| $ | | | Net sales | |
| $ | | | Net income | |
| | | Organic Net Sales* versus full year 2021 | |
| $ | | | Adjusted EBITDA* | |
| | | Adjusted Gross Profit Margin* | |
| | | Year-end | |
| ~ | | | Employees globally | |
| | | Manufacturing and processing facilities operated globally | |
| | Around the world, our people are connected by a culture of ownership, agility, and endless curiosity. We also believe in | |
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| — Miguel Patricio, Chair of the Board and Chief Executive Officer | |
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| JOHN C. POPE Lead Director | |
| | | Notice of | | |||||||
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| Thursday, May | | | 11:00 a.m. Eastern Time | | | Live via webcast at www.virtualshareholdermeeting.com/ | |
| | | | | Board Recommendation | | | More Information | | ||||||||
| 1 | | | To elect the | | | | | | | Page | | |||||
| 2 | | | To approve the Company’s executive compensation | | | | | FOR | | | Page | | ||||
| 3 | | | ||||||||||||||
To ratify the selection of PricewaterhouseCoopers LLP as our independent auditors for | | | | | FOR | | | Page | | ||||||||
| 4-6 | | | To vote on | | | | | AGAINST | | | Page | | ||||
| 7 | | | To transact any other business properly presented at the Annual Meeting | | | | | | | | | | |
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| Visit the website listed on your proxy card, Notice, or voting instruction form | | | | Call the phone number listed on your proxy card, Notice, or voting instruction form | | | | Complete, sign, date, and return your proxy card in the envelope enclosed with the physical copy of your proxy materials | |
| | | | | | | | | | |
| Your vote is important. Make sure to have your Notice of Internet Availability of Proxy Materials (“Notice”), proxy card, or voting instruction form with control number available and follow the instructions. For additional information, see Question 4 on page | |
| | | Record Date | | |
| | | | March | |
| Only stockholders of record at the close of business on the Record Date are entitled to receive notice of, and to vote at, the Annual Meeting. We mailed | |
| | | By Order of the Board of Directors, Corporate Secretary & Deputy General Counsel, | | |
| | | | Chicago, Illinois 24, 2023March | |
| | IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY | | | The Kraft Heinz Company’s Proxy | | |
| | | Table of Contents | | |||||||
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| Websites Links to websites included in this Proxy Statement are provided solely for convenience. Information contained on websites, including on our website, is not, and will not be deemed to be, a part of this Proxy Statement or incorporated by reference into any of our other filings with the Securities and Exchange Commission (the “SEC”). | |
| Note about Forward-Looking Statements This Proxy Statement contains information that may constitute forward-looking statements, as defined under U.S. federal securities laws. Words such as “aim,” “anticipate,” “aspire,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” Forward-looking and other statements in this document may also address our environmental, social, and governance (ESG) and diversity, equity, inclusion, and belonging progress, plans, and goals. The inclusion of such statements is not an indication that these are material to investors or required to be disclosed in the Company’s filings with the SEC. In addition, historical, current, and forward-looking environmental, diversity, and social-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. | |
| | | Proxy Statement Summary | | |||||||
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| AT KRAFT HEINZ, WE GROW OUR PEOPLE TO GROW OUR BUSINESS | |
| | TASTE ELEVATION | | | EASY MEALS MADE BETTER | | | REAL FOOD SNACKING | | |
| | Enhancing the taste, flavor, and texture of food | | | Convenient foods that minimize trade-offs at mealtime | | | Nutrition-rich, tasty, convenient clean food experiences | | |
| | FAST FRESH MEALS | | | EASY INDULGENT DESSERTS | | | FLAVORFUL HYDRATION | | |
| | Help consumers make fresh, easy prepared or assembled meals | | | Sweet and indulgent treats that bring simple joy to every day | | | Hydration across kids’ beverages and | | |
| SALES | | | | INCOME | | | | CASH FLOW | | ||||||||||||||||||||||||||||||
| NET SALES | | | | ORGANIC NET SALES* | | | | NET INCOME | | | | ADJUSTED EBITDA* | | | | NET CASH PROVIDED BY OPERATING ACTIVITIES | | | | FREE CASH FLOW* | | ||||||||||||||||||
| $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | ||||||||||||||||||
| | | over-year increase | | | | | | over-year increase | | | | | | over-year increase | | | | | | over-year decrease | | | | | | over-year decrease | | | | | | over-year decrease | |
| Action | | | Allyship | | | Storytelling | |
| We action our strategy by focusing on the areas of our business with the most opportunity to enhance representation. | | | Our company culture is grounded in a deep personal commitment to diversity, equity, inclusion, and belonging. In solidarity and partnership, colleagues of all backgrounds and at every level are expected to lead and act with empathy, humility, and trust. | | | We communicate our impact, both within our Company and in the diverse communities where we live and work, learning along the way. | |
| • Miguel Patricio, Council Chair, Chief Executive Officer and • Carlos Abrams-Rivera, Executive Vice President and President, North America • Pamay Bassey, Chief Learning and Diversity Officer • Tim Kenesey, Director • Alicia Knapp, Director | | | • Rashida La Lande, Executive Vice President, Global General Counsel, and Chief Sustainability and Corporate Affairs • Elio Leoni Sceti, Director • Rafael Oliveira, Executive Vice President and President, International Markets • Melissa Werneck, Executive Vice President and Global Chief People Officer | |
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| Equality Index 2022 and 2023 | | | Forbes 2022 The Best Employers for Women | | | America’s Greatest Workplaces for Diversity Newsweek | | | Forbes 2022 The Best Employers for Veterans | | | 100 score on Rights Campaign Corporate Equality Index | |
| Proposal | | | Board Recommendation | | | More Information | | |||||||||
| 1 | | | Election of Directors | | | | | | | Page | | |||||
| 2 | | | Advisory Vote to Approve Executive Compensation | | | | | FOR | | | Page | | ||||
| 3 | | | ||||||||||||||
Ratification of the Selection of PricewaterhouseCoopers LLP as Our Independent Auditors for | | | | | FOR | | | Page | | ||||||||
| 4 | | | Stockholder Proposal – | | | | | AGAINST | | | Page | | ||||
| 5 | | | Stockholder Proposal – Water Risk | | | | | AGAINST | | | Page 113 | | ||||
| 6 | | | Stockholder Proposal – Civil Rights | | | | | AGAINST | | | Page 117 | | ||||
| 7 | | | To transact any other business properly presented at the Annual Meeting | | | | | | | | | | |
| Internet | | | By Telephone | | | By Mail | |
| Visit the website listed on your proxy card, Notice, or voting instruction form. | | | Call the phone number listed on your proxy card, Notice, or voting instruction form. | | | Complete, sign, date, and return your proxy card in the envelope enclosed with the physical copies of your proxy materials. | |
| | When | | | | | Where | | ||
11:00 a.m. Eastern Time on Thursday, May | | | Live webcast at www.virtualshareholdermeeting.com/ | | ||||||
| | Access | | |||||||
To access the live webcast Annual Meeting, visit www.virtualshareholdermeeting.com/ | |
| Name and Current Position | | | Age | | | Director Since | | | Other Current Public Company Boards | | | Independent | | | Kraft Heinz Committee Membership | | ||||||
| Audit | | | Compensation | | | Governance | | |||||||||||||||
| Miguel Patricio Chair and Chief Executive Officer Kraft Heinz | | | 56 | | | 2021 | | | None | | | | | | | | | | | | | |
| John T. Cahill Vice Chair Former Chief Executive Officer and Executive Chairman, Kraft Foods Group, Inc. | | | 65 | | | 2015 | | | 2 | | | | | | | | | | | |||
| John C. Pope Lead Director Chairman and Chief Executive Officer, PFI Group LLC | | | 73 | | | 2015 | | | 2 | | | | | | | | | | ||||
| Gregory E. Abel Vice Chair, Non-Insurance Operations and Director, Berkshire Hathaway Inc. | | | 60 | | | 2015 | | | 1 | | | | | | | | | | | | | |
| Humberto P. Alfonso Executive Vice President and Chief Financial Officer, Information Services Group, Inc. | | | 65 | | | Nominee | | | 1 | | | | | | | | | | | | ||
| Lori Dickerson Fouché Former Senior Executive Vice President and Chief Executive Officer, TIAA Financial Solutions, TIAA | | | 53 | | | 2021 | | | 1 | | | | | | | | | | | |||
| Diane Gherson Former Senior Vice President and Chief Human Resources Officer, International Business Machines Corporation (IBM) | | | 66 | | | 2022 | | | None | | | | | | | | | | | | ||
| Timothy Kenesey President and Chief Executive Officer, MedPro Group Inc. | | | 55 | | | 2020 | | | None | | | | | | | | | | | | ||
| Alicia Knapp President and Chief Executive Officer, BHE Renewables, LLC | | | 44 | | | 2022 | | | None | | | | | | | | | | | | ||
| Elio Leoni Sceti Co-Founder, Chief Crafter, and Chairman, The Craftory | | | 57 | | | 2020 | | | 2 | | | | | | | | | | | |
| Name and Current Position | | | Age | | | Director Since | | | Other Current Public Company Boards | | | Independent | | | Kraft Heinz Committee Membership | | ||||||
| Audit | | | Compensation | | | Governance | | |||||||||||||||
| Susan Mulder Global Brand President, Timberland, a subsidiary of VF Corporation | | | 52 | | | 2020 | | | None | | | | | | | | | | | |||
| James Park Vice President and General Manager, Fitbit Business Unit, Alphabet, Inc. | | | 46 | | | 2022 | | | None | | | | | | | | | | | |
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(1) If elected or re-elected, the Board expects to make such Committee appointment. (2) If re-elected, the Board expects | |
| Independence | | | Independent Lead Director Regular executive sessions of independent directors Fully independent Board Committees | |
| Accountability | | | Annual election of all directors Simple majority voting standard in uncontested elections One class of voting stock Special meetings can be called by the Chief Executive Officer, Chair, Vice Chair, majority of directors, or chair of any committee with the support of at least two other directors | |
| Evaluation and Effectiveness | | | Annual Board and Committee self-evaluations | |
| Refreshment and Diversity | | | Average age of director nominees is Balance of new and experienced directors, with director | |
| Active Board Oversight and Engagement | | | Robust oversight of risks related to the Company’s business, including ESG risks Directors attended an average of Chair, and Lead Director attended 100% of Board and Committee Meetings in public companies to | |
| Alignment with Stockholder Interests | | | Executive officer and independent director stock ownership requirements Double-trigger cash severance No poison pill | |
| Compensation Policies | | | Clawback policy Anti-hedging policy Anti-pledging policy | |
| Stockholder Rights | | | Annual say-on-pay advisory votes Call a special meeting at a 20% threshold Act by written consent | |
| Robust | | | Proactive year-round engagement with stockholders Incorporation of stockholder input in our strategies and programs, including our executive compensation program | |
| | | Proposal 1. Election of Directors | | |||||||
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| Factors | | | Considerations | | | | | ||||||
| Skills, Expertise, and Experience | | | • The Governance Committee seeks director nominees with the mix of professional expertise and educational backgrounds to establish and maintain a Board that is strong in its collective knowledge. The Governance Committee considers nominees’ general understanding of the varied disciplines relevant to the success of a large, publicly traded company in today’s business environment, including the areas of: | | | ||||||||
| o disruptive/digital o manufacturing o marketing | | | o technology o understanding of our businesses and markets | | | o accounting o finance o compensation/human capital | | | |||||
| Diversity | | | • Although the Board does not have a specific diversity policy, the Governance Committee believes that diversity offers a significant benefit to the Board and Kraft Heinz, as varying viewpoints contribute to a more informed and effective decision-making process. The Governance Committee actively seeks to achieve a diversity of occupational and personal backgrounds on the Board, including diversity with respect to gender, race, ethnic and national background, geography, age, and sexual orientation, and evaluates each individual nominee and director in the context of the Board as a whole. The Board also evaluates its diversity as part of its annual self-evaluation process. • We believe the composition of the Board reflects those efforts and the importance of diversity to the Board. This year, the attributes of our director nominees include: For the Nasdaq Board Diversity Matrix, see Other Information—Diversity Quick Summary beginning on page | | |
| Factors | | | Considerations | | |||
| Commitment | | | • The Governance Committee considers a director nominee’s ability to devote sufficient time and effort to fulfill their Kraft Heinz responsibilities, taking into account the individual’s other commitments. Our • In addition, in determining whether to recommend a director for re-election, the Governance Committee considers the director’s attendance at Board and Committee meetings and participation in, and contributions to, Board and Committee activities. | | |||
| • | | | | ||||
| Independence | | | • The Board considers whether a nominee meets various independence requirements applicable to Kraft Heinz directors, including whether a nominee’s service on boards and committees of other organizations is consistent with our conflicts of interest policy. | | | | |
| Tenure and Refreshment | | | • The Board considers the mix of experience on the Board to balance leadership continuity and a sound understanding of our business and strategy with new perspectives that challenge us and push our continual growth. • We have added • The average tenure of our director nominees is | | | |
| | | | Skills, Expertise, and Experience | | | | | Skills, Expertise, and Experience | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Directors | | Audit | | CPG | | Disruptive/ Digital | | Financial | | International | | Legal/ Regulatory | | Marketing/ Sales | | Operations | | Public Company Leadership | | Strategic/ M&A | | Directors | | Audit | | CPG | | Disruptive/ Digital | | Financial | | International | | Legal/ Regulatory | | Marketing/ Sales | | Operations | | Public Company Leadership | | Strategic/ M&A | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Miguel Patricio Chair* and CEO | | | | | | | | | | | | | | | | | | | | | | | | Miguel Patricio Chair and CEO | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| John T. Cahill Vice Chair | | | | | | | | | | | | | | | | | | | | | | | | John T. Cahill Vice Chair | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| John C. Pope Lead Director | | | | | | | | | | | | | | | | | | | | | | | | John C. Pope Lead Director | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gregory E. Abel | | | | | | | | | | | | | | | | | | | | | | | | Gregory E. Abel | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| João M. Castro-Neves | | | | | | | | | | | | | | | | | | | | | | | | Humberto P. Alfonso | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lori Dickerson Fouché | | | | | | | | | | | | | | | | | | | | | | | | | | | | Lori Dickerson Fouché | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Timothy Kenesey | | | | | | | | | | | | | | | | | | | | | | | | | | | | Diane Gherson | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||
| Alicia Knapp | | | | | | | | | | | | | | | | | | | | | | | | | | | | Timothy Kenesey | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Elio Leoni Sceti | | | | | | | | | | | | | | | | | | | | Alicia Knapp | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Susan Mulder | | | | | | | | | | | | | | | | | | | | | | | | Elio Leoni Sceti | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| James Park | | | | | | | | | | | | | | | | | | | | | | | | Susan Mulder | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of 11 Directors | | | | 7 | | | | | 6 | | | | | 4 | | | | | 9 | | | | | 9 | | | | | 5 | | | | | 7 | | | | | 10 | | | | | 7 | | | | | 11 | | | James Park | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| % of Board | | | | 64% | | | | | 55% | | | | | 36% | | | | | 82% | | | | | 82% | | | | | 45% | | | | | 64% | | | | | 91% | | | | | 64% | | | | | 100% | | | Number of Directors | | 8 | | 6 | | 5 | | 9 | | 10 | | 5 | | 7 | | 11 | | 8 | | 12 | | ||||||||||||||||||||
| % of Board | | 67% | | 50% | | 42% | | 75% | | 83% | | 42% | | 58% | | 92% | | 67% | | 100% | |
| MIGUEL PATRICIO Officer | | | | Key Qualifications Mr. Patricio brings to the Board deep consumer goods industry and leadership experience as well as his unique perspective as our Chief Executive Officer. Career Highlights • Kraft Heinz o Chief Executive Officer (June 2019 to present) o Chair of the Board (May 2022 to present) • Anheuser-Busch InBev SA/NV (“AB InBev”), a multinational drink and brewing holdings company o Chief of Special Global Projects – Marketing (January 2019 to June 2019) o Chief Marketing Officer (2012 to December 2018) o Various zone president and marketing leadership • Companhia de Bebidas das Americas S.A. (“Ambev”), a Brazilian brewing company and predecessor of AB InBev o Chief Marketing Officer (1999 to 2004) • Philip Morris Companies Inc., an international tobacco company o Vice President, Marketing (1997 to 1999) • The Coca-Cola Company, a global beverage company o Global Marketing Director (1996 to 1997) • Johnson & Johnson, a pharmaceutical and medical device company o Global Marketing Director (1989 to 1995) | | | Other Current Public Company Boards • None Other Current and Prior Boards • None | |
| Age Director since May 2021 Committees None Other Current Public Company Boards None | | |
| JOHN T. CAHILL Vice Chair | | | | Key Qualifications Mr. Cahill brings to the Board extensive experience in the food and beverage industry, global leadership, operating, marketing, and product development experience. Career Highlights • Kraft Foods Group, Inc., one of our predecessor companies o Chief Executive Officer (2014 to 2015) o Executive Chairman (2012 to 2014) • Mondelēz International, Inc. (“Mondelēz”), a food and beverage company and former parent of Kraft Foods Group, Inc. o Executive Chairman Designate, North American Grocery (2012) • Ripplewood Holdings LLC, a private equity firm o Industrial Partner (2008 to 2011) • PepsiCo, Inc., a global food and beverage company, and affiliates o Various executive and senior financial positions (1989 to 2007) | | | Other Current Public Company Boards • Colgate-Palmolive Company, a global consumer products company o Director (2005 to present) • American Airlines Group, an airline holding company o Lead Independent Director (2013 to present) Other Current and Prior Boards • Kraft Foods Group, Inc. (2012 to 2015) • Legg Mason, Inc., a financial services holding company (2010 to 2014) | |
| Age 65 Director and Vice-Chair since July 2015 Committees Audit Governance Other Current Public Company Boards 2 | | |
| JOHN C. POPE Lead Director | | | | Key Qualifications Mr. Pope brings to the Board extensive accounting and financial expertise, as well as valuable leadership, operating, marketing, and international experience. Career Highlights • PFI Group LLC, a financial management firm o Chairman and Chief Executive Officer (1994 to present) • United Airlines, a U.S.-based airline, and its parent, UAL Corporation o Various executive | | | Other Current Public Company Boards • Waste Management, Inc., a provider of comprehensive waste management services o Director (1997 to present); Chairman of the Board (2004 to 2011) • Talgo S.A., a railcar manufacturer o Director (2015 to present) Other Current and Prior Boards • R. R. Donnelley & Sons Company, a marketing and business communication company (1996 to February 2022) • Kraft Foods Group, Inc. (2012 to 2015) • Kraft Foods Inc. (now Mondelēz) (2001 to 2012) • Con-way, Inc., multinational freight transportation and logistics company (2003 to 2015) • Dollar Thrifty Automotive Group, Inc., a car rental company (1997 to 2012) | |
| Age Director since July 2015 Lead Director since January 2021 Committees Audit (Chair) Compensation Governance (Chair) Other Current Public Company Boards 2 | | |
