þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Tennessee | 54-0402940 | |
(State or Other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) | |
12500 West Creek Parkway | ||
Richmond, Virginia | 23238 | |
(Address of Principal | (Zip Code) | |
Executive Offices) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $0.01 par value per share | Nasdaq Global Select Market |
þ Large accelerated filer | o Accelerated filer | |||||
o Non-accelerated filer (Do not check if a smaller reporting company) | o Smaller Reporting Company |
Part III |
||||||||
3 | ||||||||
40 | ||||||||
Ex-31.3 Section 302 Certification of the CEO | ||||||||
Ex-31.4 Section 302 Certification of the CFO |
2
3
Arrow Electronics Inc.
|
Owens & Minor Inc. | |
Avent Inc.
|
Henry Schein Inc. | |
C.H. Robinson Worldwide Inc.
|
Supervalu Inc. | |
Genuine Parts Co.
|
Synnex Corp. | |
Grainger (W.W.) Inc.
|
Sysco Corp. | |
Ingram Micro Inc.
|
Tech Data Corp. | |
CNF Inc.
|
United Stationers Inc. | |
Nash Finch Inc.
|
YRC Worldwide Inc. |
Name | 2007 Base Salary(1) | 2006 Base Salary(2) | ||||||
Steven L. Spinner |
$ | 655,000 | $ | 600,000 | ||||
Thomas Hoffman |
$ | 360,000 | $ | 340,000 | ||||
John D. Austin |
$ | 353,000 | $ | 340,000 | ||||
Joseph Paterak, Jr. |
$ | 302,000 | $ | 293,000 | ||||
Joseph J. Traficanti |
$ | 270,000 | $ | 240,000 |
(1) | Effective March 1, 2007. | |
(2) | Effective March 1, 2006. Mr. Spinners base salary became effective October 1, 2006, when he began serving as the Companys Chief Executive Officer. |
4
Cash | ||||||||
Incentive | ||||||||
Payout as a | ||||||||
Percentage | ||||||||
of Base | ||||||||
Performance measure | Applicable Target | Salary | ||||||
Earnings per
diluted share
excluding, in the
discretion of the
Compensation
Committee, the
impact of
acquisitions,
write-offs from
facility
restructurings and
acts of God as well
as unusual one-time
charges or earnings |
$ | 1.33 | 0 | % | ||||
$ | 1.38 | 16 | % | |||||
$ | 1.42 | 32 | % | |||||
$ | 1.48 | 48 | % | |||||
Internal sales |
$ | 5,922,000,000 | 0 | % | ||||
$ | 6,111,000,000 | 6 | % | |||||
$ | 6,300,000,000 | 16 | % | |||||
$ | 6,426,000,000 | 26 | % | |||||
Operating margin
from continuing
operations,
including the
impact of stock
compensation
expense, but
excluding the
impact of any
acquisitions |
1.31 | % | 0 | % | ||||
1.36 | % | 7 | % | |||||
1.40 | % | 11 | % | |||||
1.44 | % | 16 | % | |||||
Return on capital
from continuing
operations
including
restricted share
expense, but
excluding the
impact of any
acquisitions |
6.00 | % | 0 | % | ||||
6.16 | % | 5 | % | |||||
6.26 | % | 9 | % | |||||
6.36 | % | 13 | % | |||||
Ensure satisfactory
completion of key
2007 project-based
objectives |
Plan in place but behind schedule somewhat | 7 | % | |||||
Plan in place and on schedule | 12 | % | ||||||
Plan in place and ahead of schedule | 17 | % |
5
Cash | ||||||||
Incentive | ||||||||
Payout as a | ||||||||
Percentage of | ||||||||
Performance Measure | Applicable Target | Base Salary | ||||||
Earnings before interest and taxes for the Companys
Customized segment |
$ | 31,000,000 | 0 | % | ||||
$ | 31,400,000 | 7 | % | |||||
$ | 31,996,628 | 14 | % | |||||
$ | 32,800,000 | 21 | % | |||||
Cumulative revenue from the Companys Customized segment |
$ | 2,495,000,000 | 0 | % | ||||
$ | 2,560,000,000 | 6 | % | |||||
$ | 2,619,574,000 | 12 | % | |||||
$ | 2,900,000,000 | 18 | % | |||||
Earnings per diluted share excluding, in the discretion
of the Compensation Committee, the impact of
acquisitions, write-offs from facility restructurings
and acts of God as well as unusual one-time charges or
earnings |
$ | 1.33 | 0 | % | ||||
$ | 1.38 | 6 | % | |||||
$ | 1.42 | 12 | % | |||||
$ | 1.48 | 18 | % | |||||
Customized segments cumulative return on capital |
16.7 | % | 0 | % | ||||
17.3 | % | 6 | % | |||||
17.8 | % | 12 | % | |||||
18.5 | % | 18 | % | |||||
Customized segments earnings before interest and taxes
as a percentage of the Customