XML 77 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 27, 2024
Dec. 29, 2023
Dec. 30, 2022
Dec. 31, 2021
Jan. 01, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table

Pay Versus Performance

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid to our principal executive officer, or PEO, and for the average of the other NEOs and certain financial performance of the Company. For further information concerning the Company’s compensation philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Compensation Discussion and Analysis.”

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average
Summary

 

Average

 

Value of Initial Fixed $100
Investment Based On:

 

 

 

 

 

 

 

 

 

Year

 

Summary
Compensation
Table Total for
PEO(1)

 

Compensation
Actually Paid
to PEO(2)

 

Compensation
Table Total for
Non-PEO
NEOs(3)

 

Compensation
Actually Paid
to Non-PEO
NEOs(4)

 

Total
Shareholder
Return(5)

 

Peer Group
Total
Shareholder
Return(6)

 

Net
Income
(millions)(7)

 

EBITDA
(millions)(8)

(a)

 

 

(b)

 

 

 

 

(c)

 

 

 

 

(d)

 

 

 

 

(e)

 

 

 

 

(f)

 

 

 

 

(g)

 

 

 

 

(h)

 

 

 

 

(i)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

$

8,857,945

 

 

 

 

$

9,767,649

 

 

 

 

$

1,406,662

 

 

 

 

$

1,477,383

 

 

 

 

$

105.78

 

 

 

 

$

124.27

 

 

 

 

$

141.6

 

 

 

 

$

273.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

$

4,449,489

 

 

 

 

$

4,326,157

 

 

 

 

$

892,993

 

 

 

 

$

844,022

 

 

 

 

$

81.18

 

 

 

 

$

114.36

 

 

 

 

$

(1.6

)

 

 

 

$

124.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

$

6,130,560

 

 

 

 

$

5,375,558

 

 

 

 

$

843,407

 

 

 

 

$

628,138

 

 

 

 

$

78.74

 

 

 

 

$

104.79

 

 

 

 

$

97.7

 

 

 

 

$

241.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

$

5,470,325

 

 

 

 

$

5,698,163

 

 

 

 

$

1,225,904

 

 

 

 

$

1,264,940

 

 

 

 

$

81.16

 

 

 

 

$

108.31

 

 

 

 

$

79.9

 

 

 

 

$

206.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

$

5,911,194

 

 

 

 

$

4,176,140

 

 

 

 

$

1,338,101

 

 

 

 

$

1,147,163

 

 

 

 

$

69.66

 

 

 

 

$

98.07

 

 

 

 

$

46.3

 

 

 

 

$

177.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Abu-Ghazaleh (our Chief Executive Officer) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation – Executive Compensation Tables – Summary Compensation Table.”
(2)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Abu-Ghazaleh, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Abu-Ghazaleh during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Abu-Ghazaleh’s total compensation for each year to determine the compensation actually paid:

 

 

 

 

 

 

 

 

 

 

Year

 

Reported Summary
Compensation Table
Total for PEO

 

Reported Value of
Equity Awards(a)

 

Equity Award
Adjustments(b)

 

Compensation
Actually Paid
to PEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

$

8,857,945

 

 

 

 

$

(4,000,000

)

 

 

 

$

4,909,704

 

 

 

 

$

9,767,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

$

4,449,489

 

 

 

 

$

(2,433,301

)

 

 

 

$

2,309,969

 

 

 

 

$

4,326,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

$

6,130,560

 

 

 

 

$

(3,179,283

)

 

 

 

$

2,424,281

 

 

 

 

$

5,375,558

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

$

5,470,325

 

 

 

 

$

(3,156,854

)

 

 

 

$

3,384,692

 

 

 

 

$

5,698,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

$

5,911,194

 

 

 

 

$

(2,492,463

)

 

 

 

$

757,409

 

 

 

 

$

4,176,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.
The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Year End Fair
Value of Equity
Awards of Equity
Awards Granted
in the Year

 

Year over Year
Change in Fair
Value of
Outstanding
and Unvested
Equity Awards

 

Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested
in the Year

 

Fair Value at
the End of
the Prior Year
of Equity Awards
that Failed
to Meet Vesting
Conditions in
the Year

 

Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected
in Fair Value
or Total
Compensation

 

Total Equity
Award
Adjustments
PEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

$

5,728,232

 

 

 

 