| GREGORY E. ABEL | | | | Key Qualifications Mr. Abel brings to the Board extensive experience in regulated industries and mergers and acquisitions, as well as valuable leadership, operational, financial, and international experience. Career Highlights • Berkshire Hathaway Inc., a diversified global holding company o Vice Chair, Non-Insurance Operations (January 2018 to present) • Berkshire Hathaway Energy Company, a global holding company that owns diversified businesses engaged primarily in the energy industry o Chief Executive Officer (2008 to January 2018) o President (1998 to January 2018) | | | Other Current Public Company Boards • Berkshire Hathaway Inc. o Director (January 2018 to present) Other Current and Prior Boards • Berkshire Hathaway Energy Company (2011 to present) • H.J. Heinz Holding Corporation, one of our predecessor companies (2013 to 2015) • HomeServices of America Inc., a residential real estate services company and subsidiary of Berkshire Hathaway Inc. (previously Homeservices.com Inc.) (1999 to October 2020) | |
| Age Director since July 2015 Committees None Other Current Public Company Boards 1 | | |
| HUMBERTO P. ALFONSO | | | | Key Qualifications Mr. Career Highlights • o • o Chief Executive Officer, • o o o Senior Vice President, Chief o Vice President, Finance and Planning, North American Commercial Group (2006 to 2007) o Vice President, Finance and Planning, U.S. Commercial Group (2006) • Cadbury Schweppes PLC, a multinational confectionary company o Executive Vice President and Chief Financial Officer of Cadbury Schweppes Americas Beverages (2005 to 2006) o Vice President Finance, Global Supply Chain of Cadbury Schweppes (London, UK) (2003 to 2005) • Pfizer, Inc., a global pharmaceutical company o Vice President and Chief Financial Officer (2000 to 2003) • Warner-Lambert Company, a pharmaceutical company (acquired by Pfizer, Inc. in 2000) o Various financial positions (1983 to 2000) | | | Other Current Public Company Boards • o Director Other Current and Prior Boards • | |
| Age Committees Other Current Public Company Boards 1 * If elected, the Board expects to appoint Mr. Alfonso to the Committee. | | |
| LORI DICKERSON FOUCHÉ | | | | Qualifications Ms. Fouché brings to the Board seasoned financial expertise, deep experience in the financial services industry, and valuable leadership, operating, and marketing experience. Career Highlights • TIAA, a financial services firm o Senior Executive Vice President and Advisor to the Chief Executive Officer (June 2020 to December 2020) o Senior Executive Vice President and Chief Executive Officer, TIAA Financial Solutions (August 2018 to June 2020) • Prudential Financial, Inc. (“Prudential”), a financial services firm o Group Head of Individual Solutions (July 2017 to August 2018) o President of Prudential Annuities (2015 to July 2017) o Chief Executive Officer, Prudential Group Insurance (2014 to 2015) | | | Other Current Public Company Boards • Hippo Holdings Inc., and its predecessor Hippo Enterprises Inc., a property insurance company o Director (May 2021 to present) Other Current and Prior Boards • Gusto Inc., a private payroll, benefits, and human resource management software provider (October 2021 to present) • Princeton University Board of Trustees (September 2021 to present; 2015 to June 2019) | |
| Age Director since May 2021 Committees Audit Governance* Other Current Public Company Boards 1 * If re-elected, the Board expects to appoint Ms. Fouché to the Committee. | | |
| DIANE GHERSON | | | | Key Qualifications Ms. Gherson brings to the Board extensive expertise in human resources, compensation, and oversight of diversity and inclusion, as well as valuable experience in corporate transformations and operations. Career Highlights • Harvard Business School o Senior Lecturer (July 2021 to present) • International Business Machines Corporation (“IBM”), a global technology company o Senior Vice President and Special Advisor to the Chief Executive Officer (September 2020 to December 2020) o Senior Vice President and Chief Human Resources Officer (2017 to August 2020) o Senior Vice President, Human Resources (2013 to 2017) o Various senior leadership positions in human resources, talent, and compensation and benefits (2002 to 2013) • Willis Towers Watson o Principal and Global Practice Leader (1997 to 2002) o Principal (1994 to 1997) | | | Other Current Public Company Boards • None Other Current and Prior Boards • National Academy of Human Resources (January 2019 to present) • Ping Identity Holding Corp., a provider of enterprise intelligent identity solutions (February 2021 to October 2022, when it was acquired and taken private by Thoma Bravo) | |
| Independent Age 66 Director since November 2022 Committees Compensation Other Current Public Company Boards None | | |
| TIMOTHY KENESEY | | | | Key Qualifications Mr. Kenesey brings to the Board important insights into creating long-term profitable growth, operations, mergers and acquisitions, risk management, and financial reporting. Career Highlights • MedPro Group Inc., a healthcare liability insurance company and subsidiary of Berkshire Hathaway Inc. o President and Chief Executive Officer, (2001 to present) • General Electric Company, an industrial technology company o Senior Vice President of GE Insurance (2000) o Global Business Development Manager of GE Healthcare (1998 to 1999) • Sidley Austin LLP, a global law firm o Attorney focused on mergers and acquisitions and corporate finance (1993 to 1997) • KPMG LLP, an accounting firm o Audit and Tax Accountant (1989 to 1990) | | | Other Current Public Company Boards • None Other Current and Prior Boards • Fechheimer Brothers, a public safety uniform and apparel company and subsidiary of Berkshire Hathaway Inc. (2007 to present) • Various other smaller insurance subsidiaries of Berkshire Hathaway Inc. | |
| Age Director since January 2020 Committees Compensation (Chair) Other Current Public Company Boards None | | |
| ALICIA KNAPP | | | | Key Qualifications Ms. Knapp brings to the Board deep experience as a strategic leader, particularly in renewable energy and sustainability, and significant operational, risk management, and financial acumen. Career Highlights • BHE Renewables, LLC (“BHE Renewables”), a renewable energy company and subsidiary of Berkshire Hathaway Inc. o President and Chief Executive Officer (December 2020 to present) • MidAmerican Energy Company (“MidAmerican Energy”), an energy company providing electric and natural gas service and subsidiary of Berkshire Hathaway Inc. o Vice President, Renewable Generation (May 2020 to December 2020) o Vice President, Gas Delivery (October 2018 to May 2020) o General Manager, Gas Operations (January 2018 to October 2018) • BHE Renewables o General Manager (August 2017 to January 2018) o Project Manager (2012 to August 2017) • MidAmerican Energy o Project Manager, Nuclear (2010 to 2012) o Various | | | Other Current Public Company Boards • None Other Current and Prior Boards • None | |
| Age Committees Other Current Public Company Boards None | | |
| ELIO LEONI SCETI | | | | Key Qualifications Mr. Leoni Sceti brings to the Board deep experience in the consumer goods sector, operations, marketing, product development, and disruptive and digital areas. Career Highlights • The Craftory, a global investment house for purpose-driven CPG challenger brands o Co-Founder, Chief Crafter, and Chairman (May 2018 to present) • Active investor in and advisor to early-stage tech companies (2010 to present) • Iglo Group, a frozen food company whose brands include Birds Eye, Findus, and Iglo o Chief Executive Officer (2013 to 2015) • EMI Group, a global music company o Chief Executive Officer (2008 to 2010) • Reckitt Benckiser Group plc, a home, health and personal care products company o Executive Vice President and Head of the European Operations (2006 to 2008) o Executive Vice President and Chief Marketing Officer, Global Head of Innovation (2001 to 2005) o Various marketing and management • Procter & Gamble Company, a o Various marketing | | | Other Current Public Company Boards • Barry Callebaut AG, a global chocolate and cocoa products manufacturer o Director (December 2017 to present) • AB InBev o Independent Director (2014 to present) Other Current and Prior Boards • LSG Holdings Limited, an investment management company (2011 to present) • Various portfolio companies of The Craftory • Room to Read, UK Board, a charitable organization promoting education and gender equality (April 2019 to present) • One Young World, Board of Trustees, a global forum for young leaders from over 190 countries (2011 to present) | |
| Age Director since May 2020 Committees Compensation Other Current Public Company Boards 2 | | |
| SUSAN MULDER | | | | Key Qualifications Ms. Mulder brings to the Board extensive experience in the consumer goods and retail sectors and direct-to-consumer e-commerce as well as knowledge of corporate governance and finance. Career Highlights • Timberland, an outdoor lifestyle brand and subsidiary of VF Corporation o Global Brand President (April 2021 to present) • Equality Asset Management, a private equity firm o Advisor (July 2018 to • Nic & Zoe Co., a women’s apparel company o Chief Executive Officer and Director (2012 to April 2021) • McKinsey & Company, a global management consulting firm o Senior Partner, specializing in marketing and organization (1996 to 2012) | | | Other Current Public Company Boards • None Other Current and Prior Boards • Sally Beauty Holdings, Inc. (2014 to January 2022) • Boston Children’s Hospital Philanthropic Board of Advisors (2005 to December 2021) | |
| Age Director since May 2020 Committees Governance Other Current Public Company Boards None *If re-elected, the Board expects Ms. Mulder to step down from the Committee. | | |
| JAMES PARK | | | | Key Qualifications Mr. Park brings to the Board deep expertise in technology and digital capabilities, as well as valuable experience in mergers and acquisitions and public company leadership. Career Highlights • Google LLC (“Google”), a subsidiary of Alphabet Inc., a global technology company o Vice President and General Manager, Fitbit (February 2021 to present) • Fitbit, Inc., a connected health and fitness company (acquired by Google in January 2021) o Chairman (2015 to January 2021) o Co-Founder, President, Chief Executive Officer, and Director (2007 to January 2021) • CNET Networks, Inc. (“CNET”), an online media company o Director of Product Development (2005 to 2007) • Wind-Up Labs, Inc., an online photo sharing company (acquired by CNET in 2005) o President and Co-Founder (2002 to 2005) | | | Other Current Public Company Boards • None Other Current and Prior Boards • Fitbit, Inc. (2007 to January 2021) | |
| Age Committees Other Current Public Company Boards None | | |
| | | | The Board recommends that stockholders vote FOR each of the director nominees named for election in this Proxy Statement. | | |
| | | Corporate Governance and Board Matters | | |||||||
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| | In addition, we will promptly deliver free of charge, upon request, a copy of the Corporate Governance Guidelines, Committee Charters, or Codes of Conduct to any stockholder requesting a copy. | | | Requests should be directed to: | | | |||
| | | The Kraft Heinz Company Attention: Corporate Secretary 200 East Randolph Street Suite 7600 Chicago, Illinois 60601 | | |
Leadership | | | Stockholder Interests | |
Leadership Structure Executive Sessions At each Board meeting, our directors meet without our Chief Executive Officer or any other members of management present to discuss issues important to Kraft Heinz, including any matters regarding management. Special Meetings of the Board Our Amended and Restated By-Laws (“By-Laws”) allow our Chief Executive Officer, Chair, Vice Chair, majority of directors, or Chair of any Committee with the support of at least two other directors to call special meetings of the Board. Annual Performance Evaluations The Governance Committee develops and oversees an annual evaluation process for the Board and all Committees of the Board. Director Time We maintain a policy that limits directors’ service on the boards of other public companies to | | | Majority Voting in Director Elections Our By-Laws provide that in uncontested elections director nominees must be elected by a majority of the votes cast. Annual Election of Directors Our stockholders vote to elect all directors annually. Stock Ownership Requirements Our stock ownership requirements are designed to align executive officers’ and directors’ interests with those of stockholders. Annual Say-on-Pay Votes We solicit stockholders’ advisory vote on executive compensation annually. Proactive Year-Round Engagement with Stockholders We reach out to our largest stockholders for engagement in the fall, in advance of our annual review of governance best practices, and in the spring, in advance of our Annual Meeting. In addition, we engage with investors and other stakeholders on an ongoing basis regarding various Special Meetings of Stockholders Our By-Laws allow stockholders of record of at least 20% of the voting power of our outstanding stock to call a special meeting of stockholders. Stockholder Action by Written Consent Our | |
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| | | | | | INDEPENDENT VICE CHAIR | | |
| | | | | | John T. Cahill | | |
| The Chair of the Board is responsible for facilitating a highly functioning and effective Board, providing overall leadership, and encouraging open communications. | | | | | | The Vice Chair of the Board assists the Chair, | |
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| John C. Pope | | ||||||
| The Lead Director: • Approves Board meeting agendas, meeting schedules, and other information sent to the Board • Presides at all meetings at which the Chair is not present, including executive sessions of the independent directors at each regularly scheduled Board meeting, and, as appropriate, informs the Chair of the issues considered and decisions reached • Serves as a Board representative for communication with our • Serves as liaison between the Chair and the independent directors • Has the authority to call meetings of (i) the independent directors and (ii) the directors unaffiliated with Berkshire Hathaway • Serves as an ex officio member of all Board Committees of which the Lead Director is not otherwise a member • Performs such other duties as the Board may from time-to-time delegate | |
| • Mr. Abel • Mr. • | | | • Ms. Fouché • Ms. Gherson • Mr. Kenesey | | | • Ms. Knapp • Mr. Leoni Sceti • Ms. Mulder | | | Mr. Park • Mr. Pope | | | |
| • Limit directors’ service on the boards of other public companies to three or, for directors who are chief executive officers of public companies, one (each in addition to Kraft Heinz) • Require that the Board determine whether simultaneous service on more than three public company audit committees (including Kraft Heinz) impairs a director’s ability to serve effectively on our Audit Committee • Establish an expectation that directors consult with the Chair, the Lead Director, and the Chair of the Governance Committee before accepting an offer to serve on another public company board or as a member of the audit committee of another public company • Require the Governance Committee to take into account the nature and extent of a director’s other commitments when determining whether it is appropriate to nominate that director for re-election • Require directors’ service on the boards and committees of other organizations to be consistent with our conflict of interest policies | | | DIRECTOR maximum of 3 other public company boards | |
| PUBLIC COMPANY CEO Maximum of 1 other public company board | | |||
| AUDIT COMMITTEE Maximum of 3 public company audit committees (including Kraft Heinz) | |
| | | Recognizing the ongoing threat of climate change, we continue to address our environmental footprint across our value chain. We aim to set a science-based target for greenhouse gas emissions, in line with the Science Based Targets initiative’s (SBTi) 1.5º Celsius climate change trajectory by 2023, and to be carbon neutral by 2050. As part of these goals, we have also publicly disclosed the entirety of our value chain’s greenhouse gas emissions, as verified by a third-party consulting firm. | | |
| | | We are also committed to working with our key agricultural commodity growers to help both mitigate and adapt to the impacts of climate change, while also promoting more sustainable practices. We’ve initially launched this work with our tomato growers in the United States and | |
| Board of Directors PROVIDES OVERSIGHT • Oversees our global ESG strategy and objectives, including our activities and opportunities, as well as related risks. • Engages at least annually with management to review all significant policies, processes, and commitments, with additional updates and engagement as necessary. For additional information, see Corporate Governance and Board Matters—Oversight of Risk Management—Oversight of ESG beginning on page 38. | | ||||||
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| Chief Executive Officer PROVIDES EXECUTIVE SUPPORT • Collaborates with members of the Executive Leadership Team on oversight and executional leadership on strategies. • Has an annual performance goal that tracks our ESG performance. | | ||||||
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| Executive Vice President, Global General Counsel, and Chief Sustainability and Corporate Affairs Officer • Oversees global ESG strategy, reports to the Chief Executive Officer, and collaborates with our ESG Team to establish and lead plan implementation. • Has an annual performance goal that tracks our ESG performance. | | ||||||
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| Quarterly Business Reviews • Quarterly Business Review meetings with members of the Executive Leadership Team. | | ||||||
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| ESG Steering Committee • Provides cross-functional, upper-level management input on ESG practices and policies. | | ||||||
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| ESG Steering Committee Subcommittees • Provide high-touch engagement, track emergent issues, and drive collaboration, transparency, and continuous improvement toward initiatives. • Hold monthly work groups in: | | ||||||
| o Product Health o Sustainable Agriculture o Responsible Sourcing o Sustainable Manufacturing | | | o Sustainable Packaging o Animal Welfare o Corporate and Government Affairs o Communications | | |||
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| ESG Team • Directs the design, development, execution, and continuous improvement of our global ESG strategy, goals, and initiatives. • Engages with key stakeholders and leads the ESG Steering Committee. | |
| We are committed to providing transparency regarding our sustainability initiatives and progress to our stockholders and other stakeholders, including through our annual ESG Our In addition to our annual ESG | | | |
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| Investor Relations Team | | | | Corporate Secretary’s Team | |
| Our investor relations team and members of our Executive Leadership Team communicate and engage with stockholders throughout the year to provide stockholders opportunities to share feedback with our Board and management, including through: • Conferences and events • One-on-one meetings • Group meetings To learn more, visit our Investor Relations website at ir.kraftheinzcompany.com. | | | | Members of management and our corporate governance, executive compensation, ESG, and investor relations teams engage with our largest stockholders during and outside of proxy season. They share perspective and receive input on our business performance, governance practices, executive compensation program and practices, our ESG strategy and framework, and stockholder’s voting policies and decisions at prior Annual Meetings. | |
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| ESG Team | | | | Board Oversight | |
| Members of our ESG team engage with stockholders and other stakeholders throughout the year to share perspective and receive feedback on our environmental and sustainability strategy, initiatives, goals, and progress, including through: • One-on-one meetings • Group meetings To learn more, visit our ESG website at www.kraftheinzcompany.com/esg. | | | | We share extensive feedback with the Governance Committee and Compensation Committee of the Board regarding our stockholder engagement strategy and efforts and stockholder feedback received during meetings. | |
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| February • Fourth Quarter and Full Year 2021 Earnings • Consumer Analyst Group of New York (CAGNY) Conference | | | April • First Quarter 2022 Earnings | | | May • Barclays/Stifel Food Field Trip | |
