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Proposal
|
| |
Votes Required
|
| |
Voting Options
|
| |
Impact of
“Withhold” or “Abstain” Votes |
| |
Broker
Discretionary Voting Allowed |
|
|
Proposal No. 1: Election of Directors
|
| | The plurality of the votes cast. This means that the nominees receiving the highest number of affirmative “FOR” votes will be elected. | | |
“FOR”
“AGAINST” “ABSTAIN” |
| | None(1) | | | No(2) | |
|
Proposal No. 2: Approval of the Amendment to the Company’s Certificate of Incorporation
|
| | The affirmative vote of the holders of a majority of the total number of votes of the capital stock entitled to vote on such question, voting as a single class. | | |
“FOR”
“AGAINST” “ABSTAIN” |
| | Will count as a vote “Against”(3) | | | No(2) | |
|
Proposal No. 3: Ratification of Appointment of Independent Registered Public Accounting Firm
|
| | The affirmative vote of the holders of a majority of the total number of votes of the capital stock represented at the Annual Meeting and entitled to vote on such question, voting as a single class. | | |
“FOR”
“AGAINST” “ABSTAIN” |
| | Will count as a vote “Against”(3) | | | Yes(4) | |
| Irwin D. Simon | | | | | |
Director
|
|
| Executive Chairman | | ||||||
|
|
| |
Director Since: June 2020
Age: 62
|
| | Other Public Company Boards: Tilray, Inc. — Chairman and CEO; MDC Partners Inc. — Lead Independent Director | |
|
Committees: None
|
| | Education: Saint Mary’s University, B.S. in Commerce | |
| Albert Manzone | | | | | |
Director
|
|
| Chief Executive Officer | | ||||||
|
|
| |
Director Since: September 2020
Age: 57
|
| |
Other Public Company Boards: None
|
|
|
Committees: None
|
| | Education: J.L. Kellogg Graduate School of Management at Northwestern University, MBA; Sorbonne University, Paris, France, Graduate Degree, International Business; Institut Superieur du Commerce, France — B.A. in Marketing and Finance | |
| Anuraag Agarwal | | | | | |
Independent Director
|
|
| Group Head — Strategy for ACG (a global pharma and nutraceutical manufacturing company) | | ||||||
|
|
| |
Director Since: June 2020
Age: 46
|
| |
Other Public Company Boards: None
|
|
|
Committees: Audit Committee
and Nominating and Corporate Governance Committee |
| | Education: Birla Institute of Technology & Science, M.Sc (Hons.) Economics, BE (Hons.) Chemical Engineering; Dartmouth College, Master of Engineering Management | |
| Steven M. Cohen | | | | | |
Independent Director
|
|
| Consultant | | ||||||
|
|
| |
Director Since: June 2020
Age: 57
|
| | Other Public Company Boards: None | |
| Committees: Compensation Committee and Nominating and Corporate Governance Committee | | | Education: New York University, B.A.; University of Pennsylvania Law School, J.D. | |
| Denise M. Faltischek | | | | | |
Independent Director
|
|
| Head of International Business and Chief Strategy Officer, Tilray, Inc. | | ||||||
|
|
| |
Director Since: June 2020
Age: 48
|
| |
Other Public Company Boards: None
|
|
| Committees: Chair, Nominating and Corporate Governance Committee | | | Education: Lehigh University, B.A.; Brooklyn Law School, J.D. | |
| Ira J. Lamel | | | | | |
Independent Director
|
|
|
|
| |
Director Since: June 2020
Age: 73
|
| | Other Public Company Boards: Novanta Inc. | |
| Committees: Chair, Audit Committee, and Compensation Committee | | |
Education: Long Island University, B.S.
