpet management to repeatedly overpromise and underdeliver, highlighted by management consistently
missing profitability guidance, reducing long-term margin targets and overseeing gross margin declines for five consecutive years, including
a cumulative 1,300+ bps decline in gross margin and 600+ bps decline in EBITDA margin from 2019 to 2022;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Installing a misaligned management compensation program that has resulted in incentive compensation struck at
                                                                                                             ~$143 per share (more than 100% above the current stock price);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Allowing
                                            key members of Freshpet leadership &ndash; the Company&rsquo;s President &amp; COO and its
                                            Vice Chairman &ndash; to found, hold executive roles and devote time and Company resources
                                            to another company, Hive Brands (&ldquo;Hive&rdquo;), which offers competing
                                            products; <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>2</SUP></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Permitting two Board members &ndash; David Basto and Olu Beck &ndash; to benefit from Hive&rsquo;s success
by serving as a director and a formal advisor, respectively, and appearing in Hive fundraising / marketing materials;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Allowing director David Basto, a Partner at Carlyle, to also serve on the board of Compana Pet Brands,
a Carlyle portfolio company that offers competing products; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Allowing
                                            long-time Freshpet directors &ndash; newly promoted Chairman Walter George, retiring Chairman
                                            Charles Norris and Compensation Committee Chairman Daryl Brewster &ndash; to utilize Freshpet&rsquo;s
                                            Vice Chairman as the Chief Financial Officer of a blank check company they registered to
                                            launch (on top of allowing him to simultaneously serve as Chief Financial Officer of Hive).<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>3</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>Freshpet Board&rsquo;s Extraordinary
Efforts to Avoid Accountability</U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP></SUP></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">JANA invested in Freshpet in September 2022 to help
address the Company&rsquo;s underperformance, capital allocation and governance, prompting Cowen research to note that <I>&ldquo;Jana's
position potentially invites a much-needed narrative shift for the stock&rdquo;</I><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>4
</SUP></FONT>and leading to a 16% one-day increase in Freshpet&rsquo;s stock price. Indeed, following JANA&rsquo;s investment, Freshpet&rsquo;s
share price saw a sustained and dramatic reversal of its downward trajectory, with the stock significantly appreciating in the month
following our involvement and its price rising more than 70% to $67.35 per share in the eight months since.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>5</SUP></FONT></P>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%"><SUP>&nbsp;____________________________</SUP></FONT><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>1
                                            </SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;[W]e
                                            believe investors were blindsided again on a capital raise.&rdquo; (Oppenheimer, 3/14/23).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>2
</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">https://nypost.com/2022/10/16/freshpet-investors-howl-as-execs-work-for-rival-pet-food-seller.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>3
</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">https://www.sec.gov/Archives/edgar/data/1842311/000121390021015215/fs12021_transformational.htm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>4
</SUP></FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cowen, 9/22/22.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>5
</SUP></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;FRPT shares are down 64% over the last 12
months but recovered 36% in the last month as activist Jana Partners &nbsp;&nbsp;&nbsp;&nbsp;announced a 10% stake on 9/22.&rdquo; (Jefferies,
10/20/22).</FONT></P>