| June • Bernstein’s 38th Annual Strategic Decisions Conference • Deutsche Bank Annual dbAccess Global Consumer Conference • Jefferies 2022 Consumer Conference • Barclays High Grade Consumer/Retail Conference | | | July • Second Quarter 2022 Earnings | | | September • 2022 Barclays Global Consumer Staples Conference • Stifel London ESG Roadshow • Barclays Europe Bondholder Roadshow | |
| October • Third Quarter 2022 Earnings | | | November • Evercore ISI Roadshow • BMO Canadian Roadshow | | | December • JP Morgan Field Trip | |
| | | Board Committees and Membership | | |||||||
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| | Audit | | | | Human Capital and Compensation | | | | Nominating and Corporate Governance | | |
| | | | | | Committee Memberships | | | | | | | Committee Memberships | | ||||||||||||||
| Directors | | Independent | | Audit | | Compensation | | Governance | | Directors | | Independent | | Audit | | Compensation | | Governance | | ||||||||
| Alexandre Behring, Chair | | | | | | | Miguel Patricio, Chair | | | | | | | | | | |||||||||||
| John T. Cahill, Vice Chair | | | | | | | | | | John T. Cahill, Vice Chair | | | | | | | |||||||||||
| John C. Pope, Lead Director | | | | | | John C. Pope, Lead Director | | | | | | ||||||||||||||||
| Gregory E. Abel | | | | | | | | | Gregory E. Abel | | | | | | | | | ||||||||||
| João M. Castro-Neves | | | | | | | Lori Dickerson Fouché | | | | | | | | |||||||||||||
| Lori Dickerson Fouché | | | | | | | | Diane Gherson | | | | | | | | ||||||||||||
| Timothy Kenesey | | | | | | | | Timothy Kenesey | | | | | | | | ||||||||||||
| Elio Leoni Sceti | | | | | | | Alicia Knapp | | | | | | | | |||||||||||||
| Susan Mulder | | | | | | | Elio Leoni Sceti | | | | | | | | |||||||||||||
| Miguel Patricio | | | | | | | | | | Susan Mulder | | | | | | | |||||||||||
| Alexandre Van Damme | | | | | | | | James Park | | | | | | | | ||||||||||||
| Meetings in 2021 7 Board | | | | 10 | | 3 | | 4 | | Meetings in 2022 8 Board | | | | 9 | | 4 | | 5 | |
| AUDIT COMMITTEE | | | | Principal Responsibilities • Oversees our financial matters and strategy, the integrity of our financial statements, our accounting and financial reporting processes, our systems of internal control over financial reporting, and the safeguarding of our assets • Oversees our compliance with applicable legal and regulatory requirements, including our ethics and compliance programs, codes of conduct, and actual or alleged violations of the codes of conduct • Oversees our enterprise risk management program, including risk assessment and risk management guidelines, policies, and processes by which we manage risk, such as those related to major financial risk exposures, information technology, and cybersecurity • Oversees our independent auditors’ qualifications, independence, and performance, the performance of our internal audit function, our audit procedures, and our audit plan The Audit Committee has established procedures for the receipt, retention, and treatment, on a confidential basis, of any complaints we receive. We encourage employees and third-party individuals and organizations to report concerns about our accounting controls, auditing, ethics, or compliance matters, or anything else that appears to involve financial or other wrongdoing. To report such matters online or find a local phone number to report by phone, including anonymously, visit www.KraftHeinzEthics.com. | | |||
| Members • John C. Pope, Chair • John T. Cahill • Lori Dickerson Fouché • Susan Mulder Meetings in | | | ||||||
| Independence The Audit Committee consists entirely of directors who are independent and meet the requirements set forth in Nasdaq rules, Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Audit Committee Charter | | | | | ||||
| • The Board has determined that each Audit Committee member is able to read and understand fundamental financial statements • No Audit Committee member received any payments in | | |
| COMPENSATION COMMITTEE | | | | Principal Responsibilities • Oversees our strategies and policies related to key human resources policies and practices, including diversity and inclusion, workplace environment and culture, pay equity, and talent development and retention • Establishes, reviews, and administers our compensation and benefits policies, including incentive-compensation and equity-based plans • Oversees our executive compensation programs and succession planning, and reviews our compensation policies and practices for employees as they relate to risk management • Evaluates and approves our Chief Executive Officer’s goals and objectives, performance, and elements and amounts of compensation, and reviews and approves the compensation of our other executive officers and Section 16 reporting officers • Approves equity and other long-term incentive awards granted under our plans • Assesses the compensation of non-employee directors • Reviews and considers stockholder viewpoints on compensation, including our say-on-pay voting results | | |||
| Members • • • Elio Leoni Sceti • James Park • John C. Pope Meetings in | | | ||||||
| Independence The Compensation Committee consists entirely of directors who are independent and meet the independence requirements set forth in Nasdaq rules. | | | | |
| GOVERNANCE COMMITTEE | | | | Principal Responsibilities • Considers and makes recommendations to the Board regarding candidates for director, incumbent directors’ performance, director independence, and the structure and composition of the Board and its Committees, as well as director succession planning • Oversees policies and procedures related to related person transactions, including reviewing transactions and making recommendations to the Board • Develops and oversees an annual self-evaluation process for the Board and its Committees • Advises the Board on corporate governance matters, including developing and reviewing the Corporate Governance Guidelines • Oversees our | | |||
| Members • • • Alicia Knapp • Susan Mulder Meetings in | | | ||||||
| Independence The Governance Committee consists entirely of directors who are independent and meet the independence requirements set forth in Nasdaq rules. | | | | |
| | | Director Compensation | | |||||||
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| Annual Compensation | | | | Additional Cash Retainers | | Annual Compensation | | | | Additional Cash Retainers | | ||||||||||||
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| Chair of the Board | | | $ | 140,000 | | | | Chair of the Board | | | $ | 140,000 | | | |||||||||
| Lead Director | | | $ | 25,000 | | | | Lead Director | | | $ | 25,000 | | | |||||||||
| Committee Chairs: | | | | | | | | Committee Chairs: | | | | | | | |||||||||
| Audit | | | $ | 20,000 | | | | Audit | | | $ | 20,000 | | | |||||||||
| Compensation | | | $ | 20,000 | | | | Compensation | | | $ | 20,000 | | | |||||||||
| Governance | | | $ | 10,000 | | | | Governance | | | $ | 10,000 | | | |||||||||
| Operations and Strategy* | | | $ | 20,000 | | | | Mr. Patricio, who is our Chair and Chief Executive Officer, does not receive payment for his service as a director. If a director serves as Chair of multiple Committees, the director will only receive one additional cash retainer. Directors do not receive meeting fees. | | ||||||||||||||
| If a director serves as Chair of multiple Committees, the director will only receive one additional cash retainer. Directors do not receive meeting fees. * The Operations and Strategy Committee was dissolved in July 2021. | |
| Position | | | Stock Ownership Requirement | | | Compliance Period | |
| Non-employee directors | | | •••••5xAnnual Cash Retainer | | | 5 years from joining the Board | |
| Name | | Fees Earned or Paid in Cash(1) ($) | | Stock Awards(2) ($) | | All Other Compensation ($) | | Total ($) | | Name | | Fees Earned or Paid in Cash(1) ($) | | Stock Awards(2) ($) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||
| Gregory E. Abel | | | | 110,042 | | | | | 125,005 | | | | | — | | | | | 235,047 | | | Gregory E. Abel | | | | 110,007 | | | | | 125,020 | | | | | — | | | | | 235,027 | | | ||||||||
| Alexandre Behring | | | | 260,000 | | | | | 125,005 | | | | | — | | | | | 385,005 | | | Alexandre Behring(3) | | | | 89,286 | | | | | — | | | | | — | | | | | 89,286 | | | ||||||||
| John T. Cahill | | | | 120,706 | | | | | 125,005 | | | | | — | | | | | 245,711 | | | John T. Cahill | | | | 110,000 | | | | | 125,020 | | | | | — | | | | | 235,020 | | | ||||||||
| João M. Castro-Neves | | | | 130,007 | | | | | 125,005 | | | | | — | | | | | 255,012 | | | João M. Castro-Neves(3) | | | | 205,678 | | | | | 125,020 | | | | | — | | | | | 292,877 | | | ||||||||
| Lori Dickerson Fouché | | | | 71,924 | | | | | 125,005 | | | | | — | | | | | 196,929 | | | Lori Dickerson Fouché | | | | 181,958 | | | | | 125,020 | | | | | — | | | | | 196,977 | | | ||||||||
| Timothy Kenesey | | | | 110,042 | | | | | 125,005 | | | | | — | | | | | 235,047 | | | Diane Gherson(4) | | | | 17,337 | | | | | — | | | | | — | | | | | 17,337 | | | ||||||||
| Jorge Paulo Lemann | | | | 38,420 | | | | | — | | | | | — | | | | | 38,420 | | | Timothy Kenesey(5) | | | | 110,007 | | | | | 125,020 | | | | | — | | | | | 235,027 | | | ||||||||
| Elio Leoni Sceti | | | | 110,042 | | | | | 125,005 | | | | | — | | | | | 235,047 | | | Alicia Knapp(4) | | | | 71,923 | | | | | 125,020 | | | | | — | | | | | 196,943 | | | ||||||||
| Susan Mulder | | | | 110,000 | | | | | 125,005 | | | | | — | | | | | 235,005 | | | Elio Leoni Sceti | | | | 110,007 | | | | | 125,020 | | | | | — | | | | | 235,027 | | | ||||||||
| John C. Pope | | | | 155,000 | | | | | 125,005 | | | | | — | | | | | 280,005 | | | Susan Mulder | | | | 110,000 | | | | | 125,020 | | | | | — | | | | | 235,027 | | | ||||||||
| Alexandre Van Damme | | | | 110,042 | | | | | 125,005 | | | | | — | | | | | 235,047 | | | James Park(4) | | | | 71,923 | | | | | 125,020 | | | | | — | | | | | 196,943 | | | ||||||||
| George Zoghbi(3) | | | | 38,379 | | | | | — | | | | | — | | | | | 38,379 | | | John C. Pope(5) | | | | 161,538 | | | | | 125,020 | | | | | — | | | | | 286,558 | | | ||||||||
| Alexandre Van Damme(3) | | | | 120,317 | | | | | — | | | | | — | | | | | 120,317 | | |
| Name | | | Grant Date | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | |||||||||||||||
| Gregory E. Abel | | | | | 10/16/2013 | | | | | | 22,166 | | | | | | — | | | | | | 22.56 | | | | | | 7/1/2023 | | |
| Alexandre Behring | | | | | 10/16/2013 | | | | | | 44,333 | | | | | | — | | | | | | 22.56 | | | | | | 7/1/2023 | | |
| John T. Cahill | | | | | 8/16/2019 | | | | | | 500,000 | | | | | | — | | | | | | 25.41 | | | | | | 8/16/2029 | | |
| | | 2/26/2015 | | | | | | 176,423(a) | | | | | | — | | | | | | 52.70 | | | | | | 2/26/2025 | | | |||
| | | 2/27/2014 | | | | | | 43,191(a) | | | | | | — | | | | | | 45.59 | | | | | | 2/27/2024 | | | |||
| | | 2/25/2013 | | | | | | 203,915(a) | | | | | | — | | | | | | 38.63 | | | | | | 2/25/2023 | | |
| | | Beneficial Ownership of Kraft Heinz Stock | | |||||||
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| Name of Beneficial Owner | | Shares Owned | | Shares Acquirable within 60 Days(1) | | Deferred Stock(2) | | Total | | Percentage of Common Stock | | Name of Beneficial Owner | | Shares Owned | | Shares Acquirable within 60 Days(1) | | Deferred Stock(2) | | Total | | Percentage of Common Stock | | ||||||||||||||||||||||||||||||||||||||||
| Current Directors | | Current Directors | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gregory E. Abel | | | | — | | | | | 22,166 | | | | | 47,378 | | | | | 69,544 | | | | | * | | | Gregory E. Abel | | | | — | | | | | 22,166 | | | | | 55,062 | | | | | 77,228 | | | | | * | | | ||||||||||
| Alexandre Behring | | | | 0 | | | | | 44,333 | | | | | 47,348 | | | | | 91,681 | | | | | * | | | John T. Cahill | | | | 152,178 | | | | | 719,614 | | | | | 34,311 | | | | | 906,103 | | | | | * | | | ||||||||||
| John T. Cahill | | | | 148,321 | | | | | 633,017 | | | | | 30,345 | | | | | 811,683 | | | | | * | | | Lori Dickerson Fouché | | | | — | | | | | — | | | | | 7,837 | | | | | 7,837 | | | | | * | | | ||||||||||
| João M. Castro-Neves | | | | — | | | | | — | | | | | 19,091 | | | | | 19,091 | | | | | * | | | Diane Gherson | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Lori Dickerson Fouché | | | | — | | | | | — | | | | | 2,993 | | | | | 2,993 | | | | | * | | | Timothy Kenesey | | | | — | | | | | — | | | | | 18,620 | | | | | 18,620 | | | | | * | | | ||||||||||
| Timothy Kenesey | | | | — | | | | | — | | | | | 12,458 | | | | | 12,458 | | | | | * | | | Alicia Knapp | | | | — | | | | | — | | | | | 2,992 | | | | | 2,992 | | | | | * | | | ||||||||||
| Elio Leoni Sceti(3) | | | | 90,000 | | | | | — | | | | | 10,061 | | | | | 100,061 | | | | | * | | | Elio Leoni Sceti(3) | | | | 90,000 | | | | | — | | | | | 16,120 | | | | | 106,120 | | | | | * | | | ||||||||||
| Susan Mulder | | | | — | | | | | — | | | | | 7,688 | | | | | 7,688 | | | | | * | | | Susan Mulder | | | | — | | | | | — | | | | | 11,012 | | | | | 11,012 | | | | | * | | | ||||||||||
| Miguel Patricio | | | | 1,230,077 | | | | | — | | | | | — | | | | | 1,230,077 | | | | | * | | | Miguel Patricio | | | | 1,202,624 | | | | | — | | | | | — | | | | | 1,202,624 | | | | | * | | | ||||||||||
| John C. Pope | | | | 10,098 | | | | | — | | | | | 33,560 | | | | | 43,658 | | | | | * | | | James Park | | | | 596 | | | | | — | | | | | 2,992 | | | | | 3,588 | | | | | * | | | ||||||||||
| Alexandre Van Damme(4) | | | | 14,105,315 | | | | | — | | | | | 26,076 | | | | | 14,131,391 | | | | | 1.2 | | | John C. Pope | | | | 10,098 | | | | | — | | | | | 37,749 | | | | | 47,847 | | | | | * | | | ||||||||||
| Director Nominees | | | | | | | | | | | | | | | | | | | | | | | | | | | Director Nominees | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Alicia Knapp | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Humberto P. Alfonso | | | | — | | | | | — | | | | | — | | | | | — | | ��� | | | | — | | | |||||||||
| James Park(5) | | | | 596 | | | | | — | | | | | — | | | | | 596 | | | | | * | | | Named Executive Officers (NEOs) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Named Executive Officers (NEOs) | | Miguel Patricio | | see above | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Miguel Patricio | | see above | | Andre Maciel | | | | 98,117 | | | | | 85,607 | | | | | — | | | | | 183,724 | | | | | | | | |||||||||||||||||||||||||||||||||
| Paulo Basilio | | | | 8,796 | | | | | 176,058 | | | | | — | | | | | 185,034 | | | | | * | | | Paulo Basilio | | | | 109,181 | | | | | 176,058 | | | | | — | | | | | 285,239 | | | | | * | | | ||||||||||
| Carlos Abrams-Rivera | | | | 131,608 | | | | | — | | | | | — | | | | | 131,608 | | | | | * | | | Carlos Abrams-Rivera | | | | 207,684 | | | | | — | | | | | — | | | | | 207,684 | | | | | * | | | ||||||||||
| Rashida La Lande | | | | 13,057 | | | | | — | | | | | — | | | | | 13,057 | | | | | * | | | Rashida La Lande | | | | 45,777 | | | | | 52,325 | | | | | — | | | | | 98,102 | | | | | * | | | ||||||||||
| Rafael Oliveira | | | | 142,583 | | | | | 191,280 | | | | | — | | | | | 333,863 | | | | | * | | | Rafael Oliveira | | | | 269,833 | | | | | 191,280 | | | | | — | | | | | 461,113 | | | | | * | | | ||||||||||
| Current directors and executive officers(6) as of March 7, 2022 as a group (21 persons) | | | | 16,012,801 | | | | | 1,145,298 | | | | | 236,998 | | | | | 17,395,097 | | | | | 1.4 | | | Current directors and executive officers(4) as of March 6, 2023 as a group (21 persons) | | | | 2,420,422 | | | | | 1,279,242 | | | | | 186,695 | | | | | 3,886,359 | | | | | * | | |
| Name and Address of Beneficial Owner | | Amount and Nature of Beneficial Ownership | | Percentage of Common Stock(1) | | Name and Address of Beneficial Owner | | Amount and Nature of Beneficial Ownership | | Percentage of Common Stock(1) | | ||||||||||||||||
| Berkshire Hathaway(2) 3555 Farnam Street Omaha, Nebraska 68131 | | | | 325,442,152 | | | | | 26.6% | | | Berkshire Hathaway(2) 3555 Farnam Street Omaha, Nebraska 68131 | | | | 325,442,152 | | | | | 26.5% | | | ||||
| 3G Funds(3) c/o 3G Capital, Inc. 600 Third Avenue, 37th Floor New York, New York 10016 | | | | 185,262,701 | | | | | 15.1% | | | 3G Funds(3) c/o 3G Capital, Inc. 600 Third Avenue, 37th Floor New York, New York 10016 | | | | 97,195,897 | | | | | 7.9% | | | ||||
| BlackRock(4) 55 East 52nd Street New York, New York 10055 | | | | 69,223,785 | | | | | 5.6% | | | ||||||||||||||||
| The Vanguard Group(5) 100 Vanguard Blvd. Malvern, Pennsylvania 19355 | | | | 67,873,151 | | | | | 5.5% | | |
| | | Proposal 2. Advisory Vote to Approve Executive Compensation | | |||||||
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| | | | | | | | |
| | | | The Board recommends a voteFORthe approval of our NEO compensation as disclosed in this Proxy Statement. | | |
| | | Compensation Discussion and Analysis | | |||||||
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| Miguel Patricio | | | | Andre Maciel | | | | Paulo Basilio | | ||||||||
| Chief Executive Officer and Chair of the Board | | | | Executive Vice President and Global Chief Financial Officer* | | | | Former Executive Vice President and Global Chief Financial Officer* | | ||||||||
| | | | | | | | | | | ||||||||
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| Executive Vice President and President, North America | | | | | | | |||||||||||
Executive Vice President and | President, International Markets | | ||||||||||||||||
| | | | | |
| SALES | | | | INCOME | | | | CASH FLOW | | ||||||||||||||||||||||||||||||
| NET SALES | | | | ORGANIC NET SALES* | | | | NET INCOME | | | | ADJUSTED EBITDA* | | | | NET CASH PROVIDED BY OPERATING ACTIVITIES | | | | FREE CASH FLOW* | | ||||||||||||||||||
| $ | | | | $ | | | | $ | | | | $ | | | | $ | | | | $ | | ||||||||||||||||||
| | | over-year increase | | | | | | over-year increase | | | | | | over-year increase | | | | | | over-year decrease | | | | | | over-year decrease | | | | | | over-year decrease | |
| ZONE PERFORMANCE | |
| | | IMPROVED OUR AGILITY | | | Continued to execute business investments in our strategic plan Rolled out 28 dedicated multi-disciplinary teams, which we call agile pods, to tackle our most important strategic initiatives Introduced ONE Innovation Engine to develop superior products, incorporating real-time feedback from consumers, and bring them to market more quickly than before | | |
| | | STRENGTHENED OUR ICONIC BRANDS | | | Launched Kraft-O-Matic, our in-house proprietary data science model that analyzes consumer behavior across brands and allows us to shape marketing strategy to maximize impact Leveraged our internal agency, The Kitchen, to strengthen relationships with consumers by generating individualized content at scale and driving earned media Renovated iconic brands such as Lunchables and Capri Sun, while furthering our nutrition agenda | | |
| | | OPTIMIZED PRODUCT PORTFOLIO | | | Closed acquisitions and investments aimed at building our global Taste Elevation platform Formed a joint venture with TheNotCompany, Inc. to develop and launch superior plant-based products leveraging their cutting-edge artificial intelligence technology and our brands and scale Executed a SKU rationalization program to create efficiencies and increase portfolio profitability | | |
| | | IMPROVED FINANCIAL FLEXIBILITY | | | Had Net Leverage* of 3.2x for the 12-months ended December 31, 2022, upgraded to investment grade credit status, and received an upgrade in our long-term debt credit rating by Fitch from BBB- to BBB Secured 100% fixed debt with approximately 14-year maturity, reducing exposure to volatile interest rates, as of December 31, 2022 Generated gross efficiencies of approximately $450M | |
| ||||||||
| | ADVANCED STRATEGIC TRANSFORMATION FOR THE LONG-TERM | | | Brought in talent to | |
| | | What We Do | | | | | | | | What We Do NOT Do | | ||
| Significant alignment between pay and performance Base pay increases on merit and market alignment Rigorous stock ownership requirements to align executives’ interests with stockholders Maintain a robust clawback policy Use double-trigger change in control provisions Compensation Committee Retain independent consultant Proactive year-round engagement with stockholders on executive compensation ESG-related KPIs for more than 1,500 executives and employees | | | | | | No excessive risk taking that would threaten the reputation or sustainability of Kraft Heinz No excise tax gross ups No guaranteed salary increases or bonuses No single-trigger change in control provisions No hedging transactions, short-selling, No pledging or holding Kraft Heinz securities in a margin account No non-qualified deferred compensation programs for executives No enhanced benefit programs for executives | |
