LIFECORE BIOMEDICAL INC DE
For the period ended May 28, 2023. Filed Jul 19, 2024.
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May 28, 2023 · Filed Jul 19, 2024
Contents
Summary Compensation Table
| Name and Principal Position · Year · Salary ($) · Bonus ($) (1) · Stock Awards ($) (2) · Option Awards ($) (2) · Non-Equity Incentive Plan Compensation ($) (3) · All Other Compensation ($) (4) · Total ($) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| James G. Hall | 2023 | $485,435 | $— | $508,950 | $731,661 | $— | $38,167 | $1,764,213 | ||||
| President and Chief Executive Officer | 2022 | $379,972 | $— | $— | $201,462 | $294,873 | $36,721 | $913,028 | ||||
| 2021 | $365,373 | $— | $33,578 | $120,923 | $315,589 | $25,294 | $860,757 | |||||
| John D. Morberg | 2023 | $433,359 | $— | $202,685 | $203,594 | $— | $87,457 | $927,096 | ||||
| Executive Vice President, Chief Financial Officer, and Secretary | 2022 | $420,881 | $— | $— | $174,600 | $— | $22,550 | $618,031 | ||||
| 2021 | $141,923 | $85,416 | $189,525 | $266,884 | $— | $4,330 | $688,078 | |||||
| $— | ||||||||||||
| Albert D. Bolles | 2023 | $538,856 | $— | $— | $— | $802,582 | 1,341,438 | |||||
| Former President and Chief Executive Officer | 2022 | $655,547 | $— | $— | $268,616 | $— | $32,647 | $956,810 | ||||
| 2021 | $633,592 | $319,300 | $141,840 | $— | $— | $36,567 | $1,131,299 | |||||
(1)The amounts shown were discretionary bonuses.
(2)Reflects the aggregate grant date fair value of restricted stock unit awards and the grant date fair value of option awards in the respective fiscal year, as computed in accordance with FASB ASC Topic 718, Compensation — Stock Compensation using the assumptions discussed in Note 5, “Stock-based Compensation and Stockholders’ Equity,” in the notes to financial statements included in our Annual Report on Form 10-K for the year ended May 28, 2023. These amounts do not reflect the actual economic value or gain that will be realized by our Named Executive Officers relating to these awards. The amount of value realized by our executives may be significantly different than this figure depending on our future stock price performance.
(3)The amounts shown for each of the years reflect the annual cash incentive earned for the year noted.
(4)Includes the following amounts for fiscal year 2023:
| Name | Company-Paid Life Insurance | 401k Match | Company-Paid Long Term Disability Insurance | Executive Medical | Severance Benefits | Relocation Allowance | Total |
|---|---|---|---|---|---|---|---|
| Mr. Hall | $720 | $10,429 | $4,314 | $22,704 | $— | $— | $38,167 |
| Mr. Morberg | $930 | $15,186 | $313 | $11,028 | $— | $60,000 | $87,457 |
| Dr. Bolles | $810 | $11,400 | $— | $15,327 | $775,045 | $— | $802,582 |
For a description of the severance benefits to Dr. Bolles in fiscal year 2023, see “Compensation Discussion & Analysis--Transition and Separation Agreement with Former President and Chief Executive Officer.”
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