$

605,322

 

 

 

 

$

—

 

 

 

 

$

(152,396

)

 

 

 

$

(1,391,591

)

 

 

 

$

120,137

 

 

 

 

$

4,909,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

$

1,987,991

 

 

 

 

$

6,882

 

 

 

 

$

—

 

 

 

 

$

281,614

 

 

 

 

$

(71,892

)

 

 

 

$

105,374

 

 

 

 

$

2,309,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

$

2,662,790

 

 

 

 

$

(109,442

)

 

 

 

$

—

 

 

 

 

$

(39,811

)

 

 

 

$

(149,551

)

 

 

 

$

60,295

 

 

 

 

$

2,424,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

$

3,174,399

 

 

 

 

$

266,406

 

 

 

 

$

—

 

 

 

 

$

100,230

 

 

 

 

$

(163,676

)

 

 

 

$

7,333

 

 

 

 

$

3,384,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

$

1,761,924

 

 

 

 

$

(945,548

)

 

 

 

$

274,200

 

 

 

 

$

(368,638

)

 

 

 

$

—

 

 

 

 

$

35,471

 

 

 

 

$

757,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3)
The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Abu-Ghazaleh) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Monica Vicente, Mohammed Abbas, Jesus Rodriguez Calvo, Effie D. Silva and Ziad Nabulsi; (ii) for 2022, Monica Vicente, Mohammed Abbas, Ziad Nabulsi, Helmuth Lutty, Youssef Zakharia and Eduardo Bezerra; (iii) for 2021, Eduardo Bezerra, Mohammed Abbas, Youssef Zakharia and Marlene M. Gordon; and (iv) for 2020, Eduardo Bezerra, Youssef Zakharia, Annunciata Cerioli and Marlene M. Gordon.
(4)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Abu-Ghazaleh), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to these NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for these NEOs for each year to determine the compensation actually paid, using the same methodology described above in Note 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Year

 

Average Reported
Summary
Compensation
Table Total
for Non-PEO NEOs

 

Average Reported
Value of Equity
Awards

 

Average Equity
Award Adjustments*

 

Average Compensation
Actually Paid to
Non-PEO NEOs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2024

 

 

$

1,406,662

 

 

 

 

$

(446,366

)

 

 

 

$

517,087

 

 

 

 

$

1,477,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2023

 

 

$

892,993

 

 

 

 

$

314,437

 

 

 

 

$

265,466

 

 

 

 

$

844,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2022

 

 

$

843,407

 

 

 

 

$

(136,720

)

 

 

 

$

(78,549

)

 

 

 

$

628,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2021

 

 

$

1,225,904

 

 

 

 

$

(429,688

)

 

 

 

$

468,724

 

 

 

 

$

1,264,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2020

 

 

$

1,338,101

 

 

 

$

(381,503

)

 

 

$

190,565

 

 

 

$

1,147,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The amounts deducted or added in calculating the total average equity award adjustments are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average Year
End Fair Value
of Equity Awards
Granted in the Year

 

Year over Year
Average Change
in Fair Value of
Outstanding
and Unvested
Equity Awards

 

Average Fair
Value as of
Vesting Date
of Equity Awards
Granted and
Vested in the Year

 

Year over Year
Average Change
in Fair Value of
Equity Awards
Granted in Prior
Years that Vested
in the Year

 

Average Fair
Value at the
End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions
in the Year

 

Average Value of
Dividends or
other Earnings
Paid on Stock
or Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation

 

Total Average
Equity Award
Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

$

603,181

 

 

 

 

$

31,606

 

 

 

 

$

—

 

 

 

 

$

(5,294

)

 

 

 

$

(116,038

)

 

 

 

$

3,632

 

 

 

 

$

517,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

$

256,893

 

 

 

 

$

361

 

 

 

 

$

—

 

 

 

 

$

7,442

 

 

 

 

$

(3,284

)

 

 

 

$

4,054

 

 

 

 

$

265,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

$

226,694

 

 

 

 

$

(6,175

)

 

 

 

$

—

 

 

 

 

$

(449

)

 

 

 

$

(308,609

)

 

 

 

$

9,989

 

 

 

 

$

(78,549

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

$

434,433

 

 

 

 

$

46,389

 

 

 

 

$

—

 

 

 

 

$

13,119

 

 

 

 

$

(27,428

)

 

 

 

$

2,211

 

 

 

 

$

468,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

$

270,215

 

 

 

 

$

(81,151

)

 

 

 

$

37,222

 

 

 

 

$

(36,960

)

 

 

 

$

—

 

 

 

 

$

1,238

 

 

 

 

$

190,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)
Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
(6)
Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the published industry index S&P 600 Food Products.
(7)
The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(8)
EBITDA is defined as net income (loss) plus interest expense, depreciation and amortization, income tax provision (benefit), and share-based compensation expense. While the Company uses several financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that EBITDA is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to Company performance.
       