| | | PAY FOR PERFORMANCE | | | 1 Our performance, including results against short- and long-term growth targets 2 Total return to our stockholders relative to our peers | | |
| | | ALIGN WITH STOCKHOLDER INTERESTS | | | Our compensation programs are designed to align our executives’ interests with those of our stockholders. Our stock ownership guidelines strengthen alignment of our executive officers’ interests with those of our stockholders. | |
| | | DRIVE LONG-TERM PROFITABLE GROWTH | | | We are driven by our Values We dare to do better every day, We own it, and We champion great people. We reward and invest in attracting, engaging, and retaining world-class talent with the highest potential to drive sustainable, long-term growth and profitability. | | |
| | | RECOGNIZE INDIVIDUAL PERFORMANCE | | | We recognize and reward demonstrated skills while supporting continued development. We see non-financial performance metrics, such as our ESG targets, as critical to the long-term success of our business and reflective of our external responsibility as global leaders, and we believe they add value for our stockholders and other stakeholders. | |
| • Archer-Daniels-Midland Company • Campbell Soup Company • Colgate-Palmolive Company • Conagra Brands, | | | • General Mills, Inc. • Hormel Foods Corporation • Kellogg Company • Kimberly-Clark Corporation • Mondelēz International, | | | • PepsiCo, Inc. • The Coca-Cola Company • The Procter & Gamble Company • Tyson Foods, Inc. | | | | Additions effective for 2023: • Keurig Dr Pepper Inc. • The Hershey Company • The J. M. Smucker Company • McCormick & Company, Incorporated | |
| • Campbell Soup Company • Conagra Brands, Inc. • General Mills, Inc. • Hormel Foods Corporation | | | • • Kellogg Company • Mondelēz International, Inc. • PepsiCo, Inc. | | | • The Coca-Cola Company • Tyson Foods, Inc. | | | | Additions effective for 2023: • Keurig Dr Pepper Inc. • The Hershey Company • McCormick & Company, Incorporated | |
| | | | | | | | | Element | | | Performance Metric | | | Description | | | Strategy Alignment | | ||||||
| FIXED | | | | SHORT-TERM | | | | Base Salary | | | — | | | | | | Ongoing base cash compensation based on the executive officer’s role and responsibilities, individual job performance, experience, and market. | | | Recruitment and retention Market competitive | | |||
| Benefits and Perquisites | | | — | | | | | | Limited types of non-wage compensation provided in addition to base salary, short-term incentives, and long-term incentives. | | | Market competitive | | |||||||||||
| VARIABLE | | | | Performance Bonus Plan (PBP) | | | PBP EBITDA (100%) | | | | | Annual cash incentive with actual cash payouts linked to achievement of key annual Kraft Heinz performance targets and individual performance | | | Drive top-tier performance Incentivize and reward performance | With Bonus Investment Plan, tie short-term compensation with our long-term strategy and stockholders’ interests | | |||||||
| LONG-TERM | | | | PSUs | | | Three-year relative TSR (100%) | | | | | Linked to achievement of long-term profitability goals, | | | Recruitment and retention Drive top-tier performance Align with stockholders’ interests Long-term value creation Incentivize achievement of specific performance goals and long-term strategy Drive long-term profitable growth | | ||||||||
| RSUs | | | — | | | | | | Vest based upon continued employment and may be awarded | | | Recruitment and retention Drive top-tier performance Align with stockholders’ interests Long-term value creation | | |||||||||||
| Stock Options | | | We view stock options to be performance-based as their value is tied to Kraft Heinz performance and our stock price. | | | Generally vest in full after three years based on continued | | | Recruitment and retention Drive top-tier performance Align with stockholders’ interests Link realized value entirely to stock appreciation Drive long-term profitable growth | |
| NEO | | | 2021 Base Salary ($) | | | 2022 Base Salary ($) | | ||||||
| Mr. Patricio | | | | | 1,000,000 | | | | | | 1,000,000 | | |
| Mr. Maciel | | | | | 500,000 | | | | | | 650,000 | | |
| Mr. Basilio | | | | | 750,000 | | | | | | —(a) | | |
| Mr. Abrams-Rivera | | | | | 800,000 | | | | | | 800,000 | | |
| Ms. La Lande | | | | | 650,000 | | | | | | 700,000 | | |
| Mr. Oliveira | | | | | 790,411(b) | | | | | | 678,824(b) | | |
| NEO | | | 2021 Target Award Opportunity | | | 2022 Target Award Opportunity | | ||||||
| Mr. Patricio | | | | | 300% | | | | | | 300% | | |
| Mr. Maciel | | | | | 150% | | | | | | 175% | | |
| Mr. Basilio | | | | | 250% | | | | | | — (a) | | |
| Mr. Abrams-Rivera | | | | | 200% | | | | | | 225% | | |
| Ms. La Lande | | | | | 150% | | | | | | 150% | | |
| Mr. Oliveira | | | | | 225% | | | | | | 225% | | |
| | | Global PBP EBITDA ($ millions) | | Financial Multiplier (%) | | | | Global PBP EBITDA ($ millions) | | Financial Multiplier (%) | | ||||||||||||||||
| Threshold | | | | 5,904 | | | | | 50 | | | Threshold | | | | 5,468 | | | | | 50 | | | ||||
| Target | | | | 6,300 | | | | | 100 | | | Target | | | | 6,075 | | | | | 100 | | | ||||
| Maximum | | | | 6,579 | | | | | 120 | | | Maximum | | | | 6,209 | | | | | 120 | | | ||||
| Achieved | | | | 6,277 | | | | | 94 | | | Achieved | | | | 6,031 | | | | | 96.4 | | |
| | | U.S. Zone PBP EBITDA ($ millions) | | Financial Multiplier (%) | | | | North America Zone PBP EBITDA ($ millions) | | Financial Multiplier (%) | | ||||||||||||||||
| Threshold | | | | 4,868 | | | | | 50 | | | Threshold | | | | 4,876 | | | | | 50 | | | ||||
| Target | | | | 5,156 | | | | | 100 | | | Target | | | | 5,336 | | | | | 100 | | | ||||
| Maximum | | | | 5,349 | | | | | 120 | | | Maximum | | | | 5,431 | | | | | 120 | | | ||||
| Achieved | | | | 5,157 | | | | | 100 | | | Achieved | | | | 5,303 | | | | | 96.4 | | |
| | | | International Zone PBP EBITDA (in $ millions) | | | Financial Multiplier (%) | | ||||||
| Threshold | | | | | 938 | | | | | | 50 | | |
| Target | | | | | 1,018 | | | | | | 100 | | |
| Maximum | | | | | 1,068 | | | | | | 120 | | |
| Achieved | | | | | 1,002 | | | | | | 95* | | |
| | | | International Zone PBP EBITDA (in $ millions) | | | Financial Multiplier (%) | | ||||||
| Threshold | | | | | 898 | | | | | | 50 | | |
| Target | | | | | 1,045 | | | | | | 100 | | |
| Maximum | | | | | 1,094 | | | | | | 120 | | |
| Achieved | | | | | 1,034 | | | | | | 96.1 | | |
| NEO | | MBO Goals | | Evaluation Criteria | | Weight (%) | | Individual Performance Score | | NEO | | MBO Goals | | Key Performance Indicators (“KPIs”) | | Weight (%) | | Individual Performance Score | | ||||||||||||||
| Mr. Patricio | | | • Deliver Kraft Heinz Financial Results | | | o Achievement in global Organic Net Sales | | | | 30 | | | | 102% | | Mr. Patricio | | | • Deliver Kraft Heinz Financial Results | | | o Achievement in global Organic Net Sales | | | | 25 | | | | 85% | | ||
| o Achievement in global cash conversion | | | | 20 | | | | o Achievement in global market share | | | | 15 | | | |||||||||||||||||||
| • Deliver New Projects to Improve the Business | | | o Progress on U.S. digital revolution | | | | 15 | | | | • Deliver New Projects to Improve the Business | | | o Progress on digital revolution | | | | 15 | | | |||||||||||||
| o Progress on global portfolio transformation | | | | 10 | | | | o Progress on global portfolio transformation | | | | 15 | | | |||||||||||||||||||
| o Progress on global ESG goals | | | | 10 | | | | o Progress on global ESG goals | | | | 15 | | | |||||||||||||||||||
| • Attract and Retain Kraft Heinz Talent | | o Improvement in global engagement score and reduction in global turnover | | | | 15 | | | | • Attract and Retain Kraft Heinz Talent | | o Improvement in global engagement score and reduction in global turnover | | | | 15 | | | |||||||||||||||
| Mr. Basilio | | | • Deliver Kraft Heinz Financial Results | | | o Achievement in global cash conversion | | | | 20 | | | | 90% | | ||||||||||||||||||
| o Achievement in global adjusted net income | | | | 20 | | | |||||||||||||||||||||||||||
| • Increase Kraft Heinz’s Financial Efficiency | | | o Progress on portfolio and capital structure objectives | | | | 20 | | | ||||||||||||||||||||||||
| o Progress on finance transformation | | | | 15 | | | |||||||||||||||||||||||||||
| o Achievement of compliance and internal controls objectives | | | | 10 | | | |||||||||||||||||||||||||||
| • Attract and Retain Kraft Heinz Talent | | o Improvement in global finance engagement score and reduction in global finance turnover | | | | 15 | | | |||||||||||||||||||||||||
| Mr. Abrams-Rivera | | | • Deliver Kraft Heinz U.S. Financial Results | | | o Achievement in U.S. zone Organic Net Sales | | | | 20 | | | | 84% | | ||||||||||||||||||
| o Achievement in U.S. zone cash conversion | | | | 15 | | | |||||||||||||||||||||||||||
| o Achievement on service levels in on-time, in-full performance | | | | 10 | | | |||||||||||||||||||||||||||
| • Deliver New Projects to Improve the Business | | | o Progress on U.S. digital revolution | | | | 20 | | | ||||||||||||||||||||||||
| o Progress on U.S. portfolio transformation | | | | 20 | | | |||||||||||||||||||||||||||
| • Attract and Retain Kraft Heinz Talent | | o Improvement in U.S. zone engagement score and reduction in U.S. zone turnover | | | | 15 | | | |||||||||||||||||||||||||
| Ms. La Lande | | | • Deliver Effective and Efficient Legal Services | | | o Success on key legal matters | | | | 20 | | | | 95% | | ||||||||||||||||||
| o Achievement of special projects targets | | | | 20 | | | |||||||||||||||||||||||||||
| o Achievement of zero-based budget targets | | | | 10 | | | |||||||||||||||||||||||||||
| • Protect and Promote the Company and its Brands | | | o Progress on ESG and The Kraft Heinz Foundation goals | | | | 20 | | | ||||||||||||||||||||||||
| o Achievement of ethics and compliance targets | | | | 20 | | | |||||||||||||||||||||||||||
| • Attract and Retain Kraft Heinz Talent | | o Improvement in global legal engagement score and reduction in global legal turnover | | | | 10 | | |
The Kraft Heinz Company 2023 Proxy Statement|73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Base Salary for PBP Calculation ($) | | Target Award Opportunity (%) | | Financial Multiplier (%) | | Individual Performance Score (%) | | PBP Payout Earned ($) | | Name | | Base Salary for PBP Calculation ($) | | Target Award Opportunity (%) | | Financial Multiplier (%) | | Individual Performance Score (%) | | PBP Payout Earned ($) | | ||||||||||||||||||||||||||||||||||||||||
| Mr. Patricio | | | | 1,000,000 | | | | | 300 | | | | | 94 | | | | | 102 | | | | | | 2,875,193 | | | Mr. Patricio | | | | 1,000,000 | | | | | 300 | | | | | 96.4 | | | | | 85 | | | | | | 2,466,720 | | | ||||||||
| Mr. Basilio | | | | 750,000 | | | | | 250 | | | | | 94 | | | | | 90 | | | | | 1,582,917 | | | Mr. Maciel | | | | 650,000 | | | | | 175 | | | | | 96.4 | | | | | 89 | | | | | | 921,848 | | | |||||||||
| Mr. Abrams-Rivera | | | | 800,000 | | | | | 200 | | | | | 98 | | | | | 84 | | | | | | 1,312,407 | | | Mr. Basilio(a) | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | ||||||||
| Ms. La Lande | | | | 650,000 | | | | | 150 | | | | | 94 | | | | | 95 | | | | | 1,041,920(a) | | | Mr. Abrams-Rivera | | | | 800,000 | | | | | 225 | | | | | 96.4 | | | | | 88 | | | | | | 1,530,952 | | | |||||||||
| Mr. Oliveira(b) | | | | 780,100 | | | | | 225 | | | | | 95 | | | | | 94 | | | | | | 1,742,725(c) | | | Ms. La Lande | | | | 700,000 | | | | | 150 | | | | | 96.4 | | | | | 90 | | | | | | 910,602 | | | ||||||||
| Mr. Oliveira(b) | | | | 678,824 | | | | | 225 | | | | | 96.1 | | | | | 91 | | | | | | 1,340,213 | | |
| Name | | Investment Amount ($) | | Investment Shares (#) | | Matching RSUs (#) | | Name | | Investment Amount ($) | | Investment Shares (#) | | Matching RSUs (#) | | ||||||||||||||||||||||||
| Mr. Patricio | | | | 1,123,200 | | | | | 30,284 | | | | | 100,943 | | | Mr. Patricio | | | | 862,564 | | | | | 22,300 | | | | | 74,332 | | | ||||||
| Mr. Abrams-Rivera | | | | 454,793 | | | | | 12,262 | | | | | 40,872 | | | Mr. Maciel | | | | 153,676 | | | | | 3,973 | | | | | 13,241 | | | ||||||
| Mr. Oliveira | | | | 426,631 | | | | | 11,503 | | | | | 41,827 | | | Mr. Abrams-Rivera | | | | 275,634 | | | | | 7,126 | | | | | 23,750 | | | ||||||
| Ms. La Lande | | | | 218,813 | | | | | 5,657 | | | | | 18,855 | | | |||||||||||||||||||||||
| Mr. Oliveira | | | | 327,929 | | | | | 8,478 | | | | | 30,828 | | |
| Name | | | Annual PSU Award Target ($) | | | Annual RSU Award Target ($) | | | Annual Stock Option Award Target ($) | | | Total Annual Award Target ($) | | ||||||||||||
| Mr. Patricio | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Mr. Basilio | | | | | 375,000 | | | | | | 375,000 | | | | | | 187,500 | | | | | | 937,500 | | |
| Mr. Abrams-Rivera | | | | | 400,000 | | | | | | 400,000 | | | | | | 200,000 | | | | | | 1,000,000 | | |
| Ms. La Lande | | | | | 260,000 | | | | | | 260,000 | | | | | | 130,000 | | | | | | 650,000 | | |
| Mr. Oliveira | | | | | 381,300 | | | | | | 381,300 | | | | | | 190,700 | | | | | | 953,300 | | |
| Name | | | Merit/Retention PSU Award Target ($) | | | Merit/Retention RSU Award Target ($) | | | Total Merit/Retention Award Target ($) | | |||||||||
| Mr. Patricio | | | | | — | | | | | | — | | | | | | | | |
| Mr. Basilio | | | | | 900,000 | | | | | | 600,000 | | | | | | 1,500,000 | | |
| Mr. Abrams-Rivera | | | | | 1,500,000 | | | | | | 1,000,000 | | | | | | 2,500,000 | | |
| Ms. La Lande | | | | | 600,000 | | | | | | 400,000 | | | | | | 1,000,000 | | |
| Mr. Oliveira | | | | | 600,000 | | | | | | 400,000 | | | | | | 1,000,000 | | |
| Relative Rank | | | Top Quartile | | | Third Quartile | | | Second Quartile | | | Bottom Quartile | | ||||||||||||
| Percent of Granted PSUs Earned | | | | | 150% | | | | | | 100% | | | | | | 50% | | | | | | 0% | | |
| • Campbell Soup Company • Conagra Brands, Inc. • General Mills, Inc. • Hormel Foods Corporation | | | • The J. M. Smucker Company • Kellogg Company • Mondelēz International, Inc. • PepsiCo, Inc. | | | • The Coca-Cola Company • Tyson Foods, Inc. | | | | Additions effective for 2023: • Keurig Dr Pepper Inc. • The Hershey Company • McCormick & Company, Incorporated | |
| Name | | | PSU Award Target ($) | | | RSU Award ($) | | | Stock Option Award (notional) ($) | | | Total Annual Award Target ($) | | ||||||||||||
| Mr. Patricio | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Mr. Maciel | | | | | 1,400,000 | | | | | | 1,000,000 | | | | | | 100,000 | | | | | | 2,500,000 | | |
| Mr. Basilio | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Mr. Abrams-Rivera | | | | | 2,800,000 | | | | | | 2,000,000 | | | | | | 200,000 | | | | | | 5,000,000 | | |
| Ms. La Lande | | | | | 1,780,000 | | | | | | 1,280,000 | | | | | | 140,000 | | | | | | 3,200,000 | | |
| Mr. Oliveira | | | | | 1,892,000 | | | | | | 1,392,000 | | | | | | 196,000 | | | | | | 3,480.000 | | |
| Portion of Award | | | Performance Period | | | Performance Indicator | | | Target | | | Actual | | | Achievement Score | | |||
| By Indicator | | | Total | | |||||||||||||||
| 50% | | | July 2019 to June 2020 | | | 65% PBP EBITDA | | | $5.700 billion | | | $6.242 billion | | | 100.0% | | | 100% | |
| | | | | | | 35% cash conversion | | | 70% | | | 88% | | | 100.0% | | |||
| 50% | | | July 2020 to June 2021 | | | 65% PBP EBITDA | | | $5.700 billion | | | $6.664 billion | | | 100.0% | | | 100% | |
| | | | | | | 35% cash conversion | | | 70% | | | 79% | | | 100.0% | |
| Portion of Award | | Performance Period | | Performance Indicator | | Target | | Actual | | | Achievement Score | | Portion of Award | | Performance Period | | Performance Indicator | | Target | | Actual | | | Achievement Score | | ||||||||||||||
| By Indicator | | Total | | | By Indicator | | Total | | |||||||||||||||||||||||||||||||
| 50% | | | Fiscal year ended December 25, 2021 | | 80% PBP EBITDA | | $6.335 billion | | $6.277 billion | | 90.1% | | | 92.1% | | 50% | | | July 2021 to June 2022 | | 80% PBP EBITDA | | $5.878 billion | | $5.915 billion | | 100% | | | 100% | | ||||||||
| Two fiscal years ended December 25, 2021 | | 20% cash conversion | | 70% | | 83% | | 100.0% | | | July 2021 to June 2022 | | 20% cash conversion | | 70.0% | | 73.8% | | 100% | |
| Feedback Received Action Taken | |
| Evaluate the weight of performance-based equity in equity mix Increased percentage of PSUs | |
| Changed annual equity award mix to 70% PSUs and 30% RSUs o Further enhancing the weight of performance-based equity in our award mix following increases made for 2021, which increased our award mix from 100% RSUs (for annual award) and 50% PSUs and 50% RSUs (for performance award) | |
| Lengthen vesting periods for annual equity awards Lengthened vesting periods | |
| Changed to 75% on the third anniversary and 25% on the fourth anniversary from 100% vesting on third anniversary for annual awards o Further enhancing the vesting provisions of our annual equity awards following changes made for 2021, which lengthened vesting periods from 50% on the second anniversary and 50% on the third anniversary for annual awards | |
| Consider Company-specific metric in addition to TSR Added Company-specific financial metrics to PSUs | |
| Added three-year Organic Net Sales compound annual growth rate (CAGR) (30%) and three-year cumulative Free Cash Flow (30%) as performance metrics, in addition to three-year average annual TSR (40%), to align with our long-term growth targets o Further enhancing the performance metrics for our PSUs following changes made for 2021, which replaced PBP EBITDA and cash conversion metrics with TSR | |
| Consider negative TSR for PSU awards Introduced negative TSR cap | |
| Capped TSR at target in the event the Company has a negative TSR at the end of the 3-year performance period o Further enhancing the TSR metric added to PSU awards for 2021 | |
| Consider aligning CEO pay structure with other NEOs Aligned CEO compensation structure | |
| Aligned CEO compensation structure with our other NEOs and improved relative position to peers, including awarding our CEO annual equity awards consistent with our other NEOs and offering same bonus investment opportunity (35%, changed from 25% or 50% in prior years) | |
| Element | | | 2022 | | | 2023 | |
| Base Salary | | | $1,000,000 | | | $1,100,000 | |
| PBP Target Award Opportunity | | | 300% | | | 300% | |
| Bonus Investment Plan Match | | | 50% match 2x multiplier | | | 35% match 2x multiplier | |
| Annual Equity Award Target | | | —(a) | | | $5,000,000 | |
| Total Compensation(b) | | | | | | $11,710,000 | |
| | |
| Introduced two financial metrics to MBOs | |
| Introduced two Company-wide financial metrics to MBO goals for our NEOs and employees within the annual Performance Bonus Plan: market share performance and PBP adjusted gross profit margin (other than control functions) o Designed to simplify MBOs and allow for more collaboration, alignment, efficiency, and the ability to lean into agile ways of working to support the Company’s strategic plan and long-term growth. | |
| Increased PSU TSR Target | |
| Increased PSU TSR target from 50th percentile to 60th percentile achievement to realize 100% of target payout o Further enhancing the TSR metric added to PSU awards for 2021 o Further alignment with our ambitious goal setting and pay-for-performance philosophy | |
| Added linear interpolation for PSU performance metrics | |
| Introduced linear interpolation for performance between threshold, target, and maximum achievement levels of the TSR, Organic Net Sales, and Free Cash Flow performance metrics in our PSUs o Designed to further align our PSU award with market and reduce risk within the plan by providing for a broader performance opportunity. | |
| Added four companies to our compensation peer group | |
| Added Keurig Dr Pepper Inc., The Hershey Company, The J. M. Smucker Company, and McCormick & Company to our compensation peer group for 2023 o Designed to better align compensation peer group size to market and include companies that meet the peer group selection criteria of revenue, talent, consumer, and investors. | |
| Added three companies to our performance peer group | |
| Added Keurig Dr Pepper Inc., The Hershey Company, and McCormick & Company to our performance peer group for 2023 o Designed to better represent our performance peer group with respect to the additional financial performance metrics added to the PSU award. | |
| Updated Name to Bonus Investment Plan | |
| Updated the name of the Bonus Swap Program to Bonus Investment Plan o Designed to better reflect the intent and opportunity of the program. | |
| Role | | | Minimum Ownership | | | Compliance Period | | |||
| CEO | | | ••••• | | | 5x Base Salary | | | 5 years from appointment to a position subject to the guidelines | |
| Other NEOs | | | ••• | | | 3x Base Salary | |
| | | Executive Compensation Tables | | |||||||
