o | Preliminary Proxy Statement | ||||
o | Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | ||||
x | Definitive Proxy Statement | ||||
o | Definitive Additional Materials | ||||
o | Soliciting Material Pursuant to § 240.14a-12 |
(Name of Registrant as Specified in its Charter) | ||
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
Payment of Filing Fee (Check the appropriate box): | |||||||||
x | No fee required. | ||||||||
o | Fee paid previously with preliminary materials. | ||||||||
o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 | ||||||||
Sincerely, | |||||
GEORGE C. FREEMAN, III | |||||
Chairman, President, and | |||||
Chief Executive Officer |
(1)to elect as directors the five nominees |
By Order of the Board of Directors, | |||||
PRESTON D. WIGNER | |||||
Secretary |
Q:What constitutes a quorum and how many votes must be present to hold the Annual Meeting? A:In order for the Annual Meeting to be conducted, a majority of the shares entitled to vote (i.e., a majority of the outstanding shares of Common Stock as of the record date) must be present in person or represented by proxy at the Annual Meeting for the transaction of business at the Annual Meeting. This is referred to as a quorum. Abstentions, withheld votes, and broker shares that are voted on any matter are included in determining the number of votes present. Broker shares that are voted on at least one matter will be counted for purposes of determining the existence of a quorum for the transaction of business at the Annual Meeting. Broker shares that are not voted on any matter will not be included in determining whether a quorum is present. In the event that a quorum is not present at the Annual Meeting, it is expected that the Annual Meeting will be adjourned or postponed to solicit additional proxies. It is very important, therefore, that you vote your shares. Q:What vote is needed to elect directors? A:The election of each nominee for director requires the affirmative vote of the holders of a plurality of the shares of Common Stock voted in the election of directors. Q:What vote is needed to approve the non-binding advisory resolution approving the compensation of our named executive officers? A:The approval of the non-binding advisory resolution approving the compensation of our named executive officers requires that the votes cast in favor of the proposal exceed the number of votes cast against the proposal. The Board of Directors and the Compensation Committee value the opinions of our shareholders. To the extent that there is any significant vote against executive compensation, the Board of Directors and the Compensation Committee will consider shareholder concerns and evaluate whether any actions are necessary to address those concerns. Q:What vote is being requested to approve the non-binding advisory vote as to the frequency (every one, two or three years) of the non-binding shareholder vote to approve the compensation of our named executive officers? A:Unlike other proposals in this Proxy Statement, shareholders are not voting to approve or disapprove the recommendation of the Board of Directors with respect to this proposal. The non-binding advisory vote as to the frequency (every one, two or three years) of the non-binding shareholder vote to approve the compensation of our named executive officers will require you to choose among a frequency of every one, two or three years or abstain from voting. Although the Board of Directors is recommending that you vote for a one-year frequency, the Board of Directors will take into account the outcome of the vote when considering the frequency of future advisory votes on executive compensation. Q: What vote is needed to ratify the appointment of Ernst & Young LLP? A:The ratification of the appointment of Ernst & Young LLP requires the number of votes cast in favor of the ratification exceed the number of votes cast in opposition to the ratification. Q: What vote is needed to approve the 2023 Stock Incentive Plan? A: The approval of the 2023 Stock Incentive Plan requires the number of votes cast in favor of the approval exceed the number of votes cast in opposition to the approval. Q:What are the voting recommendations of the Board of Directors? A:The Board of Directors recommends that shareholders vote “FOR” each of the proposed nominees for director named in this Proxy Statement; “FOR” the approval of the non-binding resolution approving named executive officer compensation; for a “ONE-YEAR” frequency for the non-binding shareholder vote to approve the compensation of our named executive officers; “FOR” the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2024; and “FOR” the approval of the 2023 Stock Incentive Plan. 2 Q:How do I vote? A:Registered shareholders (shareholders who hold Common Stock in certificated form as opposed to through a bank, broker, or other nominee) who are eligible to vote may vote in person at the Annual Meeting or by proxy. Registered shareholders have the following ways to vote by proxy: •by mail - complete, sign, date, and return the enclosed proxy card or voting instruction; or •over the Internet or by telephone - follow the instructions provided on the enclosed proxy card. |
Q:Can I attend the Annual Meeting? A:The Annual Meeting is open to all holders of our Common Stock as of the close of business on the record date, June 6, 2023, as well as guests who pre-register in advance in accordance with the instructions below. We will not permit cameras, recording devices, or other electronic devices at the Annual Meeting. We encourage |
Q:How will my shares be voted if I sign, date, and return my proxy card or voting instruction card, but do not provide complete voting instructions with respect to each proposal? A:Shareholders should specify their choice for each matter on the enclosed proxy. If no specific instructions are given, it is intended that all proxies that are signed and returned will be voted “FOR” the election of each of the nominees for director named in this Proxy Statement, “FOR” the approval of the non-binding resolution approving named executive officer compensation, for a “ONE-YEAR” frequency for the non-binding shareholder vote regarding approval of the compensation of our named executive officers, “FOR” the ratification of the appointment of Ernst & Young LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2024, and “FOR” the approval of the 2023 Stock Incentive Plan, and according to the discretion of the proxy holders on any other business proposal properly raised at the Annual Meeting. |
A:Our Corporate Governance Guidelines, including our independence standards for members of the Board of Directors, Code of Conduct, and the charters of the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee, and all other standing committees, are available under the “Investors-Governance” section of our Internet website at https://investor.universalcorp.com/governance/governance-documents/ and are available in print to any shareholder upon request by contacting us at the following address or phone number: |
Q:What is Universal Corporation’s policy regarding Board member attendance at the Annual Meeting? A:We expect and encourage each member of the Board of Directors to attend our Annual Meetings in person when it is reasonably practical for the director to do so. When a Board member’s attendance in person is not possible, he or she may attend the 2023 Annual Meeting by telephone or electronic means. All persons serving as Board members at the time attended the Company’s 2022 Annual Meeting of Shareholders. Q:How do I communicate with the Board of Directors? A:Shareholders and other interested parties may at any time direct communications to the Board of Directors as a whole, to the director who presides at the executive sessions of the non-employee directors, or to any individual member of the Board of Directors, through our Internet website or by contacting our Secretary. The “Investors-Governance-Contact the Board” section of our Internet website at https://investor.universalcorp.com/governance/contact-the-board/default.aspxcontains an e-mail link established for receipt of communications with directors, and communications can also be delivered by mail by sending requests to our Secretary at the following address: |
Name and Address of Beneficial Owner | Number of Shares | Percent of Class(1) | |||||||||||||||
(#) | (%) | ||||||||||||||||
BlackRock, Inc. | 4,011,330 | (2) | 16.3% | ||||||||||||||
55 East 52nd Street | |||||||||||||||||
New York, New York 10055 | |||||||||||||||||
The Vanguard Group | 2,977,688 | (3) | 12.1% | ||||||||||||||
100 Vanguard Boulevard | |||||||||||||||||
Malvern, Pennsylvania 19355 | |||||||||||||||||
Dimensional Fund Advisors LP | 1,849,221 | (4) | 7.5% | ||||||||||||||
Palisades West, Building One | |||||||||||||||||
6300 Bee Cave Road | |||||||||||||||||
Austin, Texas 78746 | |||||||||||||||||
State Street Corporation | 1,537,606 | (5) | 6.2% | ||||||||||||||
State Street Financial Center | |||||||||||||||||
One Lincoln Street | |||||||||||||||||
Boston, Massachusetts 02111 | |||||||||||||||||
