PILGRIMS PRIDE CORP
For the period ended May 1, 2024. Filed Apr 1, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 1, 2024 · Filed Apr 1, 2024
Contents
Pay Versus Performance Table
As discussed in our CD&A above, our Compensation Committee aligns our executive pay with performance. The following table sets forth information regarding the compensation information for our NEOs and specific performance measures, including our company selected measure (“CSM”) for the 4 most recent fiscal years:
| Cumulative Total Shareholder Return (“TSR”) on $100 Initial Investment · (in thousands) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Summary Compensation Table - PEO #1(1) ($) · Compensation Actually Paid - PEO #1(2) ($) · Summary Compensation Table - PEO #2(1) ($) · Compensation Actually Paid - PEO #2(2) ($) · Summary Compensation Table - Non-PEO NEO(1) ($) · Compensation Actually Paid - Non-PEO NEO(2) ($) · PPC TSR · Peer Group TSR · Net Income ($) · CSM: Profit Before Taxes Margin (%) | ||||||||||
| 2023 | 2,577,965 | 4,660,929 | — | — | 1,167,761 | 1,339,968 | $83.89 | $70.57 | 322,317 | 2.5% |
| 2022 | 3,011,423 | 95,033 | — | — | 1,609,641 | 1,203,303 | 72.19 | 87.04 | 746,538 | 6.1% |
| 2021 | 8,581,691 | 16,487,836 | — | — | 1,905,296 | 2,716,224 | 83.56 | 102.90 | 31,268 | 5.1% |
| 2020 | 2,546,931 | (2,709,606) | 723,665 | (11,406,682) | — | — | 58.69 | 86.84 | 95,070 | 3.1% |
(1)The PEOs and Other NEOs for each year reported in this table are:
| Year | PEO #1 | PEO #2 | Other NEOs |
| 2023 | Fabio Sandri | N/A | Matthew Galvanoni |
| 2022 | Fabio Sandri | N/A | Matthew Galvanoni |
| 2021 | Fabio Sandri | N/A | Matthew Galvanoni |
| 2020 | Fabio Sandri | Jayson Penn | N/A |
(2)None of our NEOs participate in a pension plan; therefore, we did not report a change in pension value for any of the years reflected in this table, and a deduction from the SCT total related to pension value is not needed. The following table shows items added to or deducted from the Total Compensation in the Summary Compensation Table in order to calculate the amount of executive Compensation Actually Paid (or “CAP”), as shown in table above:
| 2023 · 2022 · 2021 · 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Adjustments | PEO #1 ($) | Average of Other NEOs ($) | PEO #1 ($) | Average of Other NEOs ($) | PEO #1 ($) | Average of Other NEOs ($) | PEO #1 ($) | PEO #2 ($) |
| Total Compensation from SCT | $2,577,965 | $1,167,761 | $3,011,423 | $1,609,641 | $8,581,691 | $1,905,296 | $2,546,931 | $723,665 |
| Adjustments for stock and option awards: | ||||||||
| (Subtraction): SCT amounts | (613,554) | (340,853) | (731,408) | (406,338) | (6,062,913) | (921,087) | (1,425,900) | — |
| Fair value at year-end of awards granted in the year and unvested at year end | 700,990 | 389,439 | — | — | 13,044,043 | 1,506,985 | 2,472,077 | — |
| Change in fair value from prior year end of outstanding and unvested awards granted in prior years | 1,737,787 | 38,204 | (2,289,880) | — | 1,149,663 | — | (559,648) | — |
| Vesting date fair value of awards granted and vesting during such year | — | — | — | — | — | 225,030 | — | — |
| Change in fair value from prior year end of vested awards granted in prior years | 257,741 | 85,417 | 104,898 | — | 4,589 | — | (1,786,666) | (1,787,262) |
| Fair value at end of prior year of awards granted in prior years that were forfeited | — | — | — | — | (229,237) | — | (3,956,400) | (10,343,085) |
| Compensation Actually Paid (as calculated) | $4,660,929 | $1,339,968 | $95,033 | $1,203,303 | $16,487,836 | $2,716,224 | $(2,709,606) | $(11,406,682) |
(3)Total shareholder return as calculated based on a fixed investment of one hundred dollars measured from the market close on December 29, 2019 (the last trading day of 2019) through and including the end of the fiscal year for each year reported in the table.
(4)Our peer group used for the TSR calculation is the peer group used to show our performance in our Form 10-K, which is comprised of two companies: Hormel Foods Corp and Tyson Foods Inc.
(5)Our company-selected measure, which is the measure we believe represents the most important financial performance not otherwise presented in the table above that we use to link CAP to our NEOs for fiscal 2023 to our company’s performance, is Profit Before Taxes Margin (or “PBT Margin”). PBT Margin is a non-GAAP financial measure that takes GAAP Profit Before Taxes, adds back litigation settlement expense and in prior years, other nonrecurring items, and divides by Net Sales. For a reconciliation of this non-GAAP financial measure for fiscal year 2023, see Annex A at the end of this proxy statement.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.