| | | |||||||||
| | | | | | | | |
| Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards(1) ($) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation(2) ($) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation(3) ($) | | Total Compensation ($) | | Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards(1) ($) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation(2) ($) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation(3) ($) | | Total Compensation ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Miguel Patricio Chief Executive Officer | | | | | 2021 | | | | | 1,000,000 | | | | | — | | | | | 3,743,976 | | | | | — | | | | | 2,875,193 | | | | | — | | | | | 986,430 | | | | | 8,605,599 | | | Miguel Patricio Chief Executive Officer | | | | | 2022 | | | | | 1,000,000 | | | | | — | | | | | 2,875,162 | | | | | — | | | | | 2,466,720 | | | | | — | | | | | 756,364 | | | | | 7,098,246 | | | ||||||||||||||||
| | | 2020 | | | | | 1,000,000 | | | | | — | | | | | 360,783 | | | | | — | | | | | 3,744,000 | | | | | — | | | | | 1,035,348 | | | | | 6,140,131 | | | | | | 2021 | | | | | 1,000,000 | | | | | — | | | | | 3,743,976 | | | | | — | | | | | 2,875,193 | | | | | — | | | | | 986,430 | | | | | 8,605,599 | | | |||||||||||||||||||||
| | | 2019 | | | | | 500,000 | | | | | 1,000,000 | | | | | 40,746,195 | | | | | — | | | | | 360,807 | | | | | — | | | | | 690,478 | | | | | 43,297,480 | | | | | | 2020 | | | | | 1,000,000 | | | | | — | | | | | 360,783 | | | | | — | | | | | 3,744,000 | | | | | — | | | | | 1,035,348 | | | | | 6,140,131 | | | |||||||||||||||||||||
| Paulo Basilio Executive Vice President and Global Chief Financial Officer *Strategic Advisor as of March 2, 2022 | | | | | 2021 | | | | | 750,000 | | | | | — | | | | | 2,778,450 | | | | | 33,673 | | | | | 1,582,917 | | | | | — | | | | | 583,944 | | | | | 5,728,984 | | | Andre Maciel Executive Vice President and Global Chief Financial Officer | | | | 2022 | | | | | 621,124 | | | | | — | | | | | 3,325,720 | | | | | 16,714 | | | | | 921,848 | | | | | — | | | | | 345,449 | | | | | 5,230,855 | | | |||||||||||||||||
| | | 2020 | | | | | 750,000 | | | | | 750,000 | | | | | 2,107,510 | | | | | — | | | | | 2,165,625 | | | | | — | | | | | 622,817 | | | | | 6,395,952 | | | Paulo Basilio(4) Former Executive Vice President and Global Chief Financial Officer | | | | | 2022 | | | | | 132,692 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 290,936 | | | | | 423,628 | | | |||||||||||||||||||
| | | 2019 | | | | | 750,000 | | | | | — | | | | | 13,556,182 | | | | | — | | | | | 780,000 | | | | | — | | | | | 283,212 | | | | | 15,369,394 | | | | | | 2021 | | | | | 750,000 | | | | | — | | | | | 2,778,450 | | | | | 33,673 | | | | | 1,582,917 | | | | | — | | | | | 583,944 | | | | | 5,728,984 | | | |||||||||||||||||||||
| Carlos Abrams-Rivera Executive Vice President and President, North America | | | | | 2021 | | | | | 800,000 | | | | | — | | | | | 5,600,717 | | | | | 35,917 | | | | | 1,312,407 | | | | | — | | | | | 616,217 | | | | | 8,365,258 | | | | | | 2020 | | | | | 750,000 | | | | | 750,000 | | | | | 2,107,510 | | | | | — | | | | | 2,165,625 | | | | | — | | | | | 622,817 | | | | | 6,395,952 | | | ||||||||||||||||||
| | | 2020 | | | | | 723,077 | | | | | 1,000,000 | | | | | 10,326,872 | | | | | 382,151 | | | | | 2,165,680 | | | | | — | | | | | 427,331 | | | | | 15,025,111 | | | Carlos Abrams-Rivera Executive Vice President and President, North America | | | | | 2022 | | | | | 800,000 | | | | | — | | | | | 6,545,766 | | | | | 33,422 | | | | | 1,530,952 | | | | | — | | | | | 677,209 | | | | | 9,587,349 | | | |||||||||||||||||||
| Rashida La Lande Executive Vice President, Global General Counsel, and Chief Sustainability and Corporate Affairs Officer; Corporate Secretary | | | | | 2021 | | | | | 650,000 | | | | | — | | | | | 1,876,533 | | | | | 23,343 | | | | | 1,041,920 | | | | | — | | | | | 396,782 | | | | | 3,988,578 | | | | | | 2021 | | | | | 800,000 | | | | | — | | | | | 5,600,717 | | | | | 35,917 | | | | | 1,312,407 | | | | | — | | | | | 616,217 | | | | | 8,365,258 | | | ||||||||||||||||||
| | | 2020 | | | | | 650,000 | | | | | 650,000 | | | | | 2,612,592 | | | | | — | | | | | 1,146,600 | | | | | — | | | | | 444,630 | | | | | 5,503,822 | | | | | | 2020 | | | | | 723,077 | | | | | 1,000,000 | | | | | 10,326,872 | | | | | 382,151 | | | | | 2,165,680 | | | | | — | | | | | 427,331 | | | | | 15,025,111 | | | |||||||||||||||||||||
| | | 2019 | | | | | 650,000 | | | | | — | | | | | 5,907,815 | | | | | — | | | | | 590,000 | | | | | — | | | | | 233,925 | | | | | 7,381,740 | | | Rashida La Lande Executive Vice President, Global General Counsel, and Chief Sustainability and Corporate Affairs Officer | | | | | 2022 | | | | | 700,000 | | | | | — | | | | | 4,316,584 | | | | | 23,398 | | | | | 910,602 | | | | | — | | | | | 406,234 | | | | | 6,356,818 | | | |||||||||||||||||||
| Rafael Oliveira Executive Vice President and President, International Markets(4) | | | | | 2021 | | | | | 790,411 | | | | | — | | | | | 3,722,360 | | | | | 34,239 | | | | | 1,742,725 | | | | | — | | | | | 665,752 | | | | | 6,955,487 | | | | | | 2021 | | | | | 650,000 | | | | | — | | | | | 1,876,533 | | | | | 23,343 | | | | | 1,041,920 | | | | | — | | | | | 396,782 | | | | | 3,988,578 | | | ||||||||||||||||||
| | | 2020 | | | | | 734,572 | | | | | 587,516 | | | | | 3,473,873 | | | | | — | | | | | 1,989,892 | | | | | — | | | | | 556,372 | | | | | 7,342,225 | | | | | | 2020 | | | | | 650,000 | | | | | 650,000 | | | | | 2,612,592 | | | | | — | | | | | 1,146,600 | | | | | — | | | | | 444,630 | | | | | 5,503,822 | | | |||||||||||||||||||||
| | | 2019 | | | | | 611,467 | | | | | — | | | | | 9,836,855 | | | | | — | | | | | 389,401 | | | | | — | | | | | 251,917 | | | | | 11,089,640 | | | Rafael Oliveira Executive Vice President and President, International Markets(4) | | | | | 2022 | | | | | 678,824 | | | | | — | | | | | 3,772,982 | | | | | 32,757 | | | | | 1,340,213 | | | | | — | | | | | 624,477 | | | | | 6,449,253 | | | |||||||||||||||||||
| | | | 2021 | | | | | 790,411 | | | | | — | | | | | 3,722,360 | | | | | 34,239 | | | | | 1,742,725 | | | | | — | | | | | 665,752 | | | | | 6,955,487 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 734,572 | | | | | 587,516 | | | | | 3,473,873 | | | | | — | | | | | 1,989,892 | | | | | — | | | | | 556,372 | | | | | 7,342,225 | | |
| Name | | Matching Contribution to Kraft Heinz 401(k) ($) | | DEUs Accrued on All Dividend Eligible RSUs ($) | | Basic Life Insurance Coverage ($) | | Housing Stipend and Expenses ($) | | Commuting Expenses ($) | | Tax Support and Payments ($) | | Total ($) | | Name | | Matching Contribution to Kraft Heinz 401(k) ($) | | DEUs Accrued on All Dividend Eligible RSUs ($) | | Insurance Coverage(a) ($) | | Relocation Expenses ($) | | Housing Stipend and Expenses ($) | | Commuting Expenses ($) | | Tax Support and Payments ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Patricio | | | | 20,300 | | | | | 964,714 | | | | | 1,416 | | | | | — | | | | | — | | | | | — | | | | | 986,430 | | | Mr. Patricio | | | | 11,269 | | | | | 722,099 | | | | | 1,596 | | | | | — | | | | | — | | | | | 21,400 | | | | | — | | | | | 756,364 | | | |||||||||||||||
| Mr. Basilio | | | | 20,300 | | | | | 562,582 | | | | | 1,062 | | | | | — | | | | | — | | | | | — | | | | | 583,944 | | | Mr. Maciel | | | | 12,200 | | | | | 290,011 | | | | | 1,037 | | | | | — | | | | | — | | | | | — | | | | | 42,201 | | | | | 345,449 | | | |||||||||||||||
| Mr. Abrams-Rivera | | | | 16,536 | | | | | 511,660 | | | | | 1,133 | | | | | 77,993(a) | | | | | 8,895 | | | | | — | | | | | 616,217 | | | Mr. Basilio | | | | 12,200 | | | | | 277,938 | | | | | 798 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 290,936 | | | |||||||||||||||
| Ms. La Lande | | | | 4,000 | | | | | 282,791 | | | | | 920 | | | | | 109,071(b) | | | | | — | | | | | | | | | | 396,782 | | | Mr. Abrams-Rivera | | | | 12,200 | | | | | 470,540 | | | | | 1,277 | | | | | 163,020(b) | | | | | — | | | | | 30,172 | | | | | — | | | | | 677,209 | | | |||||||||||||||
| Mr. Oliveira | | | | 55,329(c) | | | | | 558,385 | | | | | 14,016 | | | | | — | | | | | — | | | | | 38,022 | | | | | 665,752 | | | Ms. La Lande | | | | 5,385 | | | | | 264,677 | | | | | 1,117 | | | | | — | | | | | 108,628(c) | | | | | 26,427 | | | | | — | | | | | 406,234 | | | |||||||||||||||
| Mr. Oliveira | | | | 81,459(d) | | | | | 521,066 | | | | | 14,179 | | | | | — | | | | | — | | | | | — | | | | | 7,772 | | | | | 624,477 | | |
| | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | All Other Option Awards: Number of Securities Underlying Options (#) | | Exercise Price of Option Awards ($/Share) | | Grant Date Fair Value of Stock and Option Awards ($) | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | All Other Option Awards: Number of Securities Underlying Options (#) | | Exercise Price of Option Awards ($/Share) | | Grant Date Fair Value of Stock and Option Awards ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Date | | Grant Type | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold ($) | | Target ($) | | Maximum ($) | | Name | | Grant Date | | Grant Type | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold ($) | | Target ($) | | Maximum ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Patricio | | | | | PBP(1) | | | | 105,000 | | | | | 3,000,000 | | | | | 4,140,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mr. Patricio | | | | | PBP(1) | | | | 150,000 | | | | | 3,000,000 | | | | | 3,960,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 100,943 | | | | | | | | | | | | | | | 3,743,976 | | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 74,332 | | | | | | | | | | | | | | | 2,875,162 | | | |||||||||||||||||||||||||||
| Mr. Basilio | | | | | PBP(1) | | | | 65,625 | | | | | 1,875,000 | | | | | 2,587,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Mr. Maciel | | | | | PBP(1) | | | | 56,875 | | | | | 1,137,500 | | | | | 1,501,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||
| 3/1/2021 | | PSUs(4) (annual) | | | | | | | | | | | | | | | | | | | 5,056 | | | | | 10,111 | | | | | 15,167 | | | | | | | | | | | | | | | | | | | | 356,615 | | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,241 | | | | | | | | | | | | | | | 512,162 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | PSUs(4) (merit/ retention) | | | | | | | | | | | | | | | | | | | 12,133 | | | | | 24,266 | | | | | 36,399 | | | | | | | | | | | | | | | | | | | | 845,670 | | | | 3/1/2022 | | PSUs(4) (annual) | | | | | | | | | | | | | | | | | | | 2,586 | | | | | 5,171 | | | | | 7,757 | | | | | | | | | | | | | | | | | | | | 179,330 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,056 | | | | | 37.09 | | | | | 33,673 | | | | 3/1/2022 | | PSUs(4) (performance award) | | | | | | | | | | | | | | | | | | | 15,512 | | | | | 31,024 | | | | | 46,536 | | | | | | | | | | | | | | | | | | | | 1,029,687 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,111 | | | | | | | | | | | | | | | 375,017 | | | | 3/1/2022 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,586 | | | | | 38.68 | | | | | 16,714 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (merit/ retention) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,177 | | | | | | | | | | | | | | | 600,005 | | | | 3/1/2022 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,171 | | | | | | | | | | | | | | | 200,014 | | | |||||||||||||||||||||||||||
| Mr. Abrams-Rivera | | | | | PBP(2) | | | | 16,800 | | | | | 1,600,000 | | | | | 2,208,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | RSUs (performance award) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 20,683 | | | | | | | | | | | | | | | 800,018 | | | ||||||||||||||||||||||||
| 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 40,872 | | | | | | | | | | | | | | | 1,515,942 | | | Mr. Basilio(5) | | — | | — | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||
| 3/1/2021 | | PSUs(4) (annual) | | | | | | | | | | | | | | | | | | | 5,393 | | | | | 10,785 | | | | | 16,178 | | | | | | | | | | | | | | | | | | | | 380,387 | | | Mr. Abrams-Rivera | | | | | PBP(2) | | | | 27,000 | | | | | 1,800,000 | | | | | 2,376,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
| 3/1/2021 | | PSUs(4) (merit/ retention) | | | | | | | | | | | | | | | | | | | 20,222 | | | | | 40,443 | | | | | 60,665 | | | | | | | | | | | | | | | | | | | | 1,409,439 | | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 23,750 | | | | | | | | | | | | | | | 918,650 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,393 | | | | | 37.09 | | | | | 35,917 | | | | 3/1/2022 | | PSUs(4) (annual) | | | | | | | | | | | | | | | | | | | 5,171 | | | | | 10,342 | | | | | 15,513 | | | | | | | | | | | | | | | | | | | | 358,661 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,785 | | | | | | | | | | | | | | | 400,016 | | | | 3/1/2022 | | PSUs(4) (performance award) | | | | | | | | | | | | | | | | | | | 31,024 | | | | | 62,048 | | | | | 93,072 | | | | | | | | | | | | | | | | | | | | 2,059,373 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (merit/ retention) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,962 | | | | | | | | | | | | | | | 1,000,021 | | | | 3/1/2022 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,171 | | | | | 38.68 | | | | | 33,422 | | | |||||||||||||||||||||||||||
| Ms. La Lande | | | | | PBP(1) | | | | 73,125 | | | | | 975,000 | | | | | 1,345,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,342 | | | | | | | | | | | | | | | 400,029 | | | ||||||||||||||||||||||||
| 3/1/2021 | | PSUs (4) (annual) | | | | | | | | | | | | | | | | | | | 3,505 | | | | | 7,010 | | | | | 10,515 | | | | | | | | | | | | | | | | | | | | 247,243 | | | | 3/1/2022 | | RSUs (performance award) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 41,366 | | | | | | | | | | | | | | | 1,600,037 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | PSUs(4) (merit/ retention) | | | | | | | | | | | | | | | | | | | 8,089 | | | | | 16,177 | | | | | 24,266 | | | | | | | | | | | | | | | | | | | | 563,768 | | | Ms. La Lande | | | | | PBP(1) | | | | 52,500 | | | | | 1,050,000 | | | | | 1,386,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
| 3/1/2021 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,505 | | | | | 37.09 | | | | | 23,343 | | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,855 | | | | | | | | | | | | | | | 729,311 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,010 | | | | | | | | | | | | | | | 260,001 | | | | 3/1/2022 | | PSUs(4) (annual) | | | | | | | | | | | | | | | | | | | 3,620 | | | | | 7,239 | | | | | 10,859 | | | | | | | | | | | | | | | | | | | | 251,049 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (merit/ retention) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,785 | | | | | | | | | | | | | | | 400,016 | | | | 3/1/2022 | | PSUs(4) (performance award) | | | | | | | | | | | | | | | | | | | 19,390 | | | | | 38,780 | | | | | 58,170 | | | | | | | | | | | | | | | | | | | | 1,287,108 | | | |||||||||||||||||||||||||||
| Mr. Oliveira | | | | | PBP(3) | | | | 18,673 | | | | | 1,778,425 | | | | | 2,454,226 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,620 | | | | | 38.68 | | | | | 23,398 | | | ||||||||||||||||||||||||
| 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 41,827 | | | | | | | | | | | | | | | 1,551,363 | | | | 3/1/2022 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,239 | | | | | | | | | | | | | | | 280,005 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | PSUs(4) (annual) | | | | | | | | | | | | | | | | | | | 5,141 | | | | | 10,282 | | | | | 15,423 | | | | | | | | | | | | | | | | | | | | 362,646 | | | | 3/1/2022 | | RSUs (performance award) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,854 | | | | | | | | | | | | | | | 1,000,033 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | PSUs(4) (merit/ retention) | | | | | | | | | | | | | | | | | | | 8,089 | | | | | 16,177 | | | | | 24,266 | | | | | | | | | | | | | | | | | | | | 563,768 | | | Mr. Oliveira | | | | | PBP(3) | | | | 22,910 | | | | | 1,527,353 | | | | | 2,016,106 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
| 3/1/2021 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,141 | | | | | 37.09 | | | | | 34,239 | | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,828 | | | | | | | | | | | | | | | 1,192,427 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,282 | | | | | | | | | | | | | | | 381,359 | | | | 3/1/2022 | | PSUs(4) (annual) | | | | | | | | | | | | | | | | | | | 5,068 | | | | | 10,135 | | | | | 15,203 | | | | | | | | | | | | | | | | | | | | 351,482 | | | |||||||||||||||||||||||||||
| 3/1/2021 | | RSUs (merit/ retention) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,785 | | | | | | | | | | | | | | | 400,016 | | | | 3/1/2022 | | PSUs(4) (performance award) | | | | | | | | | | | | | | | | | | | 19,390 | | | | | 38,780 | | | | | 58,170 | | | | | | | | | | | | | | | | | | | | 1,287,108 | | | |||||||||||||||||||||||||||
| | 3/1/2022 | | Options (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,068 | | | | | 38.68 | | | | | 32,757 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2022 | | RSUs (annual) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,135 | | | | | | | | | | | | | | | 392,022 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2022 | | RSUs (performance award) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 25,854 | | | | | | | | | | | | | | | 1,000,033 | | |
| | | | | | | Option Awards | | Stock Awards | | | | | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Date | | Grant Type | | Number of Securities Underlying Unexercised Options Exercisable (#) | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares or Units of Stock That Have Not Vested (#) | | Market Value of Shares or Units of Stock That Have Not Vested(1) ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | | Name | | Grant Date | | Grant Type | | Number of Securities Underlying Unexercised Options Exercisable (#) | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | Option Exercise Price ($) | | 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(1) ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Patricio | | | 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 105,258(2) | | | | | 3,710,345 | | | | | | | | | | | | | Mr. Patricio | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 77,519(2) | | | | | 3,155,798 | | | | | | | | | | | | | ||||||||||||||||||
| 3/2/2020 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 15,235(2) | | | | | 537,034 | | | | | | | | | | | | | | 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 109,772(2) | | | | | 4,468,818 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 333,564(3) | | | | | 11,758,131 | | | | | | | | | | | | | | 3/2/2020 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 15,888(2) | | | | | 646,800 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 200,000(4) | | | | | 7,050,000 | | | | 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 196,773(3) | | | | | 8,010,629 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 333,564(5) | | | | | 11,758,131 | | | | | | | | | | | | | | 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 173,934(4) | | | | | 7,080,853 | | | | | | | | | | | | | |||||||||||||||||||||||
| Mr. Basilio | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,111(6) | | | | | 356,413 | | | Mr. Maciel | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 13,808(2) | | | | | 562,124 | | | | | | | | | | | | | ||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 24,266(7) | | | | | 855,377 | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,171(5) | | | | | 210,511 | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 10,543(8) | | | | | 371,641 | | | | | | | | | | | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31,024(6) | | | | | 1,262,987 | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 16,868(9) | | | | | 594,597 | | | | | | | | | | | | | | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 5,392(7) | | | | | 219,508 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | Stock Options | | | | | | | | | 5,056(10) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 21,570(8) | | | | | 878,115 | | | | | | | | | | | | | |||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 32,952(11) | | | | | 1,161,558 | | | | | | | | | | | | | | 3/1/2022 | | Stock Options | | | | | | | | | 2,586(9) | | | | | 38.68 | | | | | 3/1/2032 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/2/2020 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 49,408(2) | | | | | 1,741,632 | | | | | | | | | | | | | | 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 18,149(2) | | | | | 738,846 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 118,964(3) | | | | | 4,161,756 | | | | | | | | | | | | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,123(10) | | | | | 208,557 | | | |||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 20,846(12) | | | | | 734,822 | | | | | | | | | | | | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,177(11) | | | | | 658,566 | | | |||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | �� | | 133,432(5) | | | | | 4,703,161 | | | | | | | | | | | | | | 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 5,571(12) | | | | | 226,795 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2018 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 74,700(13) | | | | | 2,633,175 | | | | | | | | | | | | | | 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,729(13) | | | | | 477,488 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2017 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 20,452(2) | | | | | 720,933 | | | | | | | | | | | | | | 3/1/2021 | | Stock Options | | | | | | | | | 2,562(14) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/20/2015 | | Stock Options | | | | 134,681 | | | | | | | | | | 74.25 | | | | | 8/20/2025 | | | | | | | | | | | | | | | | | | | | | | | | 3/2/2020 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 24,033(2) | | | | | 978,383 | | | | | | | | | | | | | |||||||||||||||||||||||