|
|
| John M. McMillin III | | | | | |
Independent Director
|
|
| Limited Partner with Lord Abbett & Co., LLC | | ||||||
|
|
| |
Director Since: June 2020
Age: 67
|
| |
Other Public Company Boards: None
|
|
| Committees: Chair, Compensation Committee, and Audit Committee | | | Education: Bucknell University, B.S.B.A.; Babson College, M.B.A. | |
Name
|
| |
Audit
Committee |
| |
Compensation
Committee |
| |
Nominating and
Governance Committee |
|
Irwin D. Simon
|
| | | | | | | | | |
Anuraag Agarwal
|
| |
*
|
| | | | |
*
|
|
Steven M. Cohen
|
| | | | |
*
|
| |
*
|
|
Denise M. Faltischek
|
| | | | | | | |
+
|
|
Ira J. Lamel
|
| |
+
|
| |
*
|
| | | |
Albert Manzone
|
| | | | | | | | | |
John M. McMillin
|
| |
*
|
| |
+
|
| | | |
Name
|
| |
Stock
Awards ($)(1) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| |||||||||
Irwin D. Simon
|
| | | $ | 250,000 | | | | | $ | 125,000 | | | | | $ | 375,000 | | |
Anuraag Agarwal
|
| | | $ | 65,002 | | | | | $ | 32,500 | | | | | $ | 97,502 | | |
Steven M. Cohen
|
| | | $ | 65,002 | | | | | $ | 32,500 | | | | | $ | 97,502 | | |
Denise M. Faltischek
|
| | | $ | 65,002 | | | | | $ | 32,500 | | | | | $ | 97,502 | | |
Ira J. Lamel
|
| | | $ | 65,002 | | | | | $ | 32,500 | | | | | $ | 97,502 | | |
Albert Manzone(2)
|
| | | | — | | | | | | — | | | | | | — | | |
John M. McMillin
|
| | | $ | 65,002 | | | | | $ | 32,500 | | | | | $ | 97,502 | | |
Name
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of Shares
Outstanding |
| ||||||
Neuberger Berman Alternative Funds, Neuberger Berman Long Short Fund
|
| | | | 2,104,400 (1) | | | | | | 5.46% | | |
River Road Asset Management, LLC
|
| | | | 2,936,296 (2) | | | | | | 7.61% | | |
Rubric Capital Management LP
|
| | | | 2,600,000 (3) | | | | | | 6.74% | | |
Name
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of Shares
Outstanding |
| ||||||
Irwin D. Simon(1)
|
| | | | 1,125,976 | | | | | | 2.92% | | |
Albert Manzone(2)
|
| | | | 32,935 | | | | | | * | | |
Lucas Bailey(3)
|
| | | | — | | | | | | — | | |
Andrew Rusie(4)
|
| | | | 5,570 | | | | | | * | | |
Denise M. Faltischek(5)
|
| | | | 12,794 | | | | | | * | | |
Steven M. Cohen(6)
|
| | | | 7,794 | | | | | | * | | |
John M. McMillin(7)
|
| | | | 29,794 | | | | | | * | | |
Anuraag Agarwal(8)
|
| | | | 22,794 | | | | | | * | | |
Ira J. Lamel(9)
|
| | | | 159,572 | | | | | | * | | |
All directors and executive officers as a group (9 persons)(10)
|
| | | | 1,397,229 | | | | | | 3.62% | | |
Named Executive Officer
|
| |
Title
|
|
Albert Manzone | | | Chief Executive Officer | |
Andrew “Andy” Rusie | | | Chief Financial Officer | |
Lucas Bailey | | | President of Flavors & Ingredients | |
| Lancaster Colony Corporation | | | The Simply Good Foods Company | | | Beyond Meat, Inc. | |
| Sunopta Inc. | | | J&J Snack Foods | | | E.L.F. Beauty, Inc. | |
| Bellring Brands, Inc. | | | John B. Sanfilippo & Son | | | Newage, Inc. | |
| National Beverage Corp. | | | Farmer Bros. Co. | | | Freshpet, Inc. | |
| Rogers Sugar Inc. | | | MGP Ingredients, Inc. | | |
Craft Brew Alliance, Inc.
|
|
| Landec Corporation | | | S&W Seed Company | | | Bridgford Foods Corporation | |
Element
|
| |
Fixed or
Variable |
| |
Purpose & Design Features
|
|
Base Salary | | | Fixed | | | To attract and retain executives by offering fixed compensation that is competitive with market opportunities and that recognizes each executive’s position, role, responsibility and experience. | |
Annual Performance-Based Cash Incentive
|
| | Variable | | | To motivate and reward the achievement of our annual performance goals, based on the attainment of pre-defined financial performance objectives. | |
Equity Awards | | | Variable | | | To align executives’ interests with the interests of stockholders through equity-based compensation with performance-based and time-based vesting periods and to promote the long-term retention of our executives and other key management personnel. | |
Benefits | | | Fixed | | | To provide attractive benefits that promote employee (and potentially family) health and wellness. Benefits are provided at a level that is the same or similar to all employees, unless otherwise noted below. | |
