LIFECORE BIOMEDICAL INC DE
For the period ended Nov 7, 2024. Filed Sep 23, 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.
Nov 7, 2024 · Filed Sep 23, 2024
Contents
Pay Versus Performance Table
| Fiscal Year | SCT Total for PEO | CAP to PEO | SCT Total for PEO 2 | CAP to PEO 2 | SCT Total for PEO 3 | CAP to PEO 3 | Average SCT Total for non-PEO NEOs | Average CAP to non-PEO NEO’s | TSR | Peer Group TSR | Net Income ($M) | Adjusted EBITDA($M) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) | (j) | (j) | (k) |
| 2024 | N/A | N/A | $2,491,413 | $1,688,561 | $10,247,057 | $11,523,932 | $1,293,936 | $950,826 | $52.67 | $136.18 | $12.0 | $26.2 |
| 2023 | $1,341,438 | $640,585 | $1,764,213 | $1,395,472 | N/A | N/A | $927,096 | $777,243 | $74.41 | $116.26 | $(99.6) | $7.8 |
| 2022 | $956,810 | $711,502 | N/A | N/A | N/A | N/A | $687,606 | $451,471 | $92.50 | $119.75 | $(116.7) | $17.8 |
| 2021 | $1,131,299 | $1,665,818 | N/A | N/A | N/A | N/A | $624,189 | $696,568 | $112.18 | $146.72 | $(32.3) | $17.9 |
(1)The dollar amounts reported in column (b) and (d) and (f) are the aggregate amounts of total compensation reported for PEO (Bolles) PEO2 (Hall) and PEO3 (Josephs) respectively, 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), (e),(g) and (i) represent the amount of "compensation actually paid (otherwise known as CAP), as computed in accordance with SEC rules. CAP does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules. We do not have a defined benefit plan so no adjustment for pension benefits is included in the table below. Similarly, no adjustment is made for dividends as dividends are factored into the fair value of the award. The following table details these adjustments:
| Fiscal Year · SCT (a) · Grant Date Value of New Awards(b) · Year End Value of New Awards(i) · Change in Value of Prior Awards(ii) · Change in Value of Vested Awards(iii) · Prior Year End Value of Failed to Vest Awards(iv) · CAP | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | PEO2 | $2,491,413 | $(1,856,250) | $1,264,500 | $(211,102) | $— | $— | $1,688,561 |
| PEO3 | $10,247,057 | $(10,111,500) | $11,240,000 | $— | $148,375 | $— | $11,523,932 | |
| NEOs | $1,293,936 | $(783,750) | $533,900 | $(93,260) | $— | $— | $950,826 | |
| 2023 | PEO | $1,341,438 | $— | $— | $— | $(118,193) | $(582,660) | $640,585 |
| PEO2 | $1,764,213 | $(1,240,611) | $900,825 | $9,307 | $(38,262) | $— | $1,395,472 | |
| NEOs | $927,096 | $(406,279) | $321,723 | $(22,143) | $(43,154) | $— | $777,243 | |
| 2022 | PEO | $956,810 | $(268,616) | $186,013 | $60,856 | $(223,561) | $— | $711,502 |
| PEO2 | $— | $— | $— | $— | $— | $— | $— | |
| NEOs | $687,606 | $(152,216) | $86,806 | $(62,463) | $(42,030) | $(66,233) | $451,471 | |
| 2021 | PEO | $1,131,299 | $(141,840) | $480,384 | $183,014 | $12,961 | $— | $1,665,818 |
| PEO2 | $— | $— | $— | $— | $— | $— | $— | |
| NEOs | $624,189 | $(185,062) | $196,183 | $40,880 | $45,120 | $(24,741) | $696,568 | |
(a) The dollar amounts reported in the SCT for the applicable year, plus:
(b) The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the SCT for the applicable year plus:
(i-iv) The recalculated value of equity awards for each applicable year including:
(i) Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year;
(ii) Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Years;
(iii) Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in the Current Year and Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year;
(iv) Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year.
(3) The dollar amounts reported in column (f) represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group in the “Total” column of the SCT 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:
| 2024 | John D. Morberg |
| 2023 | John D. Morberg |
| 2022 | John D. Morberg, James G. Hall, and Timothy Burgess |
| 2021 | John D. Morberg, Brian McLaughlin, James G. Hall, Timothy Burgess, and Dawn Kimball |
(4) TSR determined in Column (h) is based on the value of an initial fixed investment of $100 as of May 31, 2020.
(5)The Peer Group TSR set forth in this table utilizes the Nasdaq Industrial Index.
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