| 2/12/2015 | | Matching Options | | | | 41,377(14) | | | | | | | | | | 30.46 | | | | | 2/12/2025 | | | | | | | | | | | | | | | | | | | | | | | | 6/1/2020 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,437(15) | | | | | 669,150 | | | |||||||||||||||||||||||
| 2/14/2014 | | Matching Options | | | | 38,257(14) | | | | | | | | | | 22.56 | | | | | 2/14/2024 | | | | | | | | | | | | | | | | | | | | | | | | 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 8,705(16) | | | | | 354,381 | | | | | | | | | | | | | |||||||||||||||||||||||
| 10/16/2013 | | Stock Options | | | | 531,998(14) | | | | | | | | | | 22.56 | | | | | 7/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 18,395(17) | | | | | 748,860 | | | | | | | | | | | | | |||||||||||||||||||||||
| Mr. Abrams-Rivera | | | 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 42,619(2) | | | | | 1,502,320 | | | | | | | | | | | | | | 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 15,742(3) | | | | | 640,857 | | | | | | | | | | | | | ||||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,785(6) | | | | | 380,171 | | | | 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 27,827(4) | | | | | 1,132,837 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 40,443(7) | | | | | 1,425,616 | | | | 8/16/2019 | | Stock Options | | | | | | | | | 39,355 | | | | | 25.41 | | | | | 8/16/2029 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,246(8) | | | | | 396,422 | | | | | | | | | | | | | | 3/1/2018 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 13,455(18) | | | | | 547,743 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 28,114(9) | | | | | 991,019 | | | | | | | | | | | | | | 3/1/2016 | | Stock Options | | | | | | | | | 19,315 | | | | | 77.66 | | | | | 3/1/2026 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | Stock Options | | | | | | | | | 5,393(10) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | 8/20/2015 | | Stock Options | | | | | | | | | 26,937 | | | | | 74,25 | | | | | 8/20/2025 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 35,149(11) | | | | | 1,239,002 | | | | | | | | | | | | | Mr. Basilio | | | 2/12/2015 | | Stock Options | | | | 41,377(19) | | | | | | | | | | 30.46 | | | | | 8/31/2023 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| 6/1/2020 | | Stock Options | | | | | | | | | 82,183(15) | | | | | 30.42 | | | | | 6/1/2030 | | | | | | | | | | | | | | | | | | | | | | | | 8/20/2015 | | Stock Options | | | | 134,681 | | | | | | | | | | 74.25 | | | | | 8/31/2023 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/2/2020 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 191,792(16) | | | | | 6,760,668 | | | | | | | | | | | | | Mr. Abrams-Rivera | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 24,768(2) | | | | | 1,008,305 | | | | | | | | | | | | | |||||||||||||||||||||
| 3/2/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 211,151(17) | | | | | 7,443,073 | | | | | | | | | | | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,342(5) | | | | | 421,023 | | | |||||||||||||||||||||||
| Ms. La Lande | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,010(6) | | | | | 247,103 | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 62,048(6) | | | | | 2,525,974 | | | ||||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,177(7) | | | | | 570,239 | | | | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 10,785(7) | | | | | 439,057 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 7,309(8) | | | | | 257,642 | | | | | | | | | | | | | | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 43,140(8) | | | | | 1,756,229 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,246(9) | | | | | 396,422 | | | | | | | | | | | | | | 3/1/2022 | | Stock Options | | | | | | | | | 5,171(9) | | | | | 38.68 | | | | | 3/1/2032 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | Stock Options | | | | | | | | | 3,505(10) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 44,446(2) | | | | | 1,809,397 | | | | | | | | | | | | | |||||||||||||||||||||||
| 6/1/2020 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,874(18) | | | | | 1,158,809 | | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,785(10) | | | | | 439,057 | | | |||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 22,847(11) | | | | | 805,357 | | | | | | | | | | | | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 40,443(11) | | | | | 1,646,435 | | | |||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 35,149(19) | | | | | 1,239,002 | | | | | | | | | | | | | | 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,729(12) | | | | | 477,488 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 49,194(3) | | | | | 1,734,089 | | | | | | | | | | | | | | 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 29,319(13) | | | | | 1,193,576 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 14,453(12) | | | | | 509,468 | | | | | | | | | | | | | | 3/1/2021 | | Stock Options | | | | | | | | | 5,393(14) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 55,591(5) | | | | | 1,959,583 | | | | | | | | | | | | | | 3/2/2020 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 110,101(20) | | | | | 4,482,212 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2018 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 26,163(20) | | | | | 922,246 | | | | | | | | | | | | | | 3/2/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 95,896(21) | | | | | 3,903,926 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2018 | | Stock Options | | | | | | | | | 52,325(21) | | | | | 66.89 | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | | | | | | | 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 18,325(16) | | | | | 746,011 | | | | | | | | | | | | | |||||||||||||||||||||||
| | | | | | 6/1/2020 | | Stock Options | | | | | | | | | 82,183(22) | | | | | 30.42 | | | | | 6/1/2030 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | |
| | | | | | | Option Awards | | Stock Awards | | | | | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Date | | Grant Type | | Number of Securities Underlying Unexercised Options Exercisable (#) | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares or Units of Stock That Have Not Vested (#) | | Market Value of Shares or Units of Stock That Have Not Vested(1) ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | | Name | | Grant Date | | Grant Type | | Number of Securities Underlying Unexercised Options Exercisable (#) | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | Option Exercise Price ($) | | 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(1) ($) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(1) ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mr. Oliveira | | | 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 43,614(2) | | | | | 1,537,394 | | | | | | | | | | | | | Ms. La Lande | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 19,663(2) | | | | | 800,481 | | | | | | | | | | | | | ||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,282(6) | | | | | 362,441 | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,239(5) | | | | | 294,700 | | | |||||||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,177(7) | | | | | 570,239 | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 38,780(6) | | | | | 1,578,734 | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 10,721(8) | | | | | 377,915 | | | | | | | | | | | | | | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 7,549(7) | | | | | 307,320 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,246(9) | | | | | 396,422 | | | | | | | | | | | | | | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 26,962(8) | | | | | 1,097,623 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2021 | | Stock Options | | | | | | | | | 5,141(10) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | Stock Options | | | | | | | | | 3,620(9) | | | | | 38.68 | | | | | 3/1/2032 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 6/1/2020 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,874(18) | | | | | 1,158,809 | | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,010(10) | | | | | 285,377 | | | |||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 32,441(11) | | | | | 1,143,545 | | | | | | | | | | | | | | 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,177(11) | | | | | 658,566 | | | |||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 35,149(19) | | | | | 1,239,002 | | | | | | | | | | | | | | 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 7,622(12) | | | | | 310,292 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/2/2020 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 24,844(2) | | | | | 875,751 | | | | | | | | | | | | | | 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,729(13) | | | | | 477,488 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 29,593(2) | | | | | 1,043,153 | | | | | | | | | | | | | | 3/1/2021 | | Stock Options | | | | | | | | | 3,505(14) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 78,710(3) | | | | | 2,774,528 | | | | | | | | | | | | | | 6/1/2020 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 16,437(15) | | | | | 669,150 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 16,876(12) | | | | | 594,879 | | | | | | | | | | | | | | 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,911(16) | | | | | 484,897 | | | | | | | | | | | | | |||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 88,950(5) | | | | | 3,135,488 | | | | | | | | | | | | | | 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 18,395(17) | | | | | 748,860 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2018 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 44,850(20) | | | | | 1,580,963 | | | | | | | | | | | | | | 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 28,986(3) | | | | | 1,180,020 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2018 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 8,022(2) | | | | | 282,776 | | | | | | | | | | | | | | 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 24,597(4) | | | | | 1,001,344 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2017 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 4,135(2) | | | | | 145,759 | | | | | | | | | | | | | | 3/1/2018 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 26,163(18) | | | | | 1,065,096 | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2017 | | Stock Options | | | | | | | | | 27,344(22) | | | | | 91.43 | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2018 | | Stock Options | | | | | | | | | 52,325(23) | | | | | 66.89 | | | | | 3/1/2028 | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| 3/1/2016 | | Stock Options | | | | 32,192 | | | | | | | | | | 77.66 | | | | | 3/1/2026 | | | | | | | | | | | | | | | | | | | | | | | Mr. Oliveira | | | 3/1/2022 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 32,150(2) | | | | | 1,308,827 | | | | | | | | | | | | | |||||||||||||||||||||
| 2/12/2015 | | Matching Options | | | | 4,492(14) | | | | | | | | | | 30.46 | | | | | 2/12/2025 | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,135(5) | | | | | 412,596 | | | |||||||||||||||||||||||
| 2/12/2015 | | Stock Options | | | | 16,419(14) | | | | | | | | | | 30.46 | | | | | 2/12/2025 | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 38,780(6) | | | | | 1,578,734 | | | |||||||||||||||||||||||
| 5/21/2014 | | Stock Options | | | | 110,833(14) | | | | | | | | | | 22.56 | | | | | 5/21/2024 | | | | | | | | | | | | | | | | | | | | | | | | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 10,569(7) | | | | | 430,264 | | | | | | | | | | | | | |||||||||||||||||||||||
| | 3/1/2022 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 26,962(8) | | | | | 1,097,623 | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2022 | | Stock Options | | | | | | | | | 5,068(9) | | | | | 38.68 | | | | | 3/1/2032 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2021 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 45,485(2) | | | | | 1,851,694 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,282(10) | | | | | 418,580 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2021 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,177(11) | | | | | 658,566 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,181(12) | | | | | 455,179 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2021 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 11,729(13) | | | | | 477,488 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2021 | | Stock Options | | | | | | | | | 5,141(14) | | | | | 37.09 | | | | | 3/1/2031 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/2/2020 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 25,909(2) | | | | | 1,054,755 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/1/2020 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 16,437(15) | | | | | 669,150 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 16,914(16) | | | | | 688,569 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 6/1/2020 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 18,395(17) | | | | | 748,860 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8/16/2019 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 30,862(2) | | | | | 1,256,392 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8/16/2019 | | PSUs | | | | | | | | | | | | | | | | | | | | | | | | 39,355(3) | | | | | 1,602,142 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8/16/2019 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 46,380(4) | | | | | 1,888,130 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2018 | | Matching RSUs | | | | | | | | | | | | | | | | | | | | | | | | 8,365(2) | | | | | 340,539 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2018 | | RSUs | | | | | | | | | | | | | | | | | | | | | | | | 44,850(18) | | | | | 1,825,844 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2017 | | Stock Options | | | | | | | | | 27,344 | | | | | 91.43 | | | | | 3/1/2027 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3/1/2016 | | Stock Options | | | | 32,192 | | | | | | | | | | 77.66 | | | | | 3/1/2026 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2/12/2015 | | Matching Options | | | | 4,492(19) | | | | | | | | | | 30.46 | | | | | 2/12/2025 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2/12/2015 | | Stock Options | | | | 16,419(19) | | | | | | | | | | 30.46 | | | | | 2/12/2025 | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5/21/2014 | | Stock Options | | | | 110,833(19) | | | | | | | | | | 22.56 | | | | | 5/21/2024 | | | | | | | | | | | | | | | | | | | | | | |
| | | Option Awards | | Stock Awards(1) | | | | Option Awards | | Stock Awards(1) | | ||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) | | Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) | | ||||||||||||||||||||||||||||||||
| Mr. Patricio | | | | — | | | | | — | | | | | 719,812 | | | | | 27,360,054 | | | Mr. Patricio | | | | — | | | | | — | | | | | 367,009 | | | | | 14,250,959 | | | ||||||||
| Mr. Basilio | | | | — | | | | | — | | | | | 278,458 | | | | | 10,575,456 | | | Mr. Maciel | | | | — | | | | | — | | | | | 101,559 | | | | | 3,876,378 | | | ||||||||
| Mr. Abrams-Rivera | | | | — | | | | | — | | | | | — | | | | | — | | | Mr. Basilio | | | | 570,225 | | | | | 9,121,045 | | | | | 185,674 | | | | | 7,180,080 | | | ||||||||
| Ms. La Lande | | | | — | | | | | — | | | | | 117,714 | | | | | 4,474,309 | | | Mr. Abrams-Rivera | | | | — | | | | | — | | | | | 219,414 | | | | | 8,539,852 | | | ||||||||
| Mr. Oliveira | | | | — | | | | | — | | | | | 189,921 | | | | | 7,211,817 | | | Ms. La Lande | | | | — | | | | | — | | | | | 112,395 | | | | | 4,293,713 | | | ||||||||
| Mr. Oliveira | | | | — | | | | | — | | | | | 155,683 | | | | | 5,966,230 | | |
| Name | | Grant Date | | Vesting Date | | Number of Shares | | Stock Price on Vesting Date ($)(2) | | Value Realized on Vesting ($) | | Description | | Name | | Grant Date | | Vesting Date | | Number of Shares | | Stock Price on Vesting Date ($)(2) | | Value Realized on Vesting ($) | | Description | | ||||||||||||||||||||||||||||||||||||||||||
| Mr. Patricio | | | | | 8/16/2019 | | | | | 8/16/2021 | | | | | 393,546 | | | | | 38.01 | | | | | 14,958,683 | | | Shares underlying an award of PSUs, 50% of which vested | | Mr. Patricio | | | | | 8/16/2019 | | | | | 8/16/2022 | | | | | 196,773 | | | | | 38.83 | | | | | 7,640,696 | | | Shares underlying an award of PSUs, 75% of which vested | | ||||||||||
| | | 8/16/2019 | | | | | 8/16/2021 | | | | | 326,266 | | | | | 38.01 | | | | | 12,401,371 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | | | | 8/16/2019 | | | | | 8/16/2022 | | | | | 170,236 | | | | | 38.83 | | | | | 6,610,264 | | | Shares underlying an award of RSUs, including DEUs accrued, 75% of which vested | | |||||||||||||||
| Mr. Basilio | | | | | 8/16/2019 | | | | | 8/16/2021 | | | | | 118,064 | | | | | 38.01 | | | | | 4,487,613 | | | Shares underlying an award of PSUs, 50% of which vested | | Mr. Maciel | | | | | 6/1/2020 | | | | | 6/1/2022 | | | | | 15,138 | | | | | 37.25 | | | | | 563,891 | | | Shares underlying an award of PSUs, 50% of which vested | | ||||||||||
| | | 8/16/2019 | | | | | 8/16/2021 | | | | | 130,509 | | | | | 38.01 | | | | | 4,960,647 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | | | | 6/1/2020 | | | | | 6/1/2022 | | | | | 17,873 | | | | | 37.25 | | | | | 665,769 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | |||||||||||||||
| | | 8/16/2019 | | | | | 8/16/2021 | | | | | 20,393 | | | | | 38.01 | | | | | 775,138 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | | | | 6/1/2020 | | | | | 6/1/2022 | | | | | 8,522 | | | | | 37.25 | | | | | 317,445 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | |||||||||||||||
| | | 3/1/2016 | | | | | 3/1/2021 | | | | | 9,492 | | | | | 37.09 | | | | | 352,058 | | | Shares underlying an award of Matching RSUs, including DEUs accrued, 100% of which vested | | | | | 8/16/2019 | | | | | 8/16/2022 | | | | | 15,742 | | | | | 38.83 | | | | | 611,262 | | | Shares underlying an award of PSUs, 75% of which vested | | |||||||||||||||
| Ms. La Lande | | | | | 8/16/2019 | | | | | 8/16/2021 | | | | | 49,193 | | | | | 38.01 | | | | | 1,869,826 | | | Shares underlying an award of PSUs, 50% of which vested | | | | | 8/16/2019 | | | | | 8/16/2022 | | | | | 27,237 | | | | | 38.83 | | | | | 1,057,613 | | | Shares underlying an award of RSUs, including DEUs accrued, 75% of which vested | | ||||||||||||
| | | 8/16/2019 | | | | | 8/16/2021 | | | | | 54,381 | | | | | 38.01 | | | | | 2,067,022 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | | | | 8/16/2019 | | | | | 8/16/2022 | | | | | 6,807 | | | | | 38.83 | | | | | 264,316 | | | Shares underlying an award of RSUs, including DEUs accrued, 100% of which vested | | |||||||||||||||
| | | 8/16/2019 | | | | | 8/16/2021 | | | | | 14,140 | | | | | 38.01 | | | | | 537,461 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | | | | 3/1/2017 | | | | | 3/1/2022 | | | | | 10,240 | | | | | 38.68 | | | | | 396,083 | | | Shares underlying an award of RSUs, including DEUs accrued, 100% of which vested | | |||||||||||||||
| Mr. Oliveira | | | | | 8/16/2019 | | | | | 8/16/2021 | | | | | 78,709 | | | | | 38.01 | | | | | 2,991,729 | | | Shares underlying an award of PSUs, 50% of which vested | | | | | | ||||||||||||||||||||||||||||||||||||
| | | 8/16/2019 | | | | | 8/16/2021 | | | | | 87,005 | | | | | 38.01 | | | | | 3,307,060 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | |||||||||||||||||||||||||||||||||||||||||||
| | | 8/16/2019 | | | | | 8/16/2021 | | | | | 16,511 | | | | | 38.01 | | | | | 627,583 | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | |||||||||||||||||||||||||||||||||||||||||||