Company Selected Measure Name EBITDA        
Named Executive Officers, Footnote The dollar amounts reported in column (d) represent the average of the amounts reported for the Company’s NEOs as a group (excluding Mr. Abu-Ghazaleh) in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Monica Vicente, Mohammed Abbas, Jesus Rodriguez Calvo, Effie D. Silva and Ziad Nabulsi; (ii) for 2022, Monica Vicente, Mohammed Abbas, Ziad Nabulsi, Helmuth Lutty, Youssef Zakharia and Eduardo Bezerra; (iii) for 2021, Eduardo Bezerra, Mohammed Abbas, Youssef Zakharia and Marlene M. Gordon; and (iv) for 2020, Eduardo Bezerra, Youssef Zakharia, Annunciata Cerioli and Marlene M. Gordon.        
Peer Group Issuers, Footnote Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the published industry index S&P 600 Food Products.        
PEO Total Compensation Amount $ 8,857,945 $ 4,449,489 $ 6,130,560 $ 5,470,325 $ 5,911,194
PEO Actually Paid Compensation Amount $ 9,767,649 4,326,157 5,375,558 5,698,163 4,176,140
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Abu-Ghazaleh, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Abu-Ghazaleh during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Abu-Ghazaleh’s total compensation for each year to determine the compensation actually paid:

 

 

 

 

 

 

 

 

 

 

Year

 

Reported Summary
Compensation Table
Total for PEO

 

Reported Value of
Equity Awards(a)

 

Equity Award
Adjustments(b)

 

Compensation
Actually Paid
to PEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

$

8,857,945

 

 

 

 

$

(4,000,000

)

 

 

 

$

4,909,704

 

 

 

 

$

9,767,649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

$

4,449,489

 

 

 

 

$

(2,433,301

)

 

 

 

$

2,309,969

 

 

 

 

$

4,326,157

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

$

6,130,560

 

 

 

 

$

(3,179,283

)

 

 

 

$

2,424,281

 

 

 

 

$

5,375,558

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

$

5,470,325

 

 

 

 

$

(3,156,854

)

 

 

 

$

3,384,692

 

 

 

 

$

5,698,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

$

5,911,194

 

 

 

 

$

(2,492,463

)

 

 

 

$

757,409

 

 

 

 

$

4,176,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
(b)
The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.
The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Year End Fair
Value of Equity
Awards of Equity
Awards Granted
in the Year

 

Year over Year
Change in Fair
Value of
Outstanding
and Unvested
Equity Awards

 

Fair Value
as of Vesting
Date of Equity
Awards Granted
and Vested
in the Year

 

Year over Year
Change in Fair
Value of Equity
Awards Granted
in Prior Years
that Vested
in the Year

 

Fair Value at
the End of
the Prior Year
of Equity Awards
that Failed
to Meet Vesting
Conditions in
the Year

 

Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected
in Fair Value
or Total
Compensation

 

Total Equity
Award
Adjustments
PEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

$

5,728,232

 

 

 

 

$

605,322

 

 

 

 

$

—

 

 

 

 

$

(152,396

)

 

 

 

$

(1,391,591

)

 

 

 

$

120,137

 

 

 

 

$

4,909,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

$

1,987,991

 

 

 

 

$

6,882

 

 

 

 

$

—

 

 

 

 

$

281,614

 

 

 

 

$

(71,892

)

 

 

 

$

105,374

 

 

 

 

$

2,309,969

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

$

2,662,790

 

 

 

 

$

(109,442

)

 

 

 

$

—

 

 

 

 

$

(39,811

)

 

 

 

$

(149,551

)

 

 

 

$

60,295

 

 

 

 

$

2,424,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

$

3,174,399

 

 

 

 

$

266,406

 

 

 