Name and Address of Beneficial Owner | Number of Shares | Percent of Class(1) | |||||
(#) | (%) | ||||||
BlackRock, Inc. | 3,819,926 | (2) | 15.6 | % | |||
55 East 52nd Street | |||||||
New York, New York 10055 | |||||||
Vanguard Group, Inc. | 2,710,983 | (3) | 11.1 | % | |||
100 Vanguard Boulevard | |||||||
Malvern, Pennsylvania 19355 | |||||||
Dimensional Fund Advisors LP | 2,099,275 | (4) | 8.6 | % | |||
Palisades West, Building One | |||||||
6300 Bee Cave Road | |||||||
Austin, Texas 78746 |
Name of Beneficial Owner | Number of Shares(1) | Percent of Class(2) | ||||||||||||
(#) | (%) | |||||||||||||
Theodore G. Broome | 41,928 | * | ||||||||||||
Diana F. Cantor | 19,554 | * | ||||||||||||
George C. Freeman, III | 343,529 | 1.4 | % | |||||||||||
Lennart R. Freeman | 16,408 | * | ||||||||||||
Airton L. Hentschke | 107,536 | * | ||||||||||||
Thomas H. Johnson | 24,711 | * | ||||||||||||
Johan C. Kroner | 44,267 | * | ||||||||||||
Michael T. Lawton | 14,517 | * | ||||||||||||
Arthur J. Schick, Jr.(3) | — | * | ||||||||||||
Robert C. Sledd | 14,407 | * | ||||||||||||
Thomas H. Tullidge, Jr. | 11,421 | * | ||||||||||||
Preston D. Wigner | 52,702 | * | ||||||||||||
Jacqueline T. Williams | 7,726 | * | ||||||||||||
All current directors and all executive officers as a group (17 persons) | 766,038 | 3.1 | % |
Name of Beneficial Owner | Number of Shares(1) | Percent of Class(2) | ||||
(#) | (%) | |||||
Theodore G. Broome | 38,848 | * | ||||
Diana F. Cantor | 12,477 | * | ||||
George C. Freeman, III | 283,046 | 1.2 | % | |||
Lennart R. Freeman | 10,733 | * | ||||
Airton L. Hentschke | 78,986 | * | ||||
Thomas H. Johnson | 20,434 | * | ||||
Johan C. Kroner | 16,330 | * | ||||
Michael T. Lawton | 7,440 | * | ||||
Eddie N. Moore, Jr. | 20,206 | * | ||||
Robert C. Sledd | 13,749 | * | ||||
Thomas H. Tullidge, Jr. | 4,376 | * | ||||
Preston D. Wigner | 50,797 | * | ||||
Jacqueline T. Williams(3) | — | |||||
All current directors and all executive officers as a group (16 persons) | 557,422 | 2.3 | % |
(1)Base Salary is |
Pyxus International, Inc. | Flowers Foods, Inc. | Hain Celestial Group, Inc. | ||||||
J&J SnackFoods Corp. | Fresh Del Monte Produce Inc. | Seneca Foods Corporation | ||||||
B&G Foods, Inc. | Ingredion Incorporated | Darling Ingredients, Inc. | ||||||
Cal-Maine Foods, Inc. | Lancaster Colony Corporation | TreeHouse Foods, Inc. | ||||||
Ownership Guideline Target | |||||
George C. Freeman, III | 6.0 times base salary | ||||
Airton L. Hentschke | 5.0 times base salary | ||||
Johan C. Kroner | 5.0 times base salary | ||||
Preston D. Wigner | 4.0 times base salary | ||||
Theodore G. Broome | 3.5 times base salary |
Shares held as of June 6, 2023 | Value of Shares held as of June 6, 2023(1) | Ownership Guideline as a Multiple of Base Salary | Actual Ownership as a Multiple of Base Salary | |||||||||||||||||||||||
(#) | ($) | |||||||||||||||||||||||||
George C. Freeman, III | 343,529 | 17,959,696 | 6.0 | 16.7 | ||||||||||||||||||||||
Airton L. Hentschke | 107,536 | 5,621,982 | 5.0 | 8.3 | ||||||||||||||||||||||
Johan C. Kroner (2) | 44,267 | 2,314,279 | 5.0 | 4.5 | ||||||||||||||||||||||
Preston D. Wigner | 52,702 | 2,755,261 | 4.0 | 5.8 | ||||||||||||||||||||||
Theodore G. Broome | 41,928 | 2,191,996 | 3.5 | 4.8 |
Shares held as of June 9, 2020 | Value of Shares held as of June 9, 2020(1) | Ownership Guideline as a Multiple of Base Salary | Actual Ownership as a Multiple of Base Salary | |||||||
(#) | ($) | |||||||||
George C. Freeman, III | 283,046 | 13,090,878 | 6.0 | 13.6 | ||||||
Airton L. Hentschke | 78,986 | 3,653,103 | 5.0 | 6.0 | ||||||
Johan C. Kroner (2) | 16,330 | 755,263 | 5.0 | 1.6 | ||||||
Preston D. Wigner | 50,797 | 2,349,361 | 4.0 | 5.5 | ||||||
Theodore G. Broome | 38,848 | 1,796,720 | 3.5 | 4.4 |
(2)Mr. Kroner was promoted to Senior Vice President and Chief Financial Officer as of September 1, 2018, at which time his ownership guideline increased to 5 times base salary, and he continues to have additional time to achieve his target. Mr. Kroner has held all shares and restricted stock units granted to him since that date, other than restricted stock units used to pay taxes upon vesting thereof, and will continue to hold these and future restricted stock units in order to satisfy his guideline. |
Base Salary | Target Cash Incentive Award | Target Long-Term Equity Award | Target Total | |||||||||||||||||||||||
George C. Freeman, III | 25.0 | % | 25.0 | % | 50.0 | % | 100 | % | ||||||||||||||||||
Airton L. Hentschke | 30.0 | % | 25.0 | % | 45.0 | % | 100 | % | ||||||||||||||||||
Johan C. Kroner | 32.5 | % | 25.0 | % | 42.5 | % | 100 | % | ||||||||||||||||||
Preston D. Wigner | 37.5 | % | 25.0 | % | 37.5 | % | 100 | % | ||||||||||||||||||
Theodore G. Broome | 37.5 | % | 27.5 | % | 35.0 | % | 100 | % |
42 1. Base Salaries |
Fiscal Year 2022 | Fiscal Year 2023 | Percentage Increase | Fiscal Year 2024 | Percentage Increase | ||||||||||||||||||||||||||||
($) | ($) | (%) | ($) | (%) | ||||||||||||||||||||||||||||
George C. Freeman, III | 978,900 | 1,027,800 | 5.0% | 1,074,000 | 4.5% | |||||||||||||||||||||||||||
Airton L. Hentschke | 618,800 | 649,700 | 5.0% | 679,000 | 4.5% | |||||||||||||||||||||||||||
Johan C. Kroner | 470,500 | 494,000 | 5.0% | 516,200 | 4.5% | |||||||||||||||||||||||||||
Preston D. Wigner | 433,400 | 455,000 | 5.0% | 475,500 | 4.5% | |||||||||||||||||||||||||||
Theodore G. Broome | 414,800 | 435,500 | 5.0% | 455,100 | 4.5% |
Fiscal Year 2019 | Fiscal Year 2020 | Percentage Increase | Fiscal Year 2021 | Percentage Increase | |||||||||
($) | ($) | (%) | ($) | (%) | |||||||||
George C. Freeman, III | 918,000 | 945,500 | 3.00 | 964,400 | 2.0 | ||||||||
Airton L. Hentschke | 580,300 | 597,700 | 3.00 | 609,600 | 2.0 | ||||||||
Johan C. Kroner | 450,000 | 463,500 | 3.00 | 463,500 | 0.0 | ||||||||
Preston D. Wigner | 406,300 | 418,500 | 3.00 | 426,900 | 2.0 | ||||||||
Theodore G. Broome | 388,900 | 400,600 | 3.00 | 408,000 | 2.0 |
43 2. Annual Cash Incentive Awards |
Threshold Level | Target Level | Maximum Level | FY 2023 Results | |||||||||||||||||||||||
Adjusted Economic Profit | $(25.0) million | $10.0 million | $45.0 million | $21.4 million | ||||||||||||||||||||||
Adjusted Earnings Per Share | $ | $ | $ | $ |
Adjusted Earnings Per Share | $ | 5.10 | ||||||
Per share effect of annual cash incentive award accrual excluded from adjusted earnings per share | (0.11) | |||||||
Per share effect of sale of idled tobacco operations in Tanzania | (0.02) | |||||||
Reported Diluted Earnings Per Share | $ | 4.97 |
Adjusted Earnings Per Share | $ | 3.45 | ||
Per share effect of annual cash incentive award accrual excluded from adjusted earnings per share | (0.07 | ) | ||
Per share effect of restructuring and impairment | (0.25 | ) | ||
Per share effect of FruitSmart M&A expenses & purchase accounting adjustment | $ | (0.27 | ) | |
Reported Diluted Earnings Per Share | $ | 2.86 |
Target Bonus Opportunity Percentage | Target Bonus Opportunity Amount | Maximum Bonus Opportunity Amount | Actual 2020 Bonus Paid | Target Bonus Opportunity Percentage | Target Bonus Opportunity Amount | Maximum Bonus Opportunity Amount | Actual Percentage Bonus Payout | Actual 2023 Bonus Paid | |||||||||||||||||||||||||||||||||
(%) | ($) | ($) | ($) | (%) | ($) | ($) | (%) | ($) | |||||||||||||||||||||||||||||||||
George C. Freeman, III | 100 | % | 945,500 | 1,891,000 | 685,500 | George C. Freeman, III | 100% | 1,027,800 | 2,055,600 | 161.4% | 1,658,900 | ||||||||||||||||||||||||||||||
Airton L. Hentschke | 83 | % | 498,100 | 996,200 | 361,100 | Airton L. Hentschke | 83% | 541,400 | 1,082,800 | 161.4% | 873,800 | ||||||||||||||||||||||||||||||
Johan C. Kroner | 67 | % | 309,000 | 618,000 | 224,000 | Johan C. Kroner | 77% | 380,000 | 760,000 | 161.4% | 613,300 | ||||||||||||||||||||||||||||||
Preston D. Wigner | 67 | % | 279,000 | 558,000 | 202,300 | Preston D. Wigner | 67% | 303,300 | 606,600 | 161.4% | 489,500 | ||||||||||||||||||||||||||||||
Theodore G. Broome | 73 | % | 293,800 | 587,600 | 213,000 | Theodore G. Broome | 73% | 319,400 | 638,800 | 161.4% | 515,500 |
Threshold Level | Target Level | Maximum Level | Average 2020-2022 Result | |||||||||||||||||||||||
Average Adjusted Earnings per Share | $ | 2.73 | $ | 4.30 | $ | 5.16 | $ | 3.90 |
Threshold Level | Target Level | Maximum Level | Average 2017-2019 Result | |||||||||||||
Average Adjusted Earnings per Share | $ | 2.23 | $ | 3.80 | $ | 4.66 | $ | 4.37 |
Fiscal Year 2017 | $ | 4.05 | ||
Fiscal Year 2018 | 4.20 | |||
Fiscal Year 2019 | 4.87 | |||
3-year Average Adjusted Earnings Per Share | $ | 4.37 |
Fiscal Year 2020 | $ | 3.45 | ||||||
Fiscal Year 2021 | 4.36 | |||||||
Fiscal Year 2022 | 3.88 | |||||||
3-year Average Adjusted Earnings Per Share | $ | 3.90 |
Actual Payout as a % of Target | Target Award at Grant (Shares) | Maximum Award at Grant (Shares) | Actual Award (Shares) | Target Award Value at Grant(1) | Actual Award Value(2) | |||||||||||||||||||||||||||||||||
George C. Freeman, III | 80.0% | 16,550 | 24,825 | 13,240 | $ | 830,148 | $ | 843,256 | ||||||||||||||||||||||||||||||