| | | 3/1/2016 | | | | | 3/1/2021 | | | | | 7,696 | | | | | 37.09 | | | | | 285,445 | | | Shares underlying an award of Matching RSUs, including DEUs accrued, 100% of which vested | |
| Name | | | Grant Date | | | Vesting Date | | | Number of Shares | | | Stock Price on Vesting Date ($)(2) | | | Value Realized on Vesting ($) | | | Description | | |||||||||||||||
| Mr. Basilio | | | | | 6/1/2020 | | | | | | 6/1/2022 | | | | | | 16,819 | | | | | | 37.25 | | | | | | 626,508 | | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | |
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 59,032 | | | | | | 38.83 | | | | | | 2,292,213 | | | | Shares underlying an award of PSUs, 75% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 68,094 | | | | | | 38.83 | | | | | | 2,644,090 | | | | Shares underlying an award of RSUs, including DEUs accrued, 75% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 21,277 | | | | | | 38.83 | | | | | | 826,186 | | | | Shares underlying an award of RSUs, including DEUs accrued, 75% of which vested | | |||
| | | 3/1/2017 | | | | | | 3/1/2022 | | | | | | 20,452 | | | | | | 38.68 | | | | | | 791,083 | | | | Shares underlying an award of RSUs, including DEUs accrued, 100% of which vested | | |||
| Ms. La Lande | | | | | 6/1/2020 | | | | | | 6/1/2022 | | | | | | 15,138 | | | | | | 37.25 | | | | | | 563,891 | | | | Shares underlying an award of PSUs, 50% of which vested | |
| | | 6/1/2020 | | | | | | 6/1/2022 | | | | | | 17,873 | | | | | | 37.25 | | | | | | 665,769 | | | | Shares underlying an award of PSUs, 50% of which vested | | |||
| | | 6/1/2020 | | | | | | 6/1/2022 | | | | | | 11,663 | | | | | | 37.25 | | | | | | 434,447 | | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 24,597 | | | | | | 38.83 | | | | | | 955,102 | | | | Shares underlying an award of PSUs, 75% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 28,372 | | | | | | 38.83 | | | | | | 1,101,685 | | | | Shares underlying an award of RSUs, including DEUs accrued, 75% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 14,752 | | | | | | 38.83 | | | | | | 572,820 | | | | Shares underlying an award of RSUs, including DEUs accrued, 100% of which vested | | |||
| Mr. Oliveira | | | | | 6/1/2020 | | | | | | 6/1/2022 | | | | | | 15,138 | | | | | | 37.25 | | | | | | 563,891 | | | | Shares underlying an award of PSUs, 50% of which vested | |
| | | 6/1/2020 | | | | | | 6/1/2022 | | | | | | 17,873 | | | | | | 37.25 | | | | | | 665,769 | | | | Shares underlying an award of PSUs, 50% of which vested | | |||
| | | 6/1/2020 | | | | | | 6/1/2022 | | | | | | 16,559 | | | | | | 37.25 | | | | | | 616,823 | | | | Shares underlying an award of RSUs, including DEUs accrued, 50% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 39,355 | | | | | | 38.83 | | | | | | 1,528,155 | | | | Shares underlying an award of PSUs, 75% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 45,398 | | | | | | 38.83 | | | | | | 1,762,804 | | | | Shares underlying an award of RSUs, including DEUs accrued, 75% of which vested | | |||
| | | 8/16/2019 | | | | | | 8/16/2022 | | | | | | 17,225 | | | | | | 38.83 | | | | | | 668,847 | | | | Shares underlying an award of RSUs, including DEUs accrued, 100% of which vested | | |||
| | | 3/1/2017 | | | | | | 3/1/2022 | | | | | | 4,135 | | | | | | 38.68 | | | | | | 159,942 | | | | Shares underlying an award of RSUs, including DEUs accrued, 100% of which vested | |
| Name | | Element | | Involuntary Termination without Cause(1) or Termination Upon Change in Control ($) | | Termination due to Death or Disability(2) ($) | | Termination due to Retirement(3) ($) | | Name | | Element | | Involuntary Termination without Cause(1) or Termination Upon Change in Control ($) | | Termination due to Death or Disability(2) ($) | | Termination due to Retirement(3) ($) | | ||||||||||||||||||||||||||
| Mr. Patricio | | | Salary | | | | 1,000,000 | | | | | — | | | | | — | | | Mr. Patricio | | | Salary | | | | 1,000,000 | | | | | — | | | | | — | | | ||||||
| Bonus | | | | — | | | | | 2,875,193 | | | | | 2,875,193 | | | | Bonus | | | | — | | | | | 2,466,720 | | | | | 2,466,720 | | | |||||||||||
| Intrinsic Value of Accelerated Equity | | | | — | | | | | 29,878,006 | | | | | — | | | | Intrinsic Value of Accelerated Equity | | | | — | | | | | 23,362,899 | | | | | — | | | |||||||||||
| Health and Wellness Benefits(4) | | | | 15,004 | | | | | — | | | | | — | | | | Health and Wellness Benefits(4) | | | | 16,878 | | | | | — | | | | | — | | | |||||||||||
| Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | | Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | |||||||||||
| Total | | | | 1,019,004 | | | | | 32,753,199 | | | | | 2,875,193 | | | | Total | | | | 1,020,878 | | | | | 25,829,619 | | | | | 2,466,720 | | | |||||||||||
| Mr. Basilio | | | Salary | | | | 750,000 | | | | | — | | | | | — | | | Mr. Maciel | | | Salary | | | | 650,000 | | | | | — | | | | | — | | | ||||||
| Bonus | | | | — | | | | | 1,582,917 | | | | | 1,582,917 | | | | Bonus | | | | — | | | | | 921,848 | | | | | 921,848 | | | |||||||||||
| Intrinsic Value of Accelerated Equity | | | | — | | | | | 16,823,274 | | | | | 14,695,478 | | | | Intrinsic Value of Accelerated Equity | | | | — | | | | | 8,791,753 | | | | | 6,649,269 | | | |||||||||||
| Health and Wellness Benefits(4) | | | | 15,004 | | | | | — | | | | | — | | | | Health and Wellness Benefits(4) | | | | 16,878 | | | | | — | | | | | — | | | |||||||||||
| Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | | Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | |||||||||||
| Total | | | | 769,004 | | | | | 18,406,191 | | | | | 16,278,395 | | | | Total | | | | 670,878 | | | | | 9,713,601 | | | | | 7,571,116 | | | |||||||||||
| Mr. Abrams-Rivera | | | Salary | | | | 800,000 | | | | | — | | | | | — | | | Mr. Basilio(5) | | | Salary | | | | 132,692 | | | | | — | | | | | — | | | ||||||
| Bonus | | | | — | | | | | 1,312,407 | | | | | 1,312,407 | | | | Bonus | | | | — | | | | | — | | | | | — | | | |||||||||||
| Intrinsic Value of Accelerated Equity | | | | — | | | | | 18,729,447 | | | | | 14,600,685 | | | | Intrinsic Value of Accelerated Equity | | | | — | | | | | — | | | | | — | | | |||||||||||
| Health and Wellness Benefits(4) | | | | 13,754 | | | | | — | | | | | — | | | | Health and Wellness Benefits(4) | | | | 11,252 | | | | | — | | | | | — | | | |||||||||||
| Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | | Outplacement Assistance | | | | — | | | | | — | | | | | — | | | |||||||||||
| Total | | | | 817,754 | | | | | 20,041,854 | | | | | 15,913,092 | | | | Total | | | | 143,944 | | | | | — | | | | | — | | | |||||||||||
| Ms. La Lande | | | Salary | | | | 650,000 | | | | | — | | | | | — | | | Mr. Abrams-Rivera | | | Salary | | | | 800,000 | | | | | — | | | | | — | | | ||||||
| Bonus | | | | — | | | | | 1,041,920 | | | | | 1,041,920 | | | | Bonus | | | | — | | | | | 1,530,952 | | | | | 1,530,952 | | | |||||||||||
| Intrinsic Value of Accelerated Equity | | | | — | | | | | 7,823,808 | | | | | 5,125,385 | | | | Intrinsic Value of Accelerated Equity | | | | — | | | | | 16,691,884 | | | | | 12,284,219 | | | |||||||||||
| Health and Wellness Benefits(4) | | | | 15,577 | | | | | — | | | | | — | | | | Health and Wellness Benefits(4) | | | | 16,878 | | | | | — | | | | | — | | | |||||||||||
| Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | | Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | |||||||||||
| Total | | | | 669,577 | | | | | 8,865,728 | | | | | 6,167,305 | | | | Total | | | | 820,878 | | | | | 18,222,836 | | | | | 13,815,171 | | | |||||||||||
| Mr. Oliveira | | | Salary | | | | 790,411 | | | | | — | | | | | — | | | Ms. La Lande | | | Salary | | | | 700,000 | | | | | — | | | | | — | | | ||||||
| Bonus | | | | — | | | | | 1,742,725 | | | | | 1,742,725 | | | | Bonus | | | | — | | | | | 910,602 | | | | | 910,602 | | | |||||||||||
| Intrinsic Value of Accelerated Equity | | | | 1,396,760 | | | | | 15,127,573 | | | | | 10,433,295 | | | | Intrinsic Value of Accelerated Equity | | | | — | | | | | 8,162,607 | | | | | 5,472,347 | | | |||||||||||
| Health and Wellness Benefits(4) | | | | 1,470 | | | | | — | | | | | — | | | | Health and Wellness Benefits(4) | | | | 16,878 | | | | | — | | | | | — | | | |||||||||||
| Outplacement Assistance | | | | 5,342 | | | | | — | | | | | — | | | | Outplacement Assistance | | | | 4,000 | | | | | — | | | | | — | | | |||||||||||
| Total | | | | 2,193,983 | | | | | 16,870,298 | | | | | 12,176,020 | | | | Total | | | | 720,878 | | | | | 9,073,209 | | | | | 6,382,949 | | | |||||||||||
| Mr. Oliveira | | | Salary | | | | 678,824 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||
| Bonus | | | | — | | | | | 1,340,213 | | | | | 1,340,213 | | | |||||||||||||||||||||||||||||
| Intrinsic Value of Accelerated Equity | | | | 5,495,944 | | | | | 17,950,311 | | | | | 14,625,822 | | | |||||||||||||||||||||||||||||
| Health and Wellness Benefits(4) | | | | 1,470 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
| Outplacement Assistance | | | | 4,588 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
| Total | | | | 6,180,826 | | | | | 19,290,524 | | | | | 15,966,035 | | |
| | | Pay Ratio Disclosure | | |||||||
| | | |||||||||
| | | | | | | | |
| | | | Annual Total Compensation ($) | | | Pay Ratio Estimate | | ||||||
| Mr. Patricio, our Chief Executive Officer | | | | | | | | | | | | ||
| Our median employee | | | | | | |
| | | Pay Versus Performance Disclosure | | |||||||
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| | | | | | | | |
| | | | Summary Compensation Table (SCT) Total for CEO(1) ($) | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | | | | | | | | | | ||||||||||||
| Year | | | Compensation Actually Paid (“CAP”) to CEO(2) ($) | | | Average SCT Total for Non- CEO NEOs(3) ($) | | | Average CAP to Non-CEO NEOs(4) ($) | | | Total Shareholder Return (TSR)(5) ($) | | | Peer Group TSR(6) ($) | | | Net Income(7) ($ in millions) | | | PBP EBITDA(8) ($ in millions) | | |||||||||||||||||||||||||||
| 2022 | | | | | 7,098,246 | | | | | | 11,036,341 | | | | | | 5,609,580 | | | | | | 9,451,924 | | | | | | 148.13 | | | | | | 132.06 | | | | | | 2,368 | | | | | | 6,031 | | |
| 2021 | | | | | 8,605,599 | | | | | | 6,901,200 | | | | | | 6,259,577 | | | | | | 7,248,556 | | | | | | 123.00 | | | | | | 119.73 | | | | | | 1,024 | | | | | | 6,277 | | |
| 2020 | | | | | 6,140,131 | | | | | | 13,126,331 | | | | | | 9,160,325 | | | | | | 15,041,961 | | | | | | 117.05 | | | | | | 105.30 | | | | | | 361 | | | | | | 6,797 | | |
| Compensation Actually Paid to CEO | | | 2022 | | | 2021 | | | 2020 | | |||||||||
| Summary Compensation Table (SCT) Total(i) | | | | | 7,098,246 | | | | | | 8,605,599 | | | | | | 6,140,131 | | |
| Less, value of Stock Awards and Option Awards reported in SCT(ii) | | | | | 2,875,162 | | | | | | 3,743,976 | | | | | | 360,783 | | |
| Plus, year-end fair value of outstanding and unvested equity awards granted in the year(iii) | | | | | 3,026,056 | | | | | | 3,558,241 | | | | | | 484,088 | | |
| Plus, fair value as of vesting date of equity awards granted and vested in the year(iv) | | | | | — | | | | | | — | | | | | | — | | |
| Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years(iii) | | | | | 2,843,969 | | | | | | (4,612,721) | | | | | | 6,862,895 | | |
| Plus (less), year over year change in fair value of equity awards granted in prior years that vested in the year(iii) | | | | | 1,654,310 | | | | | | 3,094,057 | | | | | | — | | |
| Less, prior year-end fair value for any equity awards forfeited in the year(iii) | | | | | (711,078) | | | | | | — | | | | | | — | | |
| Compensation Actually Paid to CEO(a)(b)(c) | | | | | 11,036,341 | | | | | | 6,901,200 | | | | | | 13,126,331 | | |
| Compensation Actually Paid to Non-CEO NEOs | | | 2022 | | | 2021 | | | 2020 | | |||||||||
| Summary Compensation Table (SCT) Total(i)(ii) | | | | | 5,609,580 | | | | | | 6,259,577 | | | | | | 9,160,325 | | |
| Less, value of Stock Awards and Option Awards reported in SCT(iii) | | | | | 2,479,584 | | | | | | 1,902,553 | | | | | | 10,181,443 | | |
| Plus, year-end fair value of outstanding and unvested equity awards granted in the year(iv) | | | | | 2,666,378 | | | | | | 1,616,112 | | | | | | 13,273,785 | | |
| Plus, fair value as of vesting date of equity awards granted and vested in the year(v) | | | | | — | | | | | | — | | | | | | — | | |
| Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years(iv) | | | | | 3,238,765 | | | | | | 712,113 | | | | | | 2,789,294 | | |
| Plus (less), year over year change in fair value of equity awards granted in prior years that vested in the year(iv) | | | | | 416,784 | | | | | | 619,857 | | | | | | — | | |
| Less, prior year-end fair value for any equity awards forfeited in the year(iv) | | | | | — | | | | | | (56,550) | | | | | | — | | |
| Compensation Actually Paid to Non-CEO NEOs(a)(b)(c) | | | | | 9,451,924 | | | | | | 7,248,556 | | | | | | 15,041,961 | | |
| | | Proposal | | |||||||
| | | |||||||||
| | | | | | | | |
| | | | The Board and Audit Committee recommend a vote FOR the ratification of the selection of PricewaterhouseCoopers LLP as Kraft Heinz’s independent auditors for | | |
| | | | Fiscal Year Ended | | | | | Fiscal Year Ended | | ||||||||||||||||||
| | | December 25, 2021 | | December 26, 2020 | | | | December 31, 2022 | | December 25, 2021 | | ||||||||||||||||
| PwC Fees | | ($ thousands) | | PwC Fees | | ($ thousands) | | ||||||||||||||||||||
| Audit fees(1) | | | | 11,269 | | | | | 12,617 | | | Audit fees(1) | | | | 12,434 | | | | | 11,269 | | | ||||
| Audit-related fees(2) | | | | 4,107 | | | | | 1,443 | | | Audit-related fees(2) | | | | 210 | | | | | 4,107 | | | ||||
| Tax fees(3) | | | | 2,462 | | | | | 1,538 | | | Tax fees(3) | | | | 1,903 | | | | | 2,462 | | | ||||
| All other fees(4) | | | | 41 | | | | | 41 | | | All other fees(4) | | | | 460 | | | | | 41 | | | ||||
| Total | | | | 17,879 | | | | | 15,639 | | | Total | | | | 15,007 | | | | | 17,879 | | |
| | | Proposal | | |||||||
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| | | | | | | | |
| | |
| RESOLVED, Shareholders request that our board take each step necessary so that each voting requirement in our charter and bylaws (that is explicit or implicit due to default to state law) that calls for a greater than simple majority vote be replaced by a requirement for a majority of the votes cast for and against applicable proposals, or a simple majority in compliance with applicable laws. If necessary this means the closest standard to a majority of the votes cast for and against such proposals consistent with applicable laws. | |
| Shareholders are willing to pay a premium for shares of companies that have excellent corporate governance. Supermajority voting requirements have been found to be one of 6 entrenching mechanisms that are negatively related to company performance according to “What Matters in Corporate Governance” by Lucien Bebchuk, Alma Cohen and Allen Ferrell of the Harvard Law School. Supermajority requirements are used to block initiatives supported by most shareowners but opposed by a status quo management. | |
| This proposal topic won from 74% to 88% support at Weyerhaeuser, Alcoa, Waste Management, Goldman Sachs, FirstEnergy, McGraw-Hill and Macy’s. These votes would have been higher than 74% to 88% if more shareholders had access to independent proxy voting advice. This proposal topic also received overwhelming 99%-support at the 2019 Fortive annual meeting. | |
| Currently a 1%-minority can frustrate the will of our 66%-shareholder majority in an election with 67% of shares casting ballots. In other words a 1%-minority could have the power to prevent shareholders from improving the governance of our company. | |
| Adoption of this proposal will make Kraft Heinz more competitive in its corporate governance. The timing is right because our stock has dropped from $92 in 2017. Hopefully management will not revert to holding the annual shareholder meeting in the law office of Reed Smith, a $1 Billion law firm, as management did before Covid. This sends the wrong message to shareholders. | |
| This proposal was voted on at the 2020 Kraft Heinz annual shareholder meeting. It is believed that it received overwhelming shareholder approval. However due to a technicality the Kraft Heinz Board did not report the 2020 voting result. | |
| The Kraft Heinz Board was so opposed to letting this proposal be voted on again in 2021 that it hired the $2 Billion law firm of Gibson Dunn for a 5-figure price to prevent Kraft Heinz shareholders from voting on this important proposal. In response to this 2023 proposal and to advance the discussion on this important topic the Board could belatedly report the result of our 2020 vote on this proposal topic. | |
| The Kraft Heinz Board had the reasonable option (and thereby make up for its past resistance to this reasonable proposal) of making this proposal a management proposal on the Kraft Heinz 2023 annual meeting ballot. | |
| Please vote yes: | |
| | | | The Board recommends a vote AGAINST the stockholder proposal. | | |
| | | Proposal 5. Stockholder Proposal – Water Risk | | |||||||
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| | | | | | | | |
| Whereas: | |
| According to the 2021 IPCC report, climate change is intensifying the water cycle, resulting in more intense droughts globally1. Climate change related water scarcity poses material risk to our company, including lowered production capacity and disruption of supply chains. | |
| For companies in the food sectors, the vast majority of their water footprint comes from agricultural supply chains.23 While Kraft Heinz has conducted water risk assessments on its annual water withdrawals for its manufacturing operations, it neglects to provide the same disclosure for water use in its agricultural related ingredient production—the most water intensive function of its business. | |
| It is likely that some portion of Kraft Heinz source ingredients are supplied by growers in water vulnerable locations. Given the Company has acknowledged 19 elevated water stress areas out of 79 within their own operations, these risks are likely to be extended within the supply chain. Because Kraft Heinz either does not assess supply chain water risk, or does not disclose such risk to investors, the company’s water related risk remains in question. | |
| To identify water risk and reduce costs, many peer companies—including Conagra Brands, Unilever, General Mills and Campbells have conducted water risk assessments for both operations and supply chains. By doing so, these companies have laid a foundation to mitigate future business risks associated with water and take the proper steps to future goal setting. | |
| Kraft Heinz acknowledges that “having access to sufficient amounts of quality fresh water…is critical to our business.” With water being a “vital component” to growing and as a direct ingredient in many products, conducting a water risk assessment is imperative to mitigating future water concerns. | |
| Without a full value chain water risk assessment, and disclosure of quantitative performance metrics and best practices for water management in areas of water stress, investors cannot gauge whether Kraft Heinz adequately manages its water risk. | |
| Resolved: Considering the growing pressure on water supplies posed by climate change, shareholders request that Kraft Heinz conduct and report to shareholders, using quantitative indicators where appropriate, an assessment to identify the water risk exposure of its supply chain, and its responsive policies and practices to reduce this risk and prepare for water supply uncertainties associated with climate change. | |
| Supporting Statement: | | |||
| Proponents request the report disclose, at management’s discretion: | | |||
| | | | • Identification of water assessment tools used by Kraft Heinz or its suppliers to assess supply chain water related risk • Results of water risk assessments across its agricultural supply chain, including identifying the regions of at-risk ingredient production and supply chains • Any additional monitoring of supply chain water resources • Water scarcity planning and responsive actions • A description of how water management is integrated into governance mechanisms • A description of water-related engagement with value chain partners | |
| 1 https://www.ipcc.ch/report/sixth-assessment-report-working-group-i/ 2 https://www.ceres.org/resources/reports/global-assessment-private-sector-impacts-water 3 https://www.ceres.org/resources/reports/global-investor-engagement-meat-sourcing-2022 | |
| | | | The Board recommends a vote AGAINST the stockholder proposal. | | |
| | | Proposal 6. Stockholder Proposal – Civil Rights | | |||||||
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| | | | | | | | |
| Civil Rights, Non-Discrimination and Returns to Merit Audit | |
