SENECA FOODS CORPORATION (NASDAQ:SENEA) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
On February 5, 2020, Seneca Foods Corporation (the \”Corporation\”) issued a press release on its financial results for the second quarter and nine months ended December 28, 2019 furnished as Exhibit 99.1, attached hereto.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Compensatory Arrangements of Certain Officers
On February 4, 2020 the Corporation’s Board of Directors (the \”Board\”) approved the Seneca Foods Corporation Division Management Bonus Plan (the “Division Plan”). The Division Plan uses the performance criteria under the Corporation’s Executive Profit Sharing Bonus Plan, as amended, however the performance criteria under the Division Plan is based on the applicable division’s pre-tax profits as a percentage of the division’s net worth, each as calculated on a FIFO basis, rather than the Corporation on a consolidated basis. The maximum bonus pool for fiscal 2021 is $140,000 for the Fruit and Vegetable Division and $61,250 for the Truitt Bros. Division. All bonuses under the Division Plan will be paid in cash.
The foregoing discussion is qualified in its entirety by the terms and provisions of the Seneca Foods Corporation Division Management Bonus Plan which is filed as an exhibit to this Current Report on Form 8-K as set forth in Item 9.01 below, and is incorporated by reference in this Current Report on Form 8-K.
Also on February 4, 2020 the Board approved a plan to provide non-qualified deferred compensation (the “Non-Qualified Plan”) to certain highly compensated employees of the Corporation who are not eligible for matching contributions under the Seneca Foods Corporation Employee Savings Plan. The Non-Qualified Plan permits eligible employees to make pre-tax deferrals of their compensation and includes an annual employer contribution equal to 1% of eligible pay up to an annual maximum.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Seneca Foods Corp Exhibit
EX-10.1 2 ex_170902.htm EXHIBIT 10.1 ex_170902.htm Exhibit 10.1 SENECA FOODS CORPORATION Division Management Bonus Plan 1. PRELIMINARY MATTERS 1. Name. The Plan evidenced by this instrument shall be known as the Seneca Foods Corporation Division Management Bonus Plan. 2. Purpose. This Plan is designed as a bonus plan to provide for the payment of incentive compensation to Eligible Employees. 3. Effective Date. This Plan shall be effective April 1,…
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About SENECA FOODS CORPORATION (NASDAQ:SENEA)
Seneca Foods Corporation is a provider of packaged fruits and vegetables. The Company manages its business through two segments: packaging and sale of fruits and vegetables, and packaging and sale of chip products. Its product offerings include canned fruits and vegetables, frozen vegetables and other food products, frozen and bottled produce, and snack chips. Its products are sold under private label, as well as national and regional brands that the Company owns or licenses, including Seneca, Libby’s, Green Valley, Aunt Nellie’s, READ, Cherryman and Seneca Farms. The Company packs Green Giant, Le Sueur and other brands of canned vegetables, as well as select Green Giant frozen vegetables for B&G Foods North America (B&G) under a contract packing agreement. Its two segments constitute the food operation. The non-food operation is primarily related to the sale of cans and ends, and the Company’s trucking and aircraft operations.