Airton L. Hentschke | 80.0% | 7,850 | 11,775 | 6,280 | $ | 393,756 | $ | 399,973 | ||||||||||||||||||||||||||||||
Johan C. Kroner | 80.0% | 4,050 | 6,075 | 3,240 | $ | 203,148 | $ | 206,356 | ||||||||||||||||||||||||||||||
Preston D. Wigner | 80.0% | 3,650 | 5,475 | 2,920 | $ | 183,084 | $ | 185,975 | ||||||||||||||||||||||||||||||
Theodore G. Broome | 80.0% | 3,275 | 4,913 | 2,620 | $ | 164,274 | $ | 166,868 |
Actual Payout as a % of Target | Target Award at Grant (Shares) | Maximum Award at Grant (Shares) | Actual Award (Shares) | Target Award Value at Grant(1) | Actual Award Value(2) | ||||||||||||||
George C. Freeman, III | 130.0% | 15,450 | 23,175 | 20,085 | $ | 759,677 | $ | 1,186,421 | |||||||||||
Airton L. Hentschke | 130.0% | 7,650 | 11,475 | 9,945 | $ | 376,151 | $ | 587,451 | |||||||||||
Johan C. Kroner | 130.0% | 525 | 788 | 682 | $ | 25,814 | $ | 40,286 | |||||||||||
Preston D. Wigner | 130.0% | 4,050 | 6,075 | 5,265 | $ | 199,139 | $ | 311,004 | |||||||||||
Theodore G. Broome | 130.0% | 3,100 | 4,650 | 4,030 | $ | 152,427 | $ | 238,052 |
(2)This column represents market value based on the June 2, 2022 stock price of $63.69. |
Performance Shares | Restricted Stock Units | Performance Shares | Restricted Stock Units | |||||||||||||||||
George C. Freeman, III | 16,550 | 16,550 | George C. Freeman, III | 17,925 | 17,925 | |||||||||||||||
Airton L. Hentschke | 7,850 | 7,850 | Airton L. Hentschke | 8,500 | 8,500 | |||||||||||||||
Johan C. Kroner | 4,050 | 4,050 | Johan C. Kroner | 5,625 | 5,625 | |||||||||||||||
Preston D. Wigner | 3,650 | 3,650 | Preston D. Wigner | 3,975 | 3,975 | |||||||||||||||
Theodore G. Broome | 3,275 | 3,275 | Theodore G. Broome | — | 7,100 |
COMPENSATION COMMITTEE | |||||
Thomas H. Johnson, Chairman | |||||
Diana F. Cantor | |||||
Lennart R. Freeman | |||||
Michael T. Lawton | |||||
Robert C. Sledd |
Name and Principal Position | Fiscal Year | Salary(1) | Stock Awards(2) | Option Awards(2) | Non-Equity Incentive Plan Compensation(3) | Change in Pension Value and Non-Qualified Deferred Compensation Earnings(4) | All Other Compensation(5) | Total | ||||||||||||||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||||||||||||||||||
George C. Freeman, III | 2023 | 1,027,800 | 2,117,839 | — | 1,658,900 | — | 27,535 | 4,832,074 | ||||||||||||||||||||||||||||||||||||||||||
Chairman, President and Chief Executive Officer | 2022 | 978,900 | 1,809,558 | — | 928,000 | — | 19,126 | 3,735,584 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 964,400 | 1,678,735 | — | 1,003,900 | 1,501,209 | 23,617 | 5,171,861 | |||||||||||||||||||||||||||||||||||||||||||
Airton L. Hentschke | 2023 | 649,700 | 1,004,275 | — | 873,800 | — | 15,636 | 2,543,411 | ||||||||||||||||||||||||||||||||||||||||||
Senior Vice President and Chief Operating Officer | 2022 | 618,800 | 858,685 | — | 488,800 | — | 16,462 | 1,982,747 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 609,600 | 795,498 | — | 528,800 | 374,560 | 14,399 | 2,322,857 | |||||||||||||||||||||||||||||||||||||||||||
Johan C. Kroner | 2023 | 494,000 | 664,594 | — | 613,300 | — | 22,834 | 1,794,728 | ||||||||||||||||||||||||||||||||||||||||||
Senior Vice President and Chief Financial Officer | 2022 | 470,500 | 568,944 | — | 343,100 | 56,270 | 21,888 | 1,460,702 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 463,500 | 528,383 | — | 371,200 | 215,040 | 17,200 | 1,595,323 | |||||||||||||||||||||||||||||||||||||||||||
Preston D. Wigner | 2023 | 455,000 | 469,647 | — | 489,500 | — | 20,520 | 1,434,667 | ||||||||||||||||||||||||||||||||||||||||||
Vice President, General Counsel, and Secretary | 2022 | 433,400 | 400,368 | — | 273,800 | — | 17,081 | 1,124,649 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 426,900 | 372,403 | — | 296,300 | 385,945 | 14,355 | 1,495,903 | |||||||||||||||||||||||||||||||||||||||||||
Theodore G. Broome | 2023 | 435,500 | 452,199 | — | 515,500 | 102,996 | 15,509 | 1,521,704 | ||||||||||||||||||||||||||||||||||||||||||
Executive Vice President and Sales Director | 2022 | 414,800 | 358,224 | — | 288,400 | 153,387 | 14,577 | 1,229,388 | ||||||||||||||||||||||||||||||||||||||||||
Universal Leaf Tobacco Co., Inc. | 2021 | 408,600 | 331,458 | — | 312,000 | 450,176 | 14,350 | 1,516,584 |
Name and Principal Position | Fiscal Year | Salary(1) | Stock Awards(2) | Option Awards(2) | Non-Equity Incentive Plan Compensation(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings(4) | All Other Compensation(5) | Total | |||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | |||||||||||||||
George C. Freeman, III | 2020 | 945,500 | 1,807,757 | — | 685,500 | 1,110,615 | 18,369 | 4,567,741 | |||||||||||||||
Chairman, President and Chief Executive Officer | 2019 | 918,000 | 2,315,596 | — | 1,102,500 | 984,516 | 25,775 | 5,346,387 | |||||||||||||||
2018 | 900,000 | 1,629,056 | — | 995,000 | 167,046 | 20,097 | 3,711,199 | ||||||||||||||||
Airton L. Hentschke | 2020 | 597,700 | 857,456 | — | 361,100 | 282,733 | 15,017 | 2,114,006 | |||||||||||||||
Senior Vice President and Chief Operating Officer | 2019 | 580,300 | 1,096,213 | — | 580,800 | 220,831 | 17,197 | 2,495,341 | |||||||||||||||
2018 | 568,900 | 769,984 | — | 524,100 | 119,876 | 13,406 | 1,996,266 | ||||||||||||||||
Johan C. Kroner(1) | 2020 | 463,500 | 442,382 | — | 224,000 | 197,859 | 21,857 | 1,349,598 | |||||||||||||||
Senior Vice President and Chief Financial Officer | 2019 | 377,100 | 341,616 | — | 263,700 | 86,456 | 19,721 | 1,088,593 | |||||||||||||||
Preston D. Wigner | 2020 | 418,500 | 398,690 | — | 202,300 | 286,555 | 15,152 | 1,321,197 | |||||||||||||||
Vice President, General Counsel, and Secretary | 2019 | 406,300 | 511,156 | — | 325,200 | 222,217 | 15,510 | 1,480,383 | |||||||||||||||
2018 | 398,300 | 362,720 | — | 293,500 | 50,470 | 13,708 | 1,118,698 | ||||||||||||||||
Theodore G. Broome | 2020 | 400,600 | 357,728 | — | 213,000 | 397,825 | 14,146 | 1,383,299 | |||||||||||||||
Executive Vice President and Sales Director | 2019 | 388,900 | 455,729 | — | 342,500 | 297,571 | 15,495 | 1,500,195 | |||||||||||||||
Universal Leaf Tobacco Co., Inc. | 2018 | 373,900 | 318,175 | — | 303,100 | 232,519 | 13,876 | 1,241,570 |
(3)The amounts represent cash awards to the named executive officers under our performance-based annual cash incentive plan for fiscal years 2021, 2022 and 2023, where applicable, which is discussed in the section entitled “Annual Cash Incentive Awards” beginning on page 44 of this Proxy Statement. While such amounts were earned for fiscal years 2021, 2022 and 2023 performance, they were not paid to the named executive officers until June 15, 2021, June 13, 2022 and June 12, 2023 respectively. (4)The amounts represent the actuarial change in the present values of the named executive officers’ benefits under our pension plans during fiscal years 2021, 2022 and 2023, as applicable, determined using interest rate and mortality rate assumptions consistent with those used in our financial statements. For all named executive officers the amounts only reflect changes in pension value because they had no above market interest earnings for fiscal years 2021, 2022, and 2023. In accordance with SEC rules, no amounts are shown for fiscal years 2022 and 2023 for Messrs. G. Freeman, Hentschke and Wigner and for fiscal year 2023 for Mr. Kroner because their respective changes in pension value during those years was a negative amount. For Mr. G. Freeman the decrease was equal to $(873,623) and $(288,619), respectively; for Mr. Hentschke the decrease was equal to $(66,070) and $(51,531), respectively; for Mr. Wigner the decrease was equal to $(182,030) and $(177,262), respectively; and for Mr. Kroner the decrease was equal to $(72,783). For additional information on our pension plans, see the section entitled “Retirement and Post-Termination Compensation” on page 49 of this Proxy Statement and the tables entitled “Pension Benefits” on page 57 of this Proxy Statement and “Non-Qualified Deferred Compensation” on page 59 of this Proxy Statement. For a full description of the pension plan assumptions used by us for financial reporting purposes for fiscal years 2021, 2022 and 2023 see Note 13 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023, and incorporated by reference into this Proxy Statement. (5)The table below reflects the types and dollar amounts of perquisites, additional compensation, and other personal benefits provided to the named executive officers during fiscal year 2023. For purposes of computing the dollar amounts of the items listed below, we used the actual out-of-pocket costs to us of providing the perquisite or other personal benefit to the named executive officer. The named executive officers paid any taxes associated with these benefits without reimbursement from us. Each perquisite and personal benefit included in the table below is described in more detail in the narratives immediately following the table:
(a)Financial Planning and Tax Preparation Services. Only Mr. G. Freeman and Mr. Kroner are eligible to be reimbursed for financial planning and tax preparation services they incur during the fiscal year, subject to an annual cap of $15,000. All reimbursed amounts paid to these named executive officers during fiscal year 2023 pursuant to our financial planning and tax preparation policy are individually disclosed in the perquisites table above. (b)401(k) Company Match. Each named executive officer is eligible to participate in the 401(k) Savings Plan, which offers them an opportunity to defer income and receive matching contributions from us subject to certain limits. Company contributions made to the named executive officers during fiscal year 2023 are set forth in the table above. Information about the 401(k) Savings Plan is set forth in the section entitled “Deferred Income Plans” beginning on page 49 of this Proxy Statement. (c)Matching Gifts. Each named executive officer is eligible to participate in our matching gifts program in which our charitable foundation matches employees’ contributions to charities. The maximum amount applicable to all participants that can be matched in any fiscal year of our foundation is $5,000 per participant. The named executive officers participated in the matching gifts program in amounts set forth above. (d)Home Leave - Expatriates. Mr. Hentschke is a Brazilian expatriate working in our Richmond, Virginia headquarters and is entitled to one round-trip, economy class airline ticket per year for himself and his dependents. |
Column (i) Components | G.C. Freeman, III | A.L. Hentschke | J.C. Kroner | P.D. Wigner | T.G. Broome | ||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||
Professional Fees (a) | 4,500 | — | 2,688 | — | — | ||||||||||
401(k) Match (b) | 13,868.74 | 14,217.50 | 14,168.75 | 14,152.49 | 14,146.25 | ||||||||||
Matching Gifts (c) | — | — | 5,000 | 1,000 | — | ||||||||||
Home Leave - Expatriates (d) | — | 799 | — | — | — | ||||||||||
TOTALS | 18,368.74 | 15,016.5 | 21,856.75 | 15,152.49 | 14,146.25 |
Name and Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock or Units(3) | All Other Option Awards: Number of Securities Underlying Options | Exercise or Base Price of Option Awards | Market Price of Option Awards on Grant Date | Grant Date Fair Value of Stock and Option Awards(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Threshold | Target | Max. | Threshold | Target | Max. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($) | ($) | ($) | (#) | (#) | (#) | (#) | (#) | ($/Sh) | ($/Sh) | ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a & b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | (l) | (m) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
George C. Freeman, III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/2/2022 | 0 | 1,027,800 | 2,055,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | 17,925 | 26,888 | 63.69 | 976,196 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17,925 | 63.69 | 1,141,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Airton L. Hentschke | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/2/2022 | 0 | 541,400 | 1,082,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | 8,500 | 12,750 | 63.69 | 462,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8,500 | 63.69 | 541,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Johan C. Kroner | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/2/2022 | 0 | 380,000 | 760,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | 5,625 | 8,438 | 63.69 | 306,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5,625 | 63.69 | 358,256 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preston D. Wigner | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/2/2022 | 0 | 303,300 | 606,600 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | 3,975 | 5,963 | 63.69 | 216,479 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3,975 | 63.69 | 253,168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore G. Broome | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/2/2022 | 0 | 319,400 | 638,800 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0 | — | 0 | 63.69 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7,100 | 63.69 | 452,199 |
Name and Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock or Units(3) | All Other Option Awards: Number of Securities Underlying Options | Exercise or Base Price of Option Awards | Market Price of Option Awards on Grant Date | Grant Date Fair Value of Stock and Option Awards(4) | ||||||||||||||||||||||||
�� | Threshold | Target | Max. | Threshold | Target | Max. | |||||||||||||||||||||||||
($) | ($) | ($) | (#) | (#) | (#) | (#) | (#) | ($/Sh) | ($/Sh) | ($) | |||||||||||||||||||||
(a & b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (k) | (l) | (m) | ||||||||||||||||||||
George C. Freeman, III | |||||||||||||||||||||||||||||||
0 | 945,500 | 1,891,000 | |||||||||||||||||||||||||||||
5/23/2019 | 0 | 16,550 | 24,825 | 59.07 | 830,148 | ||||||||||||||||||||||||||
5/23/2019 | 16,550 | 59.07 | 977,609 | ||||||||||||||||||||||||||||
Airton L. Hentschke | |||||||||||||||||||||||||||||||
0 | 498,100 | 996,200 | |||||||||||||||||||||||||||||
5/23/2019 | 0 | 7,850 | 11,775 | 59.07 | 393,756 | ||||||||||||||||||||||||||
5/23/2019 | 7,850 | 59.07 | 463,700 | ||||||||||||||||||||||||||||
Johan C. Kroner | |||||||||||||||||||||||||||||||
0 | 309,000 | 618,000 | |||||||||||||||||||||||||||||
5/23/2019 | 0 | 4,050 | 6,075 | 59.07 | 203,148 | ||||||||||||||||||||||||||
5/23/2019 | 4,050 | 59.07 | 239,234 | ||||||||||||||||||||||||||||
Preston D. Wigner | |||||||||||||||||||||||||||||||
0 | 279,000 | 558,000 | |||||||||||||||||||||||||||||
5/23/2019 | 0 | 3,650 | 5,475 | 59.07 | 183,084 | ||||||||||||||||||||||||||
5/23/2019 | 3,650 | 59.07 | 215,606 | ||||||||||||||||||||||||||||
Theodore G. Broome | |||||||||||||||||||||||||||||||
0 | 293,800 | 587,600 | |||||||||||||||||||||||||||||
5/23/2019 | 0 | 3,275 | 4,913 | 59.07 | 164,274 | ||||||||||||||||||||||||||
5/23/2019 | 3,275 | 59.07 | 193,454 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Price | Option Expiration Date | PSA’s 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) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | ||||||||||||||||||||||||||||||||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | ||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||||||||||||||||||
George C. Freeman, III | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 25, 2018 | 24,760 | 1,309,556 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2019 | 20,758 | 1,097,891 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 25,499 | 1,348,642 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 19,032 | 1,006,602 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 18,707 | 989,413 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 21,525 | 1,138,457 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 17,175 | 908,386 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 17,925 | 948,053 | ||||||||||||||||||||||||||||||||||||||||||||||||
Airton L. Hentschke | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 25, 2018 | 11,721 | 619,924 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2019 | 9,847 | 520,808 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 12,082 | 639,017 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 9,032 | 477,702 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 8,871 | 469,187 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 10,200 | 539,478 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 8,150 | 431,054 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 8,500 | 449,565 | ||||||||||||||||||||||||||||||||||||||||||||||||
Johan C. Kroner | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 25, 2018 | 2,368 | 125,244 | ||||||||||||||||||||||||||||||||||||||||||||||||
September 17, 2018 | 1,303 | 68,916 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2019 | 5,077 | 268,523 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 8,026 | 424,495 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 5,984 | 316,494 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 5,871 | 310,517 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 6,775 | 358,330 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 5,400 | 285,606 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 5,625 | 297,506 | ||||||||||||||||||||||||||||||||||||||||||||||||
Option Awards | Stock Awards | |||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Price | Option Expiration Date | PSA's 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) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | ||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | ||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||
George C. Freeman, III | ||||||||||||||||||||
May 22, 2015 | 21,951 | 970,454 | ||||||||||||||||||
June 2, 2016 | 18,221 | 805,550 | ||||||||||||||||||
June 1, 2017 | 14,598 | 645,378 | ||||||||||||||||||
May 25, 2018 | 20,567 | 909,267 | ||||||||||||||||||
May 24, 2019 | 17,240 | 762,180 | ||||||||||||||||||
June 1, 2017 | 12,800 | 565,888 | ||||||||||||||||||
May 25, 2018 | 18,800 | 831,148 | ||||||||||||||||||
May 24, 2019 | 16,550 | 731,676 | ||||||||||||||||||
Airton L. Hentschke | ||||||||||||||||||||
May 22, 2015 | 10,854 | 479,855 | ||||||||||||||||||