 

$

—

 

 

 

 

$

100,230

 

 

 

 

$

(163,676

)

 

 

 

$

7,333

 

 

 

 

$

3,384,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

$

1,761,924

 

 

 

 

$

(945,548

)

 

 

 

$

274,200

 

 

 

 

$

(368,638

)

 

 

 

$

—

 

 

 

 

$

35,471

 

 

 

 

$

757,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
       
Non-PEO NEO Average Total Compensation Amount $ 1,406,662 892,993 843,407 1,225,904 1,338,101
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,477,383 844,022 628,138 1,264,940 1,147,163
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Abu-Ghazaleh), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to these NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for these NEOs for each year to determine the compensation actually paid, using the same methodology described above in Note 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Year

 

Average Reported
Summary
Compensation
Table Total
for Non-PEO NEOs

 

Average Reported
Value of Equity
Awards

 

Average Equity
Award Adjustments*

 

Average Compensation
Actually Paid to
Non-PEO NEOs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2024

 

 

$

1,406,662

 

 

 

 

$

(446,366

)

 

 

 

$

517,087

 

 

 

 

$

1,477,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2023

 

 

$

892,993

 

 

 

 

$

314,437

 

 

 

 

$

265,466

 

 

 

 

$

844,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2022

 

 

$

843,407

 

 

 

 

$

(136,720

)

 

 

 

$

(78,549

)

 

 

 

$

628,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2021

 

 

$

1,225,904

 

 

 

 

$

(429,688

)

 

 

 

$

468,724

 

 

 

 

$

1,264,940

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2020

 

 

$

1,338,101

 

 

 

$

(381,503

)

 

 

$

190,565

 

 

 

$

1,147,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* The amounts deducted or added in calculating the total average equity award adjustments are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year

 

Average Year
End Fair Value
of Equity Awards
Granted in the Year

 

Year over Year
Average Change
in Fair Value of
Outstanding
and Unvested
Equity Awards

 

Average Fair
Value as of
Vesting Date
of Equity Awards
Granted and
Vested in the Year

 

Year over Year
Average Change
in Fair Value of
Equity Awards
Granted in Prior
Years that Vested
in the Year

 

Average Fair
Value at the
End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions
in the Year

 

Average Value of
Dividends or
other Earnings
Paid on Stock
or Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation

 

Total Average
Equity Award
Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

$

603,181

 

 

 

 

$

31,606

 

 

 

 

$

—

 

 

 

 

$

(5,294

)

 

 

 

$

(116,038

)

 

 

 

$

3,632

 

 

 

 

$

517,087

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

$

256,893

 

 

 

 

$

361

 

 

 

 

$

—

 

 

 

 

$

7,442

 

 

 

 

$

(3,284

)

 

 

 

$

4,054

 

 

 

 

$

265,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

$

226,694

 

 

 

 

$

(6,175

)

 

 

 

$

—

 

 

 

 

$

(449

)

 

 

 

$

(308,609

)

 

 

 

$

9,989

 

 

 

 

$

(78,549

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

 

$

434,433

 

 

 

 

$

46,389

 

 

 

 

$

—

 

 

 

 

$

13,119

 

 

 

 

$

(27,428

)

 

 

 

$

2,211

 

 

 

 

$

468,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

$

270,215

 

 

 

 

$

(81,151

)

 

 

 

$

37,222

 

 

 

 

$

(36,960

)

 

 

 

$

—

 

 

 

 

$

1,238

 

 

 

 

$

190,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
       
Compensation Actually Paid vs. Total Shareholder Return

CAP vs Cumulative TSR

 

img130047938_65.jpg

 

 

As illustrated by the graph, CAP for both our CEO and the non-CEO NEOs as a group was generally aligned with the Company’s cumulative TSR over the period presented because a material portion of the total direct compensation awarded to the CEO and other NEOs is in the form of at-risk, performance-based awards, and on average constituted approximately 80% of the CEO’s target direct compensation and approximately 59% of the target direct compensation for the other NEOs.

 
       
Compensation Actually Paid vs. Net Income

CAP vs Net Income

 

img130047938_66.jpg

 

 

As illustrated by the graph, while CAP for both our CEO and the non-CEO NEOs generally following net income over the periods presented, the decrease in net income for 2023 was significant due to a significant non-cash impairment charge taken in 2023. While the Company does not use net income as a performance measure in the overall executive compensation program, the measure of net income is correlated with the measure EBITDA, which the Company does use when setting goals for the Company’s performance-based restricted stock unit awards to the CEO and the other NEOs.