<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: 107%">&nbsp;</FONT></P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Unfortunately, rather than
acknowledge the core governance issues and undertake remediation actions, including our suggested addition of new directors not
hand-picked by the Board, Freshpet is instead attempting to avoid shareholder accountability by taking actions to
entrench the Board, including:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Abruptly scheduling the Annual Meeting in July, more than two months earlier than prior years, in a
                                                                                                             thinly veiled effort to compromise the ability of shareholders to nominate directors and pursue Board change;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Improperly reducing the number of Board seats up for election in 2023 by removing one director slot from
the 2023 Board class;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Appointing as Chairman Walter George, the head of Freshpet&rsquo;s Nominating and Governance Committee
who directly oversaw the Company&rsquo;s litany of governance failures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Appointing a new director who, while a highly capable supply chain executive, is insufficient to
                                                                                                             address Freshpet&rsquo;s governance and capital allocation issues, having never served on a public company board and who comes
                                                                                                             with an overlapping private board with the new Chairman;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Undermining Freshpet&rsquo;s claim to be &lsquo;de-classifying&rsquo; the Board beginning in 2023 by appointing
the newly added director to the 2024 class; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Taking
                                            action directly at odds with the Company&rsquo;s prior declarations that it <I>&ldquo;recognizes
                                            the benefit of providing stockholders an annual opportunity to express their satisfaction
                                            or dissatisfaction with the actions of the Board&rdquo;</I> and that <I>&ldquo;the Board
                                            believes it is important for it to maintain stockholder confidence by demonstrating that
                                            it is responsive and accountable to stockholders.&rdquo;</I><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt; line-height: 107%"><SUP>6</SUP></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B><U>JANA&rsquo;s Director Nominees
Bring Much Needed Change</U></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">To address the damage Freshpet&rsquo;s
Board has already inflicted on shareholders and help the Company achieve its full potential, we are nominating Diane Dietz, Timothy
McLevish, Scott Ostfeld and Kurt Schmidt to Freshpet&rsquo;s Board at the Annual Meeting. We believe these four highly
qualified director candidates are far better equipped to oversee management, governance and capital allocation, address conflicts of
interest by putting a stop to corporate resources being diverted toward management and Board member pet projects, and evaluate
potential buyer interest in the Company.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">Sincerely,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 12pt; line-height: 107%"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 28px; width: 129px"></FONT></P>
    <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">Barry Rosenstein<BR>
    Managing Partner &amp; Portfolio Manager<BR>
    JANA Partners</P></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 12pt; line-height: 107%"><IMG SRC="image_002.jpg" ALT="A picture containing sketch, black and white&#10;&#10;Description automatically generated" STYLE="height: 28px; width: 105px"></FONT></P>
    <P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">Scott Ostfeld<BR>
Managing Partner &amp; Portfolio Manager<BR>
JANA Partners&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 107%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt; line-height: normal"><SUP>&nbsp;____________________________</SUP></FONT></FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-size: 10pt; line-height: 107%"><SUP>6</SUP></FONT>
https://www.sec.gov/Archives/edgar/data/1611647/000114036121028195/nc10025859x3_def14a.htm.</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>Director Nominee Biographies</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Diane Dietz</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Ms. Dietz is a long-time consumer sector
executive and public company board member whose industry experience has included serving as Chief Executive Officer of Rodan &amp; Fields,
EVP &amp; Chief Marketing/Merchandising Officer of Safeway and EVP at Procter &amp; Gamble. Ms. Dietz
serves as a public company director of Whirlpool Corp.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Timothy McLevish</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Mr. McLevish is a long-time consumer
sector executive and public company board member whose industry experience has included serving as Chief Financial Officer of Kraft
Foods, Chief Financial Officer of Walgreens and Executive Chairman of Lamb Weston. He has also served as the Chief Financial Officer
of Carrier Global and Chief Financial Officer of Ingersoll Rand. Mr. McLevish has served as a public company director of Conagra
Brands, Lamb Weston, R.R. Donnelley &amp; Sons, Kennametal and URS Corp.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Scott Ostfeld</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Mr. Ostfeld is Managing Partner and
Portfolio Manager of JANA Partners, where he has nearly 20 years of experience enhancing value as an engaged shareholder including
in consumer companies such as Whole Foods, PetSmart, Safeway, Tiffany, Walgreens, Callaway, Pinnacle Foods, Conagra Brands,
Bloomin&rsquo; Brands and TreeHouse Foods. Mr. Ostfeld serves as a public company director of TreeHouse Foods and previously served
as a public company director of HD Supply, TeamHealth and Conagra Brands.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Kurt Schmidt</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Mr. Schmidt is a long-time consumer sector
executive and public company board member whose industry experience has included serving as Chief Executive Officer of Blue Buffalo, Chief
Executive Officer of Cronos Group, deputy EVP at Nestle responsible for Nestle Nutrition and Chief Executive Officer of Gerber Products.
Mr. Schmidt serves as a public company director of Campbell Soup Company and previously served as a public company director of Blue Buffalo.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>About JANA Partners </B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">JANA Partners was founded in 2001 by
Barry Rosenstein. JANA invests in undervalued public companies and engages with management teams and boards to unlock value for
shareholders.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"><B>Contacts:</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Media<BR>
Gasthalter &amp; Co.<BR>
Jonathan Gasthalter/Nathaniel Garnick</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">JANA@gasthalter.com</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">Investors<BR>
IR@janapartners.com</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Important Information</B></P>

<P STYLE="font: 11pt/11.75pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">JANA Partners LLC, JANA Partners Management,
LP, JANA Strategic Investments Benchmark Master Fund, L.P., and Barry Rosenstein (&ldquo;collectively JANA&rdquo;), and Scott Ostfeld,
Diane Dietz, James Lillie, Timothy R. McLevish, Kurt T. Schmidt, Dwyane Wade, Carsten Charles (CC) Sabathia, Jr. and Ginger Gorden (collectively,
and together with JANA, the &quot;Participants&quot;) intend to file with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
a definitive proxy statement and accompanying form of GREEN proxy to be used in connection with the solicitation of proxies from the stockholders
of Freshpet, Inc. (&ldquo;Freshpet&rdquo; or the &ldquo;Company&rdquo;) in connection with the Company&rsquo;s 2023 annual meeting of
stockholders (the &ldquo;2023 Annual Meeting&rdquo;). All stockholders of the Company are advised to read the definitive proxy statement
and other documents related to the solicitation of proxies, each in connection with the 2023 Annual Meeting, by the Participants when
they become available, as they will contain important information, including additional information related to the Participants. The definitive
proxy statement and an accompanying GREEN proxy card will be furnished to some or all of the Company&rsquo;s stockholders and will be,
along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/.</P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">Information about the Participants and
a description of their direct or indirect interests by security holdings is contained in an exhibit to the Schedule 14A filed by the Participants
with the SEC on May 24, 2023. This document is available free of charge from the source indicated above.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><B>Disclaimer</B></P>