June 2, 2016 | 9,021 | 398,818 | ||||||||||||||||||
June 1, 2017 | 6,898 | 304,961 | ||||||||||||||||||
May 25, 2018 | 9,736 | 430,429 | ||||||||||||||||||
May 24, 2019 | 8,177 | 361,505 | ||||||||||||||||||
June 1, 2017 | 6,050 | 267,470 | ||||||||||||||||||
May 25, 2018 | 8,900 | 393,469 | ||||||||||||||||||
May 24, 2019 | 7,850 | 347,049 | ||||||||||||||||||
Johan C. Kroner | ||||||||||||||||||||
June 2, 2016 | 619 | 27,366 | ||||||||||||||||||
June 1, 2017 | 458 | 20,248 | ||||||||||||||||||
May 25, 2018 | 1,968 | 87,005 | ||||||||||||||||||
September 17, 2018 | 1,081 | 47,791 | ||||||||||||||||||
May 24, 2019 | 4,218 | 186,478 | ||||||||||||||||||
June 1, 2017 | 400 | 17,684 | ||||||||||||||||||
May 25, 2018 | 1,800 | 79,578 | ||||||||||||||||||
September 17, 2018 | 1,000 | 44,210 | ||||||||||||||||||
May 24, 2019 | 4,050 | 179,051 | ||||||||||||||||||
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Price | Option Expiration Date | 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) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | ||||||||||||||||||||||||||||||||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | ||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||||||||||||||||||||||||||||||||
Preston D. Wigner | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 25, 2018 | 5,467 | 289,150 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2019 | 4,577 | 242,078 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 5,657 | 299,199 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 4,212 | 222,773 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 4,148 | 219,388 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 4,775 | 252,550 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 3,800 | 200,982 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 3,975 | 210,238 | ||||||||||||||||||||||||||||||||||||||||||||||||
Theodore G. Broome | ||||||||||||||||||||||||||||||||||||||||||||||||||
May 25, 2018 | 4,871 | 257,627 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 24, 2019 | 4,108 | 217,272 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 5,035 | 266,301 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 3,769 | 199,342 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | 7,410 | 391,915 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 28, 2020 | 4,250 | 224,783 | ||||||||||||||||||||||||||||||||||||||||||||||||
May 27, 2021 | 3,400 | 179,826 | ||||||||||||||||||||||||||||||||||||||||||||||||
June 2, 2022 | — | — |
Option Awards | Stock Awards | |||||||||||||||||||
Name and Grant Date | Number of Securities Underlying Unexercised Options Exercisable | Number of Securities Underlying Unexercised Options Unexercisable | Option Exercise Price | Option Expiration Date | 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) | Number of Shares or Units of Stock That Have Not Vested(1) | Market Value of Shares or Units of Stock That Have Not Vested(2) | ||||||||||||
(#) | (#) | ($) | (#) | ($) | (#) | ($) | ||||||||||||||
(a) | (b) | (c) | (e) | (f) | (g) | (h) | (i) | (j) | ||||||||||||
Preston D. Wigner | ||||||||||||||||||||
May 22, 2015 | 5,764 | 254,826 | ||||||||||||||||||
June 2, 2016 | 4,778 | 211,235 | ||||||||||||||||||
June 1, 2017 | 3,250 | 143,683 | ||||||||||||||||||
May 25, 2018 | 4,540 | 200,713 | ||||||||||||||||||
May 24, 2019 | 3,802 | 168,086 | ||||||||||||||||||
June 1, 2017 | 2,850 | 125,999 | ||||||||||||||||||
May 25, 2018 | 4,150 | 183,472 | ||||||||||||||||||
May 24, 2019 | 3,650 | 161,367 | ||||||||||||||||||
Theodore G. Broome | ||||||||||||||||||||
May 22, 2015 | 4,417 | 195,276 | ||||||||||||||||||
June 2, 2016 | 3,655 | 161,588 | ||||||||||||||||||
June 1, 2017 | 2,850 | 125,998 | ||||||||||||||||||
May 25, 2018 | 4,046 | 178,874 | ||||||||||||||||||
May 24, 2019 | 3,412 | 150,845 | ||||||||||||||||||
June 1, 2017 | 2,500 | 110,525 | ||||||||||||||||||
May 25, 2018 | 3,700 | 163,577 | ||||||||||||||||||
May 24, 2019 | 3,275 | 144,788 |
Stock Awards | |||||||||||||||||
Name | Number of Shares Acquired on Vesting | Value Realized on Vesting | |||||||||||||||
(#) | ($) | ||||||||||||||||
(a) | (b) | (c) | |||||||||||||||
George C. Freeman, III(1) | 30,080 | 1,916,469 | |||||||||||||||
Airton L. Hentschke(1) | 14,238 | 907,136 | |||||||||||||||
Johan. C. Kroner(1) | 3,728 | 240,005 | |||||||||||||||
Preston D. Wigner(1) | 6,668 | 424,835 | |||||||||||||||
Theodore G. Broome(1) | 5,908 | 376,412 |
Stock Awards | Option Awards | |||||||||||
Name | Number of Shares Acquired on Vesting | Value Realized on Vesting | Number of Shares Acquired on Exercise | Value Realized on Exercise | ||||||||
(#) | ($) | (#) | ($) | |||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||
George C. Freeman, III(1) | 38,541 | 2,263,329 | — | — | ||||||||
Airton L. Hentschke(1) | 15,114 | 889,062 | — | — | ||||||||
Johan. C. Kroner(1) | 1,171 | 68,819 | — | — | ||||||||
Preston D. Wigner(1) | 10,063 | 590,967 | — | — | ||||||||
Theodore G. Broome(1) | 7,782 | 456,981 | — | — |
Name | Plan Name | Number of Years Credited Service(1) | Present Value of Accumulated Benefit(2) | Payments During Last Fiscal Year | ||||||||||||||||||||||
(#) | ($) | ($) | ||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||||||||||||||
George C. Freeman, III | Pension Plan | 25.75 | 960,705 | — | ||||||||||||||||||||||
Benefit Restoration Plan | 25.75 | 8,007,743 | — | |||||||||||||||||||||||
Airton L. Hentschke | Pension Plan | 10.25 | 303,763 | — | ||||||||||||||||||||||
Benefit Restoration Plan | 10.25 | 1,038,329 | — | |||||||||||||||||||||||
Johan. C. Kroner | Pension Plan | 29.75 | 693,007 | — | ||||||||||||||||||||||
Benefit Restoration Plan | 29.75 | 321,234 | — | |||||||||||||||||||||||
Preston D. Wigner | Pension Plan | 20 | 573,670 | — | ||||||||||||||||||||||
Benefit Restoration Plan | 20 | 1,126,171 | — | |||||||||||||||||||||||
Theodore G. Broome | Pension Plan | 27 | 1,588,379 | — | ||||||||||||||||||||||
Benefit Restoration Plan | 27 | 2,528,621 | — |
Name | Plan Name | Number of Years Credited Service(1) | Present Value of Accumulated Benefit(2) | Payments During Last Fiscal Year | |||||||
(#) | ($) | ($) | |||||||||
(a) | (b) | (c) | (d) | (e) | |||||||
George C. Freeman, III | Pension Plan | 22.75 | 933,726 | — | |||||||
Benefit Restoration Plan | 22.75 | 7,695,765 | — | ||||||||
Airton L. Hentschke | Pension Plan | 7.25 | 257,072 | — | |||||||
Benefit Restoration Plan | 7.25 | 828,061 | — | ||||||||
Johan. C. Kroner | Pension Plan | 26.75 | 703,693 | — | |||||||
Benefit Restoration Plan | 26.75 | 112,021 | — | ||||||||
Preston D. Wigner | Pension Plan | 17.00 | 573,814 | — | |||||||
Benefit Restoration Plan | 17.00 | 1,099,374 | — | ||||||||
Theodore G. Broome | Pension Plan | 24.00 | 1,340,509 | — | |||||||
Benefit Restoration Plan | 24.00 | 2,069,932 | — |
(2)Present value was determined assuming retirement at age 65 for the Pension Plan and Benefit Restoration Plan. The present value calculation used an interest rate consistent with assumptions used for our financial reporting under FASB ASC Topic 715 and a postretirement mortality assumption table for the Consumer Goods and Food & Drink Industry that is based on recent mortality data and closely tracks the actual mortality experience of our plans. Other assumptions made in the valuation are discussed in our Annual Report on Form 10-K for the year ended March 31, 2023, in the section entitled “Pension and Other Postretirement Benefit Plans,” the section entitled “Critical Accounting Estimates and Assumptions,” and in Note 13 to the consolidated financial statements, and are incorporated by reference into this Proxy Statement. |
Benefit: | Designated Percentage of Average Compensation for All Years | Multiplied by | Years of service beginning January 1, 2014 |
Base Benefit: | Designated Percentage of Average Compensation | Multiplied by | All years of service through December 31, 2013 | ||||||||
PLUS | |||||||||||
Excess Benefit: | Designated Percentage of Average Compensation less Covered Compensation | Multiplied by | December 31, 2013 |
Name | Executive Contributions in FY 2023(1) | Registrant Contributions in FY 2023(2) | Aggregate Earnings in FY 2023(3) | Aggregate Withdrawals/ Distributions(4) | Aggregate Balance at FYE 2023(5) | |||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||
George C. Freeman, III | — | — | (73,924) | — | 1,335,972 | |||||||||||||||||||||||||||
Airton L. Hentschke | — | — | 447 | — | 318,447 | |||||||||||||||||||||||||||
Johan C. Kroner | — | — | — | — | — | |||||||||||||||||||||||||||
Preston D. Wigner | — | — | (1,665) | — | 24,218 | |||||||||||||||||||||||||||
Theodore G. Broome | — | — | — | — | — |
Name | Executive Contributions in FY 2020(1) | Registrant Contributions in FY 2020(2) | Aggregate Earnings in FY 2020(3) | Aggregate Withdrawals/ Distributions(4) | Aggregate Balance at FYE 2020(5) | ||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||
George C. Freeman, III | — | — | (50,593 | ) | — | 1,050,816 | |||||||||
Airton L. Hentschke | — | — | (76,988 | ) | — | 233,180 | |||||||||
Johan C. Kroner | — | — | — | — | — | ||||||||||