| Resolved: Shareholders of the Kraft Heinz Company (“the Company”) request that the Board of Directors commission an audit analyzing the impacts of the Company’s Diversity, Equity & Inclusion policies on civil rights, non-discrimination and returns to merit, and the impacts of those issues on the Company’s business. The audit may, in the Board’s discretion, be conducted by an independent and unbiased third party with input from civil rights organizations, public- interest litigation groups, employees and shareholders of a wide spectrum of viewpoints and perspectives. A report on the audit, prepared at reasonable cost and omitting confidential or proprietary information, should be publicly disclosed on the Company’s website. | |
| Supporting Statement: | |
| Under the guise of ESG, corporations have allocated significant resources and attention towards implementing social justice into workplace practices and hiring. Across the political spectrum, all agree that employee success should be fostered and that no employees should face discrimination, but there is much disagreement about what non-discrimination means. | |
| Many companies—including Bank of America, American Express, Verizon, Pfizer, CVS and Kraft Heinz itself1—have adopted “Diversity, Equity & Inclusion” (DEI) programs, trainings and officers that seek to establish racial and social “equity.” But in practice, what “equity” really means is the distribution of pay and authority on the basis of race, sex, orientation and ethnicity rather than by merit.2 | |
| Where adopted, such programs have raised significant objections, including the concern that the programs and practices themselves are deeply racist, sexist, otherwise discriminatory and potentially in violation of the Civil Rights Act of 1964.3 And that by devaluing merit, corporations have sacrificed employee competence, moral and productivity to the altar of “diversity.” | |
| These practices create massive reputational, legal and financial risk. If the Company is, in the name of so-called “equity,” committing illegal or unconscionable discrimination against employees deemed “non-diverse,” then the Company will suffer in myriad ways—all of them both unforgivable and avoidable. | |
| In developing the audit and report, the Company should consult civil-rights and public-interest law groups, but it must not compound error with bias by relying only on left-leaning organizations. It must consult groups across the spectrum of viewpoints, including right-leaning civil-rights groups representing people of color—such as the Woodson Center4 or Project 215—and groups that defend the rights and liberties of all Americans. | |
| Similarly, when including employees in the audit, the Company must allow employees to speak freely and confidentially without fear of reprisal or disfavor. Too many employers have established company stances that silence employees who disagree with the company’s asserted positions, and then pretended that those who have been empowered by the companies’ partisan positioning represents the true and only voice of all employees. | |
| This creates a deeply hostile workplace for some employees, and is both immoral and likely illegal. | |
| 1 https://www.www.city-journal.org/bank-of-america-racial-reeducation-program; https://www.city-journal.org/verizon-critical-race-theory-training; https://nypost.com/2021/08/11/american-express-tells-its-workers-captialism-is-racist/; https://foxbusiness.com/politics/cvs-inclusion-training-critical-race-theory; https://msn.com/en-us/money/other/pfizer-sets-race-based-hiring-goals-in-the-name-of-fighting-systemic-racism-gender-equity-challenges/ar-AAOiSwJ; https:www.kraftheinzcompany.com/diversity-inclusion.html 2 https://www.sec.gov/Archives/edgar/data/1048911/000120677421002182/fdx3894361-def14a.htm#StockholderProposals88; https:www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2021/asyousownike051421-14a8-incoming.pdf; https:www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2021/nyscrfamazon012521-14a8-incoming.pdf; https://www.sec.gov/Archives/edgar/data/1666700/000119312521079533/d108785ddef14a.htm#rom108785_58 3 https://www.americanexperiment.org/survey-says-americans-oppose-critical-race-theory/; https://www.newsweek.com/coca-cola-facing-backlash-says-less-white-learning-plan-was-about-workplace-inclusion-1570875; https://www.city-journal.org/verizon-critical-race-theory-training 4 https://woodsoncenter.org/ 5 https://nationalcenter.org/project-21/ | |
| | | | The Board recommends a vote AGAINST the stockholder proposal. | | |
| | | Other Information | | |||||||
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| | | | | | | | |||
| Thursday, May 4, 2023 11:00 a.m. Eastern Time | | | | Live via webcast at www.virtualshareholdermeeting.com/ | | | | Online access will open 15 minutes prior to the start of the Annual Meeting. | |
| Registered holder | | | the control number included on your Notice or proxy card | |
| Beneficial holder whose Notice or voting instruction form indicates that you may vote those shares at www.proxyvote.com | | | the control number indicated your Notice or instruction form | |
| Other beneficial holder | | | contact your bank, broker, or other nominee (ideally no less than five days before the Annual Meeting) to obtain a legal proxy | |
| Proposal | | | Board Recommendation | | | More Information | | ||||||
| 1 | | | Election of Directors | | | | | FORall nominees | | | Page | | |
| 2 | | | Advisory Vote to Approve Executive Compensation | | | | | FOR | | | Page | | |
| 3 | |||||||||||||
| | Ratification of the Selection of PricewaterhouseCoopers LLP as Our Independent Auditors for | | | | | FOR | | | Page | | |||
| 4 | | | Stockholder Proposal – Simple Majority Vote | | | | | AGAINST | | | Page 110 | | |
| 5 | | | Stockholder Proposal | | | | | AGAINST | | | Page | | |
| 6 | | | Stockholder Proposal – Civil Rights | | | | | AGAINST | | | Page 117 | |
| | | | | Internet | | | Telephone | | | Mail | | | During the Virtual Meeting | |
| | | | | 11:59 p.m. Eastern Time on May | | | 11:59 p.m. Eastern Time on May | | | | | | Before the polls close at the Annual Meeting on Thursday, May | |
| Registered Holders | | | | www.proxyvote.com | | | Within the United States and Canada, 1-800-690-6903 (toll-free) | | | Return a properly executed proxy card received before the polls close at the Annual Meeting on Thursday, May | | | Attend the Annual Meeting at www.virtualshareholdermeeting.com/ | |
| Beneficial Holders (holders in street name)* | | | | www.proxyvote.com | | | Within the United States and Canada, 1-800-454-8683 (toll-free) | | | Return a properly executed voting instruction form by mail, depending upon the method(s) your broker, bank, or other nominee makes available | | | Attend the Annual Meeting at www.virtualshareholdermeeting.com/ | |
| | IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY | | | The Proxy Statement and | | |
| | | | | How You Hold Your Shares | | | How You Receive the Proxy Materials | | | How Your Vote Works | |
| Registered Holders | | | | Shares held directly with our transfer agent, Equiniti Trust Company. | | | From our transfer agent. | | | Instructs the proxies how to vote your shares. | |
| Beneficial Holders (holders in street name) | | | | Shares held indirectly through an account with an institutional or nominee holder of our stock such as a broker or bank who is the record holder of the stock. | | | From your broker, bank, or other nominee. | | | Instructs your nominee how to vote your shares, and that nominee in turn instructs the proxies how to vote your shares. If you hold your shares in an employee benefit plan, see Question 7 below. | |
| Proposal | | | Vote | | | Abstentions | | | Broker Non-Votes+ | |
| 1 Election of Directors | | | Majority♦ | | | No effect | | | No effect | |
| 2 Advisory Vote to Approve Executive Compensation | | | Majority | | | No effect | | | No effect | |
| 3 | ||||||||||
Ratification of the Selection of PricewaterhouseCoopers LLP as Our Independent Auditors for | | | Majority | | | No effect | | | None | | |
| 4 Stockholder Proposal | | | Majority | | | No effect | | | No effect | |
| 5 Stockholder Proposal – Water Risk | | | Majority | | | No effect | | | No effect | |
| 6 Stockholder Proposal – Civil Rights | | | Majority | | | No effect | | | No effect | |
| Registered Holders | | | | Any subsequent vote you cast will replace your earlier vote. This applies whether you vote by Internet, telephone, mailing a proxy card, or voting electronically during the Annual | | | Alternatively, you may revoke your proxy by submitting a written revocation to: | | |||
| | | The Kraft Heinz Company Attention: Corporate Secretary 200 East Randolph Street Suite 7600 Chicago, Illinois 60601 | | ||||||||
| Beneficial Holders (holders in street name) | | | | You must contact your broker, bank, or other nominee for specific instructions on how to change or revoke your vote. | |
| | | | | | | | | | | | | | | | | |
| | | | Broadridge Financial Solutions, Inc. Householding Department 51 Mercedes Way Edgewood, New York 11717 | | | | | | 1-866-540-7095 | | | | | | ||
| | | | | | | | | | | | | | | | | |
| | | To Attend the Annual Meeting | | | • Visit the meeting login page at www.virtualshareholdermeeting.com/ • Enter the control number included on your Notice, proxy card, or voting instruction form, or otherwise provide provided by your bank, broker, or other nominee as described Registered Holders: Use the control number included on the Notice or proxy Beneficial Holders (hold your shares in street name): o If your Notice or voting instruction form indicates that you may vote your shares at www.proxyvote.com, you will use the control number indicated on your Notice or instruction o Otherwise, you should contact your bank, broker, or other nominee (ideally no less than five days before the Annual Meeting) to obtain a legal If you have any questions about your control number or how to obtain one, please contact your bank, broker, or other nominee. Online access will open 15 minutes prior to the start of the Annual Meeting. You may vote during the Annual Meeting by following the instructions available on the meeting website during the meeting. | | |
| | | To Listen to the Annual Meeting(without a control number or legal proxy) | | | Visit www.virtualshareholdermeeting.com/ | | |
| | | For Help with Difficulties Accessing the Annual Meeting | | | Call 1-844-986-0822 (United States) or 1-303-562-9302 (International) for assistance. The technical support phone lines will be available beginning approximately 15 minutes before the Annual Meeting. | |
| | | During the Annual Meeting | | | • Visit www.virtualshareholdermeeting.com/ • Enter the control number included on your Notice, proxy card, or voting instruction form, or otherwise provided by your bank, broker or other nominee (as described in Question 17 • Type your question into the “Ask a Question” field and click | |
| Stockholder Proposals | | | Description | | | Deadline Date and time by which Kraft Heinz must receive written notice of the nomination or proposal | | | Additional Requirements | |
| To include a proposal in our | | | Under SEC Rule 14a-8, a stockholder may submit a proposal for possible inclusion in the proxy statement for our | | | By the close of business on November 25, | | | The information required by Rule 14a-8 | |
| To nominate a candidate for election as a director or submit a proposal for consideration at our | | | Under our By-Laws, a stockholder may nominate a candidate for election as a director or propose business for consideration at our | | | Between the close of business on December 6, We generally must receive written notice no later than 120 days, and no earlier than 150 days, before the first anniversary of the preceding year’s annual meeting. If we change the date of an annual meeting by more than 30 days before or more than 60 days after the date of the previous year’s annual meeting, then we must receive this written notice no later than 120 days, and no earlier than 150 days, before the date of that annual meeting or, if the first public announcement of the date of an annual meeting is less than 120 days prior to the date of such annual meeting, then we must receive this written notice no later than the 10th day following the day on which public announcement of the date of such annual meeting is first made by us. | | | The information required by our By-Laws, Article II, Section 6(c) and Rule 14a-19 (for nominees to be included on our proxy card) | |
| | Mail to: | | | |||
| | | | The Kraft Heinz Company Attention: Corporate Secretary 200 East Randolph Street Suite 7600 Chicago, Illinois 60601 | | |
| Directors | | As of Fiscal Year End (December 25, 2021) | | As of the Record Date* (March 7, 2022) | | Directors | | As of Fiscal Year End (December 31, 2022) | | As of the Record Date* (March 6, 2023) | | ||||
| Number of directors | | 11 | | 11 | | Number of directors | | 11 | | 12 | | ||||
| Directors that identify as women | | 2 (18%) | | 3 (27%) | | Directors that identify as women | | 4 (36%) | | 4 (33%) | | ||||
| Directors that identify as people of color | | 3 (27%) | | 4 (36%) | | Directors that identify as people of color | | 3 (27%) | | 4 (33%) | |
| Officers | | As of Fiscal Year End (December 25, 2021) | | For the Fiscal Year* (2021) | | Officers | | As of Fiscal Year End (December 31, 2022) | | For the Fiscal Year* (2022) | | ||||
| Number of Executive Leadership Team (“ELT”) members | | 10 | | 10 | | Number of Executive Leadership Team (“ELT”) members | | 10 | | 10 | | ||||
| ELT members that identify as women | | 3 (30%) | | 3 (30%) | | ELT members that identify as women | | 4 (40%) | | 4 (40%) | | ||||
| ELT members that identify as people of color | | 8 (80%) | | 8 (80%) | | ELT members that identify as people of color | | 8 (80%) | | 8 (80%) | |
| Nasdaq Board Diversity Matrix (as of March 7, 2022) | | Nasdaq Board Diversity Matrix (as of March 6, 2023) | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total Number of Directors* | | 11 | | Total Number of Directors* | | 12 | | ||||||||||||||||||||||||||||||||||||||||||||
| | | Female | | Male | | Non-Binary | | Gender Undisclosed | | | | Female | | Male | | Non-Binary | | Gender Undisclosed | | ||||||||||||||||||||||||||||||||
| Gender | | | | | | | | | | | | | | | | | | | | | | Gender | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Directors | | | | 3 | | | | | 8 | | | | | – | | | | | – | | | Directors | | | | 4 | | | | | 8 | | | | | – | | | | | – | | | ||||||||
| Self-Identified Demographic Background | | | | | | | | | | | | | | | | | | | | | | Self-Identified Demographic Background | | | | | | | | | | | | | | | | | | | | | | ||||||||
| African American or Black | | | | 2 | | | | | – | | | | | – | | | | | – | | | African American or Black | | | | 2 | | | | | – | | | | | – | | | | | – | | | ||||||||
| Alaskan Native or American Indian | | | | – | | | | | – | | | | | – | | | | | – | | | Alaskan Native or American Indian | | | | – | | | | | – | | | | | – | | | | | – | | | ||||||||
| Asian | | | | – | | | | | 1 | | | | | – | | | | | – | | | Asian | | | | – | | | | | 1 | | | | | – | | | | | – | | | ||||||||
| Hispanic or Latinx | | | | – | | | | | 1 | | | | | – | | | | | – | | | Hispanic or Latinx | | | | – | | | | | 1 | | | | | – | | | | | – | | | ||||||||
| Native Hawaiian or Pacific Islander | | | | – | | | | | – | | | | | – | | | | | – | | | Native Hawaiian or Pacific Islander | | | | – | | | | | – | | | | | – | | | | | – | | | ||||||||
| White | | | | 1 | | | | | 6 | | | | | – | | | | | – | | | White | | | | 2 | | | | | 6 | | | | | – | | | | | – | | | ||||||||
| Two or More Races or Ethnicities | | | | – | | | | | – | | | | | – | | | | | – | | | Two or More Races or Ethnicities | | | | – | | | | | – | | | | | – | | | | | – | | | ||||||||
| LGBTQ+ | | | | – | | | | | – | | | | | – | | | | | – | | | LGBTQ+ | | | | – | | | | | – | | | | | – | | | | | – | | | ||||||||
| Undisclosed | | | | – | | | | | – | | | | | – | | | | | – | | | Undisclosed | | | | – | | | | | – | | | | | – | | | | | – | | |
| Appendix A. Non-GAAP Financial Measures | | |||||||||
| | | |||||||||
| | | | | | | | |
| | | | Net Sales | | | Currency | | | Acquisitions and Divestitures | | | 53rd Week | | | Organic Net Sales | | |||||||||||||||
| December 31, 2022 | | | | $ | 26,485 | | | | | $ | (497) | | | | | $ | 279 | | | | | $ | 454 | | | | | $ | 26,249 | | |
| December 25, 2021 | | | | $ | 26,042 | | | | | $ | 26 | | | | | $ | 2,099 | | | | | $ | — | | | | | $ | 23,917 | | |
| Year-over-year change | | | | | 1.7% | | | | | | | | | | | | | | | | | | | | | | 9.8% | |
| | | | December 31, 2022 | | | December 25, 2021 | | | | | | Year-over-year change | | |||||||||
| Net income/(loss) | | | | $ | 2,368 | | | | | $ | 1,024 | | | | | | | | 131.3% | | | |
| Interest expense | | | | | 921 | | | | | | 2,047 | | | | | | | | | | | |
| Other expense/(income) | | | | | (253) | | | | | | (295) | | | | | | | | | | | |
| Provision for/(benefit from) income taxes | | | | | 598 | | | | | | 684 | | | | | | | | | | | |
| Operating income/(loss) | | | | | 3,634 | | | | | | 3,460 | | | | | | | | | | | |
| Depreciation and amortization (excluding restructuring activities) | | | | | 922 | | | | | | 910 | | | | | | | | | | | |
| Divestiture-related license income | | | | | (56) | | | | | | (4) | | | | | | | | | | | |
| Restructuring activities | | | | | 74 | | | | | | 84 | | | | | | | | | | | |
| Deal costs | | | | | 9 | | | | | | 11 | | | | | | | | | | | |
| Unrealized losses/(gains) on commodity hedges | | | | | 63 | | | | | | 17 | | | | | | | | | | | |
| Impairment losses | | | | | 999 | | | | | | 1,634 | | | | | | | | | | | |
| Certain non-ordinary course legal and regulatory matters | | | | | 210 | | | | | | 62 | | | | | | | | | | | |
| Equity award compensation expense | | | | | 148 | | | | | | 197 | | | | | | | | | | | |
| Adjusted EBITDA | | | | $ | 6,003 | | | | | $ | 6,371 | | | | | | | | | 5.8% | | |
| Segment Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | | | | |
| North America | | | | $ | 5,284 | | | | | $ | 5,576 | | | | | | | | | | | |
| International | | | | | 1,017 | | | | | | 1,066 | | | | | | | | | | | |
| General corporate expenses | | | | | (298) | | | | | | (271) | | | | | | | | | | | |
| Adjusted EBITDA | | | | $ | 6,003 | | | | | $ | 6,371 | | | | | | | | | | | |
| Gross profit | | | | $ | 8,122 | | |
| Items Affecting Comparability | | | | | | | |
| Restructuring activities | | | | | 27 | | |
| Deal Costs | | | | | — | | |
| Unrealized losses/(gains) on commodity hedges | | | | | 63 | | |
| Impairment losses | | | | | 86 | | |
| Certain non-ordinary course legal and regulatory matters | | | | | — | | |
| Losses/(gains) on sale of business | | | | | — | | |
| Other losses/(gains) related to acquisitions and divestitures | | | | | — | | |
| Nonmonetary currency devaluation | | | | | — | | |
| Debt prepayment and extinguishment (benefit)/costs | | | | | — | | |
| Adjusted Gross Profit | | | | $ | 8,298 | | |
| Adjusted Gross Profit | | | | $ | 8,298 | | |
| Net Sales | | | | | 26,485 | | |
| Adjusted Gross Profit Margin | | | | | 31.3% | | |
| | | | For the Year Ended | | |||||||||
| | | | December 25, 2021 | | | December 26, 2020 | | ||||||
| Net cash provided by/(used for) operating activities | | | | $ | 5,364 | | | | | $ | 4,929 | | |
| Capital expenditures | | | | | (905) | | | | | | (596) | | |
| Free Cash Flow | | | | $ | 4,459 | | | | | $ | 4,333 | | |
| | | | December 31, 2022 | | | December 25, 2021 | | | | | | Year-over-year change | | |||||||||
| Net cash provided by/(used for) operating activities | | | | $ | 2,469 | | | | | $ | 5,364 | | | | | | | | | 54.0% | | |
| Capital expenditures | | | | | (916) | | | | | | (905) | | | | | | | | | | | |
| Free Cash Flow | | | | $ | 1,553 | | | | | $ | 4,559 | | | | | | | | | 65.2% | | |
| Net income/(loss) | | | | $ | 2,368 | | |
| Interest expense | | | | | 921 | | |
| Other expense/(income) | | | | | (253) | | |
| Provision for/(benefit from) income taxes | | | | | 598 | | |
| Operating income/(loss) | | | | | 3,634 | | |
| Depreciation and amortization (excluding restructuring activities) | | | | | 922 | | |
| Divestiture-related license income | | | | | (56) | | |
| Restructuring activities | | | | | 74 | | |
| Deal costs | | | | | 9 | | |
| Unrealized losses/(gains) on commodity hedges | | | | | 63 | | |
| Impairment losses | | | | | 999 | | |
| Certain non-ordinary course legal and regulatory matters | | | | | 210 | | |
| Equity award compensation expense | | | | | 148 | | |
| Adjusted EBITDA | | | | $ | 6,003 | | |
| | | | | | | | |
| Commercial paper and other short-term debt | | | | $ | 6 | | |
| Current portion of long-term debt | | | | | 831 | | |
| Long-term debt | | | | | 19,233 | | |
| Less: Cash and cash equivalents | | | | | (1,040) | | |
| | | | | $ | 19,030 | | |
| | | | | | | | |
| Net Leverage | | | | | 3.2 | | |