 
       
Compensation Actually Paid vs. Company Selected Measure

CAP vs EBITDA

 

img130047938_67.jpg

 

 

As illustrated by the graph, CAP for both our CEO and the non-CEO NEOs as a group was generally aligned with the Company’s EBITDA over the period presented. The Company has determined that EBITDA is the financial performance measure that, in the Company’s assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link CAP to Company performance.

 
       
Total Shareholder Return Vs Peer Group

Company Cumulative TSR vs Peer Group Cumulative TSR

 

img130047938_68.jpg

 

 

As illustrated by the graph, while the Company’s cumulative TSR was generally aligned with the S&P 600 Food Products Index, the Company underperformed in 2020 due to the impact of the COVID-19 pandemic on the Company’s business. For more information regarding the Company’s performance and the companies that the Compensation Committee considers when determining compensation, refer to “Executive Compensation – Compensation Discussion and Analysis.”

 
       
Tabular List, Table

Financial Performance Measures

As described in greater detail in “Executive Compensation – Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a pay-for-performance philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are based on quantifiable and objective performance goals to incentivize our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link executive compensation actually paid to our NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:

•
EBITDA
•
Net Sales
•
Earnings per Share
•
NOCF (calculated as net cash provided by operating activities divided by average shareholder’s equity)
•
Free Cash Flow (calculated as net cash provided by operating activities less net cash used in investing activities)
•
Return on Assets (calculated as calculated as EBIT divided by average assets)
       
Total Shareholder Return Amount $ 105.78 81.18 78.74 81.16 69.66
Peer Group Total Shareholder Return Amount 124.27 114.36 104.79 108.31 98.07
Net Income (Loss) $ 141,600,000 $ (1,600,000) $ 97,700,000 $ 79,900,000 $ 46,300,000
Company Selected Measure Amount 273,900,000 124,100,000 241,800,000 206,100,000 177,400,000
PEO Name Mr. Abu-Ghazaleh        
Additional 402(v) Disclosure

Analysis of the Information Presented in the Pay versus Performance Table

As described in more detail in the section “Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a pay-for-performance philosophy. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the Pay versus Performance table. Moreover, the Company generally seeks to incentivize long-term performance, and therefore does not specifically align the Company’s performance measures with compensation that is actually paid (as computed in accordance with Item 402(v) of Regulation S-K) (“CAP”) for a particular year. In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between information presented in the Pay versus Performance table.

       
Measure:: 1          
Pay vs Performance Disclosure          
Name EBITDA        
Measure:: 2          
Pay vs Performance Disclosure          
Name Net Sales        
Measure:: 3          
Pay vs Performance Disclosure          
Name Earnings per Share        
Measure:: 4          
Pay vs Performance Disclosure          
Name NOCF (calculated as net cash provided by operating activities divided by average shareholder’s equity)        
Measure:: 5          
Pay vs Performance Disclosure          
Name Free Cash Flow (calculated as net cash provided by operating activities less net cash used in investing activities)        
Measure:: 6          
Pay vs Performance Disclosure          
Name Return on Assets (calculated as calculated as EBIT divided by average assets)        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (4,000,000) $ (2,433,301) $ (3,179,283) $ (3,156,854) $ (2,492,463)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 4,909,704 2,309,969 2,424,281 3,384,692 757,409
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,728,232 1,987,991 2,662,790 3,174,399 1,761,924
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 605,322 6,882 (109,442) 266,406 (945,548)
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 274,200
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (152,396) 281,614 (39,811) 100,230 (368,638)
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,391,591) (71,892) (149,551) (163,676) 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 120,137 105,374 60,295 7,333 35,471
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (446,366) 314,437 (136,720) (429,688) (381,503)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 517,087 265,466 (78,549) 468,724 190,565
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 603,181 256,893 226,694 434,433 270,215
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 31,606 361 (6,175) 46,389 (81,151)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0 0 0 0 37,222
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (5,294) 7,442 (449) 13,119 (36,960)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (116,038) (3,284) (308,609) (27,428) 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 3,632 $ 4,054 $ 9,989 $ 2,211 $ 1,238