<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify">This material does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions
and opinions in this press release and the material contained herein are for general information only, and are not intended to provide
investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend
on future events are &ldquo;forward-looking statements,&rdquo; which are not guarantees of future performance or results, and the words
&ldquo;will,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;potential,&rdquo; &ldquo;could,&rdquo;
&ldquo;opportunity,&rdquo; &ldquo;estimate,&rdquo; and similar expressions are generally intended to identify forward-looking statements.
The projected results and statements contained in this press release and the material contained herein that are not historical facts are
based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to
be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable.
No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient
of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among
alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should
not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice.
JANA disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at
any time as it deems appropriate. Past performance is not indicative of future results.</P>


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<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B><U>Exhibit 2</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt">JANA (as defined below), together with the other Participants (as
defined below), intend to file a definitive proxy statement and accompanying GREEN proxy card with the SEC to be used to solicit proxies
for votes (a &quot;Proxy Solicitation&quot;) regarding the election of its slate of director nominees and other proposals that may come
before the 2023 annual meeting of stockholders of Freshpet, Inc. (the &quot;Company&quot;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt">THE PARTICIPANTS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY
TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY
MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION
WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE
PARTICIPANTS' PROXY SOLICITOR, INNISFREE M&amp;A INCORPORATED AT (877) 750-8310 (TOLL-FREE FROM THE U.S. AND CANADA) OR +1 (412) 232-3651
(FROM OTHER LOCATIONS).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt">The &quot;<U>Participants</U>&quot; in any future Proxy Solicitation
are anticipated to be: (i) JANA Strategic Investments Benchmark Master Fund, L.P., a Cayman Islands exempted limited partnership (&quot;<U>JANA
Benchmark</U>&quot;), (ii) JANA Partners Management, LP, a Delaware limited partnership (the &quot;<U>JANA Management</U>&quot;); (iii)
JANA Partners LLC, a Delaware limited liability company (&quot;<U>JANA Partners</U>&quot; and, together with JANA Benchmark and JANA Management,
&quot;<U>JANA</U>&quot;); (iv) Barry Rosenstein, (v) Scott Ostfeld, (vi) Diane Dietz (&quot;<U>Ms. Dietz</U>&quot;), (vii) Timothy R.
McLevish (&quot;<U>Mr. McLevish</U>&quot;), (viii) Kurt T. Schmidt (&quot;<U>Mr. Schmidt</U>&quot;), (ix) Ginger Gorden (&quot;<U>Ms.
Gorden</U>&quot;), (x) James Lillie (&quot;<U>Mr. Lillie</U>&quot;), (xi) Carsten Charles (CC) Sabathia, Jr. (&quot;<U>Mr. Sabathia</U>&quot;),
and (xii) Dwyane Wade (&quot;<U>Mr. Wade</U>&quot;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 8pt">As of the date hereof, The Participants may be deemed to beneficially
own, in the aggregate, 4,454,238 shares of common stock, par value $0.001 per share, of the Company (the &quot;<U>Common Stock</U>&quot;)
as follows: (a) 4,309,201 shares of Common Stock are beneficially owned by each of JANA Management and JANA Partners; (b) 68,000 shares
of Common Stock are beneficially owned by Ms. Dietz; (c) 24,000 shares of Common Stock are beneficially owned by Mr. McLevish; (d) 1,744
shares of Common Stock are beneficially owned by Mr. Schmidt; (e) 1,615 shares of Common Stock are beneficially owned by Ms. Gorden; (f)
40,800 shares of Common Stock are beneficially owned by Mr. Lillie; (g) 2,586 shares of Common Stock are beneficially owned by Mr. Sabathia;
and (h) 6,292 shares of Common Stock are beneficially owned by Mr. Wade.</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0">JANA, Ms. Dietz, Mr. Lillie, Mr. McLevish, Mr. Schmidt, Mr. Wade,
Mr. Sabathia and Ms. Gorden may be deemed a &quot;group&quot; as defined in Rule 13d-5 under the Exchange Act. JANA expressly disclaims
beneficial ownership of the shares of Common Stock held by each of the other Participants, who, likewise, expressly disclaim beneficial
ownership of the shares of Common Stock held by the other Participants. </P>






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