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USANA HEALTH SCIENCES INC

For the period ended Dec 30, 2023. Filed Mar 22, 2024.

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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.

Dec 30, 2023 · Filed Mar 22, 2024

USNA$13.63-1.7%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

(Mark One)

x Filed by the Registrant

o Filed by a Party other than the Registrant

Check the appropriate box:

oPreliminary Proxy Statement
oConfidential, For use of the Commission Only (as permitted by Rule 14a-6(e)(2))
xDefinitive Proxy Statement
oDefinitive Additional Materials
oSoliciting Material Pursuant to § 240.14a-12

USANA HEALTH SCIENCES, INC.

(Name of Registrant as Specified in its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

xNo fee required.
oFee paid previously with preliminary materials.
oFee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays as currently valid OMB control number.

A message from

Kevin Guest, Executive Chairman of the Board

March 22, 2024

Dear USANA Shareholders,

We invite you to participate in the Annual Meeting of Shareholders of USANA Health Sciences, Inc. on Monday, May 6, 2024, at 11:00 AM, Mountain Daylight Time. We will conduct the Annual Meeting via a live webcast. There will not be an option for you to attend the Annual Meeting in person. You will be able to participate in the Annual Meeting and vote your shares electronically during the live webcast of the meeting by visiting www.virtualshareholdermeeting.com/USNA2024 and entering the 16-digit control number provided in your proxy materials.

We are pleased to provide access to our proxy materials over the Internet under the U.S. Securities and Exchange Commission’s “notice and access” rules. As a result, we are mailing to many of our shareholders a Notice of Internet Availability of Proxy Materials, instead of a paper copy of the Proxy Statement and our 2023 Annual Report. The notice contains instructions on how to access those documents over the Internet as well as how to receive a paper copy of our proxy materials. All shareholders who do not receive a notice will receive a paper copy by mail unless they have previously requested delivery of proxy materials electronically. Continuing to employ this distribution process will conserve natural resources and reduce the costs of printing and distributing our proxy materials.

You may vote your shares at the Annual Meeting, or by proxy over the Internet or by telephone, or, if you received paper copies of the proxy materials, by mail, by following the instructions on the proxy card or voting instruction card. Submitting your vote in any of these authorized ways will ensure your representation at the Annual Meeting regardless of whether you participate virtually in the Annual Meeting online over the Internet.

Please contact 1-800-586-1548 for any technical difficulties or trouble accessing the virtual meeting or if you are unable to locate your 16-digit control number.

Your vote is important to us and I do hope you will vote as soon as possible. Thank you for your continued support of USANA.

Sincerely,

Kevin Guest

Executive Chairman of the Board

NOTICE OF 2024 ANNUAL MEETING OF SHAREHOLDERS

To the Shareholders of USANA Health Sciences, Inc.:

Time:May 6, 2024, 11:00 AM Mountain Daylight Time
Place:Our 2024 Annual Meeting of Shareholders will be a virtual meeting conducted entirely via live webcast over the Internet. You will be able to participate in the Annual Meeting online and vote your shares electronically during the live webcast of the meeting by visiting www.virtualshareholdermeeting.com/USNA2024 and entering your 16-digit control number included in the notice containing instructions on how to access Annual Meeting materials, your proxy card, or the voting instructions that accompanied your proxy materials. You will not be able to attend the meeting at a physical location.
Items of BusinessAt the meeting, we will conduct the following business, as more fully described in the Proxy Statement accompanying this Notice of Annual Meeting:
1.Elect the eight directors named in the Proxy Statement;
2.Ratify the selection of KPMG LLP as our independent registered public accounting firm for the Fiscal Year 2024;
3.Approve, on an advisory basis, our executive compensation, as described in these proxy materials; and
4.Such other business as may properly come before the meeting or at any postponement or adjournment thereof.
Record Date:The foregoing items of business are more fully described in the Proxy Statement accompanying this Notice of Annual Meeting. You are entitled to notice of, and eligible to vote at, this year’s Annual Meeting if you were a shareholder of record as of the close of business on March 11, 2024.

In accordance with U.S. Securities and Exchange Commission rules, we are furnishing these proxy materials and our Annual Report on Form 10-K for fiscal year 2023 via the Internet. On March 22, 2024, we mailed to shareholders as of the record date a notice with instructions on how to access our Annual Meeting materials and vote via the Internet, by mail, or by telephone.

Any action on the items of business described above may be considered at the Annual Meeting at the time and on the date specified above or at any time and date to which the Annual Meeting may be properly adjourned or postponed.