Preston D. Wigner | — | — | (942 | ) | — | 17,814 | |||||||||
Theodore G. Broome | — | — | — | — | — |
Name | Executive Contributions in FY 2023 | Registrant Contributions in FY 2023 | Aggregate Earnings in FY 2023(1) | Aggregate Withdrawals/ Distributions | Aggregate Balance at FYE 2023(2) | |||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||
George C. Freeman, III | — | — | (80,030) | — | 2,119,197 |
Name | Executive Contributions in FY 2020 | Registrant Contributions in FY 2020 | Aggregate Earnings in FY 2020(1) | Aggregate Withdrawals/ Distributions | Aggregate Balance at FYE 2020(2) | ||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||
George C. Freeman, III | — | — | (344,670 | ) | — | 1,471,309 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 4,894,500 | ||||||||||||||||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||||||||||||||||
Restricted Stock Units(2) | 5,752,104 | 5,752,104 | 5,752,104 | — | — | 5,752,104 | ||||||||||||||||||||||||||||||||
Performance Share Units(2) | 2,994,896 | 2,994,896 | 2,994,896 | — | — | 2,994,896 | ||||||||||||||||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Pension Plan(3) | 76,491 | 39,510 | 102,527 | 76,491 | 76,491 | 76,491 | ||||||||||||||||||||||||||||||||
401(k) Savings Plan(4) | 1,143,930 | 1,143,930 | 1,143,930 | 1,143,930 | 1,143,930 | 1,143,930 | ||||||||||||||||||||||||||||||||
Non-Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Benefit Restoration Plan(5) | 9,064,227 | 4,162,844 | 9,064,227 | 9,064,227 | 9,064,227 | 9,064,227 | ||||||||||||||||||||||||||||||||
Deferred Income Plan (DIP)(6) | 83,637 | 1,335,972 | 1,335,972 | 1,335,972 | 1,335,972 | 1,335,972 | ||||||||||||||||||||||||||||||||
Deferred Payment of Restricted Stock(7) | 2,119,197 | 2,119,197 | 2,119,197 | 2,119,197 | 2,119,197 | 2,119,197 | ||||||||||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||||||||
Health and Welfare Plans(8) | — | 3,100,000 | — | — | — | — | ||||||||||||||||||||||||||||||||
Long-Term Disability Plan(9) | — | — | 616,680 | — | — | — | ||||||||||||||||||||||||||||||||
Total | 21,234,482 | 20,648,453 | 23,129,533 | 13,739,817 | 13,739,817 | 27,381,317 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | 5,654,090 | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
Restricted Stock Units(2) | 4,092,829 | 4,092,829 | 4,092,829 | — | — | 4,092,829 | ||||||||||||
Performance Shares(2) | 2,128,712 | 2,128,712 | 2,128,712 | — | — | 2,128,712 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 56,883 | 33,406 | 89,018 | 56,883 | 56,883 | 56,883 | ||||||||||||
401(k) Savings Plan(4) | 666,046 | 666,046 | 666,046 | 666,046 | 666,046 | 666,046 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(5) | 8,372,998 | 3,880,160 | 8,372,998 | 8,372,998 | 8,372,998 | 8,372,998 | ||||||||||||
Deferred Income Plan (DIP)(6) | 65,785 | 1,050,816 | 1,050,816 | 1,050,816 | 1,050,816 | 1,050,816 | ||||||||||||
Deferred Payment of Restricted Stock(7) | 1,471,309 | 1,471,309 | 1,471,309 | 1,471,309 | 1,471,309 | 1,471,309 | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(8) | — | 3,100,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(9) | — | — | 567,300 | — | — | — | ||||||||||||
Total | 16,854,562 | 16,423,278 | 18,439,028 | 11,618,052 | 11,618,052 | 23,493,683 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death, or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 2,268,800 | ||||||||||||||||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||||||||||||||||
Restricted Stock Units(2) | 2,726,638 | 2,726,638 | 2,726,638 | — | — | 2,726,638 | ||||||||||||||||||||||||||||||||
Performance Share Units(2) | 1,420,097 | 1,420,097 | 1,420,097 | — | — | 1,420,097 | ||||||||||||||||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Pension Plan(3) | 22,499 | — | 43,622 | 22,499 | 22,499 | 22,499 | ||||||||||||||||||||||||||||||||
401(k) Savings Plan(4) | 473,165 | 473,165 | 473,165 | 473,165 | 473,165 | 473,165 | ||||||||||||||||||||||||||||||||
Non-Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Benefit Restoration Plan(5) | 1,080,012 | — | 1,080,012 | 1,080,012 | 1,080,012 | 1,080,012 | ||||||||||||||||||||||||||||||||
Deferred Income Plan (DIP)(6) | 318,447 | 318,447 | 318,447 | 318,447 | 318,447 | 318,447 | ||||||||||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||||||||
Health and Welfare Plans(7) | — | 1,600,000 | — | — | — | — | ||||||||||||||||||||||||||||||||
Long-Term Disability Plan(8) | — | — | 389,820 | — | — | — | ||||||||||||||||||||||||||||||||
Total | 6,040,858 | 6,538,347 | 6,451,801 | 1,894,123 | 1,894,123 | 8,309,658 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death, or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | — | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
Restricted Stock Units(2) | 1,975,568 | 1,975,568 | 1,975,568 | — | — | 1,975,568 | ||||||||||||
Performance Shares(2) | 1,007,988 | 1,007,988 | 1,007,988 | — | — | 1,007,988 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 15,801 | — | 30,226 | 15,801 | 15,801 | 15,801 | ||||||||||||
401(k) Savings Plan(4) | 246,315 | 246,315 | 246,315 | 246,315 | 246,315 | 246,315 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(5) | 850,721 | — | 850,721 | 850,721 | 850,721 | 850,721 | ||||||||||||
Deferred Income Plan (DIP)(6) | 233,180 | 233,180 | 233,180 | 233,180 | 233,180 | 233,180 | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(7) | — | 1,600,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(8) | — | — | 358,620 | — | — | — | ||||||||||||
Total | 4,329,573 | 5,063,051 | 4,702,618 | 1,346,017 | 1,346,017 | 4,329,573 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 1,664,800 | ||||||||||||||||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||||||||||||||||
Restricted Stock Units(2) | 1,514,188 | 1,514,188 | 1,514,188 | — | — | 1,514,188 | ||||||||||||||||||||||||||||||||
Performance Share Units(2) | 941,442 | 941,442 | 941,442 | — | — | 941,442 | ||||||||||||||||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Pension Plan(3) | 57,345 | — | 90,999 | 57,345 | 57,345 | 57,345 | ||||||||||||||||||||||||||||||||
401(k) Savings Plan(4) | 1,156,797 | 1,156,797 | 1,156,797 | 1,156,797 | 1,156,797 | 1,156,797 | ||||||||||||||||||||||||||||||||
Non-Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Benefit Restoration Plan(5) | 311,158 | — | 311,158 | 311,158 | 311,158 | 311,158 | ||||||||||||||||||||||||||||||||
Deferred Income Plan (DIP)(6) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||||||||
Health and Welfare Plans(7) | — | 1,600,000 | — | — | — | — | ||||||||||||||||||||||||||||||||
Long-Term Disability Plan(8) | — | — | 296,400 | — | — | — | ||||||||||||||||||||||||||||||||
Total | 3,980,930 | 5,212,427 | 4,310,984 | 1,525,300 | 1,525,300 | 5,645,730 | ||||||||||||||||||||||||||||||||
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | — | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
Restricted Stock Units(2) | 368,888 | 368,888 | 368,888 | — | — | 368,888 | ||||||||||||
Performance Shares(2) | 320,523 | 320,523 | 320,523 | — | — | 320,523 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 46,039 | 28,820 | 77,684 | 46,039 | 46,039 | 46,039 | ||||||||||||
401(k) Savings Plan(4) | 785,578 | 785,578 | 785,578 | 785,578 | 785,578 | 785,578 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(5) | 106,970 | 56,080 | 106,970 | 106,970 | 106,970 | 106,970 | ||||||||||||
Deferred Income Plan (DIP)(6) | — | — | — | — | — | — | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(7) | — | 1,545,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(8) | — | — | 278,100 | — | — | — | ||||||||||||
Total | 1,627,998 | 3,104,889 | 1,937,743 | 938,587 | 938,587 | 1,627,998 | ||||||||||||
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 1,444,400 | ||||||||||||||||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||||||||||||||||
Restricted Stock Units(2) | 1,272,588 | 1,272,588 | 1,272,588 | — | — | 1,272,588 | ||||||||||||||||||||||||||||||||
Performance Share Units(2) | 663,770 | 663,770 | 663,770 | — | — | 663,770 | ||||||||||||||||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Pension Plan(3) | 43,318 | 29,615 | 78,616 | 43,318 | 43,318 | 43,318 | ||||||||||||||||||||||||||||||||
401(k) Savings Plan(4) | 969,879 | 969,879 | 969,879 | 969,879 | 969,879 | 969,879 | ||||||||||||||||||||||||||||||||
Non-Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Benefit Restoration Plan(5) | 1,289,049 | 570,943 | 1,289,049 | 1,289,049 | 1,289,049 | 1,289,049 | ||||||||||||||||||||||||||||||||
Deferred Income Plan (DIP)(6) | 24,218 | 24,218 | 24,218 | 24,218 | 24,218 | 24,218 | ||||||||||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||||||||
Health and Welfare Plans(7) | — | 1,517,000 | — | — | — | — | ||||||||||||||||||||||||||||||||
Long-Term Disability Plan(8) | — | — | 273,000 | — | — | — | ||||||||||||||||||||||||||||||||
Total | 4,262,822 | 5,048,013 | 4,571,120 | 2,326,464 | 2,326,464 | 5,707,222 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | 2,085,525 | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
