UNITED NATURAL FOODS INC
For the period ended Dec 17, 2024. Filed Nov 6, 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.
Dec 17, 2024 · Filed Nov 6, 2024
UNFI$45.30-1.5%Stored close · as of Nov 6, 2026
Contents
Executive Compensation Program Highlights
Our executive compensation program is designed to align our executive compensation with long-term stockholder interests and incorporates the following best practices:
| WHAT WE DO | |
| ü | Our NEO pay is aligned with financial performance, with variable, performance-based pay constituting 71% - 86% of NEO compensation at target in fiscal 2024. |
|---|---|
| ü | We grant incentive compensation based on rigorous performance conditions and peer group comparisons. |
| ü | Performance-based incentive awards are tied 100% to pre-established financial metrics; any adjustments to performance targets and conditions impacting payouts are considered by the Compensation Committee in accordance with pre-established guidelines. |
| ü | Our Compensation Committee engages an independent compensation consultant to advise on our compensation program. |
| ü | Our change in control severance benefits are double-trigger and provide for market multiples of 2 to 2.5 (CEO only) and cover only executive officers and small groups of officers under pre-existing agreements. |
| ü | Severance agreements for executives other than CEO are limited to 1x multiple of base and bonus and to three-year terms and cover only executive officers and a small group of officers under pre-existing agreements in exchange for restrictive covenants. |
| ü | In addition to the NYSE-mandated executive clawback policy, we have a policy for recoupment of performance-based compensation applicable to our executive officers and other senior officers, which we recently enhanced to permit the Board to require forfeiture of both performance-based and time-based incentive compensation in the event of misconduct causing reputational harm. |
| ü | We have robust stock ownership guidelines for NEOs and certain other officers. |
| ü | Equity awards continue to vest through qualifying retirement, with proration of awards granted in year of retirement to match service period. |
| ü | We require employment and post-employment covenants (including non-compete, non-solicitation and assignment of intellectual property) for executive officers and all equity and bonus participants, unless prohibited by law. |
| WHAT WE DON’T DO | |
| û | No employment agreements with any executive officers (including CEO). |
|---|---|
| û | No uncapped incentive opportunities. |
| û | No change in control agreements are expected to be extended beyond key executive officers and the existing group. |
| û | No severance agreements are expected to be extended beyond existing group and are time-bound. |
| û | No tax gross-ups of severance or change in control payments. |
| û | No hedging or short sales of our stock and no pledging by certain employees, including executive officers. |
| û | No excessive perquisites. |
| û | No supplemental retirement benefits. |
| û | No guaranteed bonuses. |
| û | No incentives that motivate excessive risk-taking. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.