Your vote is important to us. Whether or not you plan to participate in the Annual Meeting, we encourage you to review the accompanying proxy statement for information relating to each of the proposals and to cast your vote promptly.

By Order of the Board of Directors,
Joshua Foukas
Chief Legal Officer, General Counsel
and Corporate Secretary
Salt Lake City, Utah

TABLE OF CONTENTS

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS1
PROXY STATEMENT6
Summary6
Internet Availability of Proxy Materials7
Voting and Quorum, Abstentions and Broker Non-Votes7
Shareholder of Record7
Beneficial Owner7
Quorum7
Broker Non-Votes7
Shares Held in Multiple Accounts8
Proposals to be Voted Upon and Vote Required8
Proposal No. 1 - Election of Directors8
Proposal No. 2 - Ratification of Selection of Independent Registered Public Accounting Firm8
Proposal No. 3 - Approval of Executive Compensation8
Revocation and Voting of Proxies8
Revoking a Proxy8
Voting of Proxies8
Proxy Solicitation; Cost of Soliciting Proxies9
Participating in the Virtual Annual Meeting9
Reporting Voting Results9
PROPOSAL #1 – ELECTION OF DIRECTORS10
Director Nominees11
RECOMMENDATION OF THE BOARD OF DIRECTORS14
BOARD OF DIRECTORS AND CORPORATE GOVERNANCE14
Principles of Corporate Governance14
Independent Directors15
Principles of Corporate Governance15
Stock Ownership Requirements15
Lead Independent Director16
Chairman and Chief Executive Officer Roles16
Executive Sessions of Independent Directors16
Prohibition Against Pledging USANA Securities and Hedging Transactions16
Clawback Policy16
Code of Ethics16
Corporate Governance Guidelines17
Committees of the Board of Directors17
Annual Assessment of Board Effectiveness17
Plurality Plus Voting for Directors; Director Resignation Policy17
Term Limits and Mandatory Retirement Age17
Communicating with the Board of Directors17
Risk Oversight and Management18
Audit Committee18
Governance, Risk & Nominating Committee18
Sustainability Committee18
Compensation Committee19
Composition and Meetings of the Board of Directors and its Committees19
Audit Committee19
Governance, Risk & Nominating Committee19
Sustainability Committee20
Compensation Committee20
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION20
DIRECTOR COMPENSATION21
Fiscal Year 2023 Director Compensation21
Cash Compensation21
Equity Compensation21
Director Compensation Table21
P PROPOSAL #2 – RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM22
Independence23
Fees to Independent Registered Public Accounting Firm23
Policy on Pre-Approval of Audit and Permissible Non-Audit Services23
RECOMMENDATION OF THE BOARD OF DIRECTORS23
REPORT OF THE AUDIT COMMITTEE24
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT26
DELINQUENT SECTION 16(a) REPORTS27
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS28
Policies and Procedures Regarding Related Party Transactions28
EXECUTIVE COMPENSATION28
Compensation Discussion and Analysis28
Executive Summary28
Summary of 2023 Accomplishments28
Compensation Philosophy and Objectives29
Overview of Components of Executive Compensation Program29
Role of Compensation Committee29
Role of Corporate Management in Assisting Compensation Committee29
Compensation Consultant30
Peer Groups30
Compensation Risk Assessment31
Components of Compensation31
Base Salary31
Short-Term Cash Incentive (Non-Equity Incentive Plan Compensation)32
Equity Compensation33
Other Compensation34
Accounting Considerations and Tax Deductibility of Executive Compensation34
REPORT OF THE COMPENSATION COMMITTEE35
SUMMARY COMPENSATION TABLE36
NON-QUALIFIED DEFERRED COMPENSATION TABLE37
GRANTS OF PLAN-BASED AWARDS38
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END39
OPTION EXERCISES AND STOCK VESTED40
EQUITY COMPENSATION PLAN INFORMATION40
EMPLOYMENT CONTRACTS AND OTHER ARRANGEMENTS42
PAY VERSUS PERFORMANCE TABLE42
FISCAL YEAR 2023 CEO PAY RATIO45
PROPOSAL #3 ANNUAL ADVISORY "SAY ON PAY VOTE TO APPROVE OUR NAMED EXECUTIVE OFFICERS' COMPENSATION45
RECOMMENDATION OF THE BOARD OF DIRECTORS46
SHAREHOLDER PROPOSALS FOR 2025 ANNUAL MEETING OF SHAREHOLDERS46
OTHER BUSINESS46
ELECTRONIC DELIVERY OF FUTURE SHAREHOLDER COMMUNICATIONS47
REDUCING DUPLICATE MAILINGS48
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.