Executive & Title
|
| |
2020 Base
Salary* |
| |||
Albert Manzone, CEO
|
| | | $ | 632,800(1) | | |
Andrew Rusie, CFO
|
| | | $ | 375,000 | | |
Lucas Bailey, Pres. Flavors & Ingredients
|
| | | $ | 734,410(2) | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
All Other
Compensation ($)(4) |
| |
Total
($) |
| |||||||||||||||||||||
Albert Manzone
Chief Executive Officer |
| | | | 2020(5) | | | | | $ | 632,800 | | | | | $ | 0 | | | | | $ | 800,060 | | | | | $ | 535,338 | | | | | $ | 3,540,272 | | | | | $ | 5,508,470 | | |
| | | 2019(6) | | | | | $ | 558,606 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 235,553 | | | | | $ | 613,124 | | | | | $ | 1,407,283 | | | ||
Andrew Rusie
Chief Financial Officer |
| | | | 2020 | | | | | $ | 375,000 | | | | | $ | 257,500 | | | | | $ | 294,061 | | | | | $ | 0 | | | | | $ | 11,400 | | | | | $ | 937,961 | | |
| | | 2019 | | | | | $ | 23,438 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 23,438(7) | | | ||
Lucas Bailey
President – Flavors & Ingredients |
| | | | 2020 | | | | | $ | 734,410 | | | | | $ | 0 | | | | | $ | 669,380(8) | | | | | $ | 0 | | | | | $ | 1,756,949 | | | | | $ | 3,160,739 | | |
| | | 2019 | | | | | $ | 780,300 | | | | | $ | 413,674 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 36,105 | | | | | $ | 1,230,079 | | |
Name and Principal Position
|
| |
Year
|
| |
401(k)
Match |
| |
Health &
Welfare Insurance ($) |
| |
Car
Allowance ($) |
| |
Tax
Benefits ($) |
| |
Pension
Contributions |
| |
Transaction
Bonus ($) |
| |
Vacation
Cash-out For Mr.Bailey upon Resignation |
| |
Total All
Other Compensation ($) |
| |||||||||||||||||||||||||||
Albert Manzone
|
| | | | 2020(5) | | | | | $ | 0 | | | | | $ | 9,270 | | | | | $ | 23,798 | | | | | $ | 29,529 | | | | | $ | 52,675 | | | | | $ | 3,425,000(9) | | | | | $ | 0 | | | | | $ | 3,540,272 | | |
| | | | | 2019(6) | | | | | $ | 0 | | | | | $ | 8,483 | | | | | $ | 30,752 | | | | | $ | 26,785 | | | | | $ | 47,104 | | | | | $ | 500,000(10) | | | | | $ | 0 | | | | | $ | 613,124 | | |
Andrew Rusie
|
| | | | 2020 | | | | | $ | 11,400 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 11,400 | | |
| | | | | 2019 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | |
Lucas Bailey
|
| | | | 2020 | | | | | $ | 11,400 | | | | | $ | 10,972 | | | | | $ | 8,845 | | | | | $ | 7,396 | | | | | $ | 0 | | | | | $ | 1,575,900 | | | | | $ | 142,438 | | | | | $ | 1,756,949 | | |
| | | | | 2019 | | | | | $ | 0 | | | | | $ | 10,692 | | | | | $ | 13,096 | | | | | $ | 12,317 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 36,105 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number
of Shares or Units of Stock That Have Not Vested (#) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) |
| |||||||||
Albert Manzone
|
| | | | 9/30/2020 | | | | | | | | | | | | | | | | | | | | | | | | 73,400 | | | | | $ | 800,060 | | |
Andrew Rusie
|
| | | | 9/30/2020 | | | | | | | | | | | | | | | | | | | | | | | | 26,978 | | | | | $ | 294,061 | | |
Lucas Bailey(3)
|
| | | | 9/30/2020 | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | | $ | 0 | | |
Plan Category
|
| |
Number of
Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a)(1) |
| |
Weighted-
Average Exercise Price of Outstanding Options, Warrants and Rights (b)(2) |
| |
Number of
Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) (3) |
| |||||||||
Equity compensation plans approved by security holders
|
| | | | 701,942 | | | | | $ | — | | | | | | 8,598,058 | | |
Equity compensation plans not approved by security holders
|
| | | | — | | | | | $ | — | | | | | | — | | |
Total
|
| | | | 701,942 | | | | | $ | — | | | | | | 8,598,058 | | |
Type of Fees
|
| |
2019
|
| |
2020 -
Predecessor |
| |
2020 -
Successor |
| |||||||||
Audit Fees(1)
|
| | | $ | 1,389,217 | | | | | $ | 79,000 | | | | | $ | 3,148,721 | | |
Audit-Related Fees(2)
|
| | | | — | | | | | | — | | | | | | — | | |
Tax Fees(3)
|
| | | | 102,109 | | | | | | 56,441 | | | | | | 46,898 | | |
All Other Fees(4)
|
| | | | | | | | | $ | 2,400,000 | | | | | | 2,000 | | |
Total
|
| | | $ | 1,491,326 | | | | | $ | 2,535,441 | | | | | | 3,197,619 | | |