Restricted Stock Units(2) | 978,543 | 978,543 | 978,543 | — | — | 978,543 | ||||||||||||
Performance Shares(2) | 470,838 | 470,838 | 470,838 | — | — | 470,838 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 37,113 | 23,750 | 65,279 | 37,113 | 37,113 | 37,113 | ||||||||||||
401(k) Savings Plan(4) | 601,621 | 601,621 | 601,621 | 601,621 | 601,621 | 601,621 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(5) | 1,282,740 | 582,290 | 1,282,740 | 1,282,740 | 1,282,740 | 1,282,740 | ||||||||||||
Deferred Income Plan (DIP)(6) | 17,814 | 17,814 | 17,814 | 17,814 | 17,814 | 17,814 | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(7) | — | 1,955,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(8) | — | — | 251,100 | — | — | — | ||||||||||||
Total | 3,388,669 | 4,629,856 | 3,667,935 | 1,939,288 | 1,939,288 | 5,474,194 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||||||||||||||||||||||
Change of Control(1) | — | — | — | — | — | 1,438,000 | ||||||||||||||||||||||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||||||||||||||||||||||
Restricted Stock Units(2) | 1,332,457 | 1,332,457 | 1,332,457 | — | — | 1,332,457 | ||||||||||||||||||||||||||||||||
Performance Share Units(2) | 404,609 | 404,609 | 404,609 | — | — | 404,609 | ||||||||||||||||||||||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Pension Plan(3) | 127,695 | 63,848 | 127,695 | 127,695 | 127,695 | 127,695 | ||||||||||||||||||||||||||||||||
401(k) Savings Plan(4) | 718,146 | 718,146 | 718,146 | 718,146 | 718,146 | 718,146 | ||||||||||||||||||||||||||||||||
Non-Qualified Retirement Benefits | ||||||||||||||||||||||||||||||||||||||
Benefit Restoration Plan(5) | 2,528,621 | 1,331,984 | 2,528,621 | 2,528,621 | 2,528,621 | 2,528,621 | ||||||||||||||||||||||||||||||||
Deferred Income Plan (DIP)(6) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Other Benefits | ||||||||||||||||||||||||||||||||||||||
Health and Welfare Plans(7) | — | 1,510,000 | — | — | — | — | ||||||||||||||||||||||||||||||||
Long-Term Disability Plan(8) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | 5,111,528 | 5,361,044 | 5,111,528 | 3,374,462 | 3,374,462 | 6,549,528 |
Benefit | Retirement | Death | Disability | Termination by Executive Other Than Retirement, Death or Disability | For Cause Termination by Company Other Than Retirement, Death or Disability | Involuntary Termination Following a Change in Control | ||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | |||||||||||||
Change of Control(1) | — | — | — | — | — | — | ||||||||||||
Acceleration of Equity Awards | ||||||||||||||||||
Restricted Stock Units(2) | 812,581 | 812,581 | 812,581 | — | — | 812,581 | ||||||||||||
Performance Shares(2) | 418,890 | 418,890 | 418,890 | — | — | 418,890 | ||||||||||||
Qualified Retirement Benefits | ||||||||||||||||||
Pension Plan(3) | 87,710 | 43,855 | 87,710 | 87,710 | 87,710 | 87,710 | ||||||||||||
401(k) Savings Plan(4) | 490,553 | 490,553 | 490,553 | 490,553 | 490,553 | 490,553 | ||||||||||||
Non-qualified Retirement Benefits | ||||||||||||||||||
Benefit Restoration Plan(5) | 2,107,610 | 1,146,877 | 2,107,610 | 2,107,610 | 2,107,610 | 2,107,610 | ||||||||||||
Deferred Income Plan (DIP)(6) | — | — | — | — | — | — | ||||||||||||
Other Benefits | ||||||||||||||||||
Health and Welfare Plans(7) | — | 1,389,000 | — | — | — | — | ||||||||||||
Long-Term Disability Plan(8) | — | — | — | — | — | — | ||||||||||||
Total | 3,917,344 | 4,301,756 | 3,917,344 | 2,685,873 | 2,685,873 | 3,917,344 |
Value of Initial Fixed $100 Investment Based On: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year | Summary Compensation Table Total for PEO (1) | Compensation Actually Paid to PEO (2) | Average Summary Compensation Table Total for Non-PEO NEOs (3) | Average Compensation Actually Paid to Non-PEO NEOs (4) | Total Shareholder Return (5) | Peer Group Total Shareholder Return (6) | Net Income (Loss) ($ in thousands) (7) | 1 Year Adjusted Diluted EPS (8) | ||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | ||||||||||||||||||||||||||||||||||||||||||
2023 | $ | 4,832,074 | $ | 5,325,169 | $ | 1,823,628 | $ | 1,919,696 | $ | 143.55 | $ | 180.30 | $ | 124,052 | $ | 5.10 | ||||||||||||||||||||||||||||||||||
2022 | $ | 3,735,584 | $ | 4,363,778 | $ | 1,449,372 | $ | 1,574,242 | $ | 148.67 | $ | 197.73 | $ | 86,577 | $ | 3.88 | ||||||||||||||||||||||||||||||||||
2021 | $ | 5,171,861 | $ | 6,885,379 | $ | 1,732,667 | $ | 2,251,644 | $ | 142.74 | $ | 195.33 | $ | 87,410 | $ | 4.24 |
Year | Reported Summary Compensation Table Total for PEO | Reported Value of Equity Awards | Equity Award Adjustments | Reported Change in the Actuarial Present Value of Pension Benefits | Pension Benefit Adjustments | Compensation Actually Paid to PEO | ||||||||||||||||||||||||||||||||
(a) | (b) | (c) | (d) | |||||||||||||||||||||||||||||||||||
2023 | $ | 4,832,074 | $ | (2,117,839) | $ | 2,251,432 | $ | — | $ | 359,502 | $ | 5,325,169 | ||||||||||||||||||||||||||
2022 | $ | 3,735,584 | $ | (1,809,558) | $ | 2,053,872 | $ | — | $ | 383,880 | $ | 4,363,778 | ||||||||||||||||||||||||||
2021 | $ | 5,171,861 | $ | (1,678,735) | $ | 4,521,365 | $ | (1,501,209) | $ | 372,097 | $ | 6,885,379 |
Year | Year-End Fair Value of Equity Awards Granted in the Year and that are Unvested | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that are Unvested | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Prior Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions in the Year | Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation | Total Equity Awards Adjustments | |||||||||||||||||||||||||||||||||||||
2023 | $ | 1,979,189 | $ | (223,314) | $ | — | $ | 193,290 | $ | — | $ | 302,226 | $ | 2,251,432 | ||||||||||||||||||||||||||||||
2022 | $ | 1,831,797 | $ | (99,650) | $ | — | $ | (7,531) | $ | — | $ | 329,257 | $ | 2,053,872 | ||||||||||||||||||||||||||||||
2021 | $ | 2,388,066 | $ | 1,775,014 | $ | — | $ | (11,228) | $ | — | $ | 369,513 | $ | 4,521,365 |
Year | Average Reported Summary Compensation Table Total for Non-PEO NEOs | Average Reported Value of Equity Awards | Average Equity Award Adjustments | Reported Change in the Actuarial Present Value of Pension Benefits | Pension Benefit Adjustments | Average Compensation Actually Paid to Non-PEO NEOs | ||||||||||||||||||||||||||||||||
(a) | (b) | (c) | ||||||||||||||||||||||||||||||||||||
2023 | $ | 1,823,628 | $ | (647,679) | $ | 671,393 | $ | (25,749) | $ | 98,104 | $ | 1,919,696 | ||||||||||||||||||||||||||
2022 | $ | 1,449,372 | $ | (546,555) | $ | 614,848 | $ | (52,414) | $ | 108,993 | $ | 1,574,242 | ||||||||||||||||||||||||||
2021 | $ | 1,732,667 | $ | (506,936) | $ | 1,283,618 | $ | (356,430) | $ | 98,726 | $ | 2,251,644 |
Year | Average Year-End Fair Value of Equity Awards Granted in the Year and that are Unvested | Average Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that are Unvested | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | Average Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | Average Prior Year-End Fair Value of Equity Awards that Failed to Meet Vesting Conditions in the Year | Average Value of Dividends or other Earnings Paid on Equity Awards not Otherwise Reflected in Fair Value or Total Compensation | Average Equity Awards Adjustments | |||||||||||||||||||||||||||||||||||||
2023 | $ | 593,508 | $ | (60,528) | $ | — | $ | 49,108 | $ | — | $ | 89,305 | $ | 671,393 | ||||||||||||||||||||||||||||||
2022 | $ | 553,272 | $ | (27,613) | $ | — | $ | (1,764) | $ | — | $ | 90,952 | $ | 614,848 | ||||||||||||||||||||||||||||||
2021 | $ | 721,135 | $ | 467,131 | $ | — | $ | (2,616) | $ | — | $ | 97,968 | $ | 1,283,618 |
Metrics Used in Determining NEO Pay | ||
1 Year Adjusted Diluted EPS | ||
3 Year Average Adjusted Diluted EPS | ||
Adjusted Economic Profit |
Plan Category | Number of Securities to Be Issued upon Exercise of Outstanding Options, Warrants and Rights(1) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance under Equity Compensation Plan | |||||||||||||||||
(#) | ($) | (#) | ||||||||||||||||||
Equity compensation plans approved by shareholders: | ||||||||||||||||||||
2007 Stock Incentive Plan(2) | — | — | — | |||||||||||||||||
2017 Stock Incentive Plan | — | — | 283,747 | |||||||||||||||||
Equity compensation plans not approved by shareholders(3) | — | — | — | |||||||||||||||||
— | |||||
Name | Fees Earned or Paid in Cash(1) | Stock Awards(2),(3) | Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value And Non-Qualified Deferred Compensation Earnings(4) | All Other Compensation(5) | Total | |||||||||||||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||||
Diana F. Cantor | 103,125 | 110,180 | — | — | — | 2,500 | 215,805 | |||||||||||||||||||||||||||||||||||||
Lennart R. Freeman | 100,313 | 110,180 | — | — | — | 5,000 | 215,493 | |||||||||||||||||||||||||||||||||||||
Thomas H. Johnson | 128,250 | 110,180 | — | — | — | 500 | 238,930 | |||||||||||||||||||||||||||||||||||||
Michael T. Lawton | 111,750 | 110,180 | — | — | — | 5,000 | 226,930 | |||||||||||||||||||||||||||||||||||||
Robert C. Sledd | 104,063 | 110,180 | — | — | — | — | 214,243 | |||||||||||||||||||||||||||||||||||||
Thomas H. Tullidge, Jr. | 96,438 | 110,180 | — | — | — | 4,900 | 211,518 | |||||||||||||||||||||||||||||||||||||
Jacqueline T. Williams | 96,438 | 110,180 | — | — | — | — | 206,618 | |||||||||||||||||||||||||||||||||||||
Name(1) | Fees Earned or Paid in Cash(2) | Stock Awards(3),(4) | Option Awards | Non-Equity Incentive Plan Compensation | Change in Pension Value And Non-qualified Deferred Compensation Earnings(5) | All Other Compensation(6) | Total | ||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||
Diana F. Cantor | 85,000 | 82,847 | — | — | — | 2,500 | 170,347 | ||||||||||||||
Lennart R. Freeman | 82,500 | 82,847 | — | — | — | 5,000 | 170,347 | ||||||||||||||
Thomas H. Johnson | 84,167 | 82,847 | — | — | — | — | 167,014 | ||||||||||||||
Michael T. Lawton | 89,167 | 82,847 | — | — | — | 5,000 | 177,014 | ||||||||||||||
Eddie N. Moore, Jr. | 97,500 | 82,847 | — | — | — | 4,000 | 184,347 | ||||||||||||||
Robert C. Sledd | 87,500 | 82,847 | — | — | — | 5,000 | 175,347 | ||||||||||||||
Thomas H. Tullidge, Jr. | 82,500 | 82,847 | — | — | — | 5,000 | 170,347 |
Name | Director Contributions in FY 2020 | Registrant Contributions FY 2020(a) | Aggregate Earnings in FY 2020 | Aggregate Withdrawals/ Distributions(b) | Aggregate Balance at 2020 FYE | ||||||||||
($) | ($) | ($) | ($) | ($) | |||||||||||
Eddie N. Moore, Jr. | — | — | (4,378 | ) | — | 69,915 |
Fiscal Year 2020 | Fiscal Year 2019 | |||||
($) | ($) | |||||
Audit Fees | ||||||
Includes fees associated with the integrated audits of our financial statements and internal controls over financial reporting, review of our Annual Report on Form 10-K, reviews of our interim financial statements and Quarterly Reports on Form 10-Q, statutory audits of foreign subsidiaries, and other attestation services related to regulatory filings. For 2020, these services included additional procedures with respect to the accounting for and disclosure of the acquisition of FruitSmart, as well as procedures related to data migration and business process changes associated with the replacement of an accounting system in a portion of the Company's domestic operations. For 2019, these services included additional procedures with respect to the accounting for and disclosure of restructuring and impairment costs related to the Company's operations in Tanzania, as well as procedures related to data migration and business process changes associated with the replacement of an accounting system in a portion of the Company's operations. | 3,079,841 | 3,148,341 | ||||
Audit-Related Fees | ||||||
Includes fees for services that are reasonably related to the review of our financial statements that are not reported under the category “Audit Fees.” These services include various technical accounting consultations, including the implementation of new lease and revenue recognition accounting guidance, procedures performed to certify financial information in certain governmental filings outside the United States, and agreed-upon testing and validation procedures related to product costing information developed for two of the Company's operating regions. | 65,256 | 119,503 | ||||
Tax Fees | ||||||
Includes fees for corporate tax compliance, tax advice, and tax planning. | 137,991 | 192,506 | ||||
All Other Fees | ||||||
Includes fees for assistance in completing certain governmental filings in countries outside the United States and assistance with research about the agri-products industry. The Audit Committee has concluded that the services covered under this category are compatible with maintaining Ernst & Young LLP's independence with respect to Universal Corporation. | 184,631 | 37,015 |
Fiscal Year 2023 | Fiscal Year 2022 | |||||||||||||
($) | ($) | |||||||||||||
Audit Fees | ||||||||||||||
Includes fees associated with the integrated audits of our financial statements and internal controls over financial reporting, review of our Annual Report on Form 10-K, reviews of our interim financial statements and Quarterly Reports on Form 10-Q, statutory audits of foreign subsidiaries, and other attestation services related to regulatory filings. For 2023, these services included additional procedures over Sarbanes-Oxley adoption at Shank’s. For 2022, these services included additional procedures with respect to the accounting for and disclosure of the acquisition of Shank’s, as well as procedures over Sarbanes-Oxley adoption at Silva. | 2,847,107 | 2,859,589 | ||||||||||||
Audit-Related Fees | ||||||||||||||
Includes fees for services that are reasonably related to the review of our financial statements that are not reported under the category “Audit Fees.” These services include various technical accounting consultations, including procedures performed to certify financial information in certain governmental filings outside the United States. | 52,098 | 26,758 | ||||||||||||
Tax Fees | ||||||||||||||
Includes fees for corporate tax compliance, tax advice, and tax planning. | 114,825 | 141,036 | ||||||||||||
All Other Fees | ||||||||||||||
Includes fees for assistance in completing certain governmental filings in countries outside the United States. For 2023, amounts include fees paid for a study of internal controls and risk management best practices. The Audit Committee has concluded that the services covered under this category are compatible with maintaining Ernst & Young LLP’s independence with respect to Universal Corporation. | 46,570 | 22,381 |
AUDIT COMMITTEE | |||||
Michael T. Lawton, Chairman | |||||
Lennart R. Freeman | |||||
Arthur J. Schick, Jr. | |||||
Thomas H. Tullidge, Jr. | |||||
Jacqueline T. Williams |
[FORM OF PROXY] |
UNIVERSAL CORPORATION C/O BROADRIDGE PO BOX 1342 EDGEWOOD, NY 11717 | VOTE BY INTERNET - www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information. Vote by 11:59 P.M. ET on | ||||
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VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. |
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NAME THE COMPANY NAME INC. - COMMON THE COMPANY NAME INC. - CLASS A THE COMPANY NAME INC. - CLASS B THE COMPANY NAME INC. - CLASS C THE COMPANY NAME INC. - CLASS D THE COMPANY NAME INC. - CLASS E THE COMPANY NAME INC. - CLASS F THE COMPANY NAME INC. - 401 K | SHARES | 123,456,789,012.1234 123,456,789,012.1234 123,456,789,012.1234 123,456,789,012.1234 123,456,789,012.1234 123,456,789,012.1234 123,456,789,012.1234 123,456,789,012.1234 | |||||||||
PAGE 1 OF 2 |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS KEEP THIS PORTION FOR YOUR RECORDS | ||
DETACH AND RETURN THIS PORTION ONLY THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. |
The Board of Directors recommends you vote FOR the following nominees: | For All | Withhold All | For All Except | To withhold authority to vote for any individual nominee(s), mark “For All Except” and write the number(s) of the nominee(s) on the line below. | ||||||||||
1. Election of Directors: | o | o | o | |||||||||||
Nominees |
01 Thomas H. Johnson (3-year term) | 02 Arthur J. Schick, Jr. (3-year Term) | 03 Jacqueline T. Williams (3-year Term) | ||||||
04 George C. Freeman, III (2-year Term) | 05 Lennart R. Freeman (2-year Term) |
The Board of Directors recommends you vote FOR | For | Against | Abstain | |||||||||||
2. Approve a non-binding advisory resolution approving the compensation of the named executive officers. | o | o | o | |||||||||||
The Board of Directors recommends you vote "1 YEAR" on the following proposal: | 1 Year | 2 Year | 3 Year | Abstain | ||||||||||
3. Non-binding advisory vote on the frequency (every one, two or three years) of the advisory vote on the compensation of the Company’s named executive officers. | o | o | o | o | ||||||||||
4. Ratify the appointment of Ernst & Young LLP as the | o | o | o | |||||||||||
5. Approve the Universal Corporation 2023 Stock Incentive Plan | o | o | o | |||||||||||
NOTE: Such other business as may properly come before the meeting or any adjournment thereof. |
Investor Address Line 1 | |||||||||||||||||
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Investor Address Line 3 | |||||||||||||||||
Investor Address Line 4 | |||||||||||||||||
Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name, by authorized officer. | Investor Address Line 5 John Sample 1234 ANYWHERE STREET ANY CITY, ON A1A 1A1 | ||||||||||||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature (Joint Owners) | Date |
UNIVERSAL CORPORATION Annual Meeting of Shareholders August This proxy is solicited by the Board of Directors | |||||||||||||||||
The shareholder(s) hereby appoint(s) Johan C. Kroner and Preston D. Wigner, or either of them, as proxies, each with the power to appoint his substitute, and hereby the reverse side of this ballot, all of the shares of Common Stock of UNIVERSAL CORPORATION that the shareholder(s) is/are entitled to vote at the Annual Meeting of Shareholders to be held at 11:00 AM, ET on August 23235, and any adjournments or postponements thereof. | |||||||||||||||||
This proxy, when properly executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with the Board of | |||||||||||||||||
Continued and to be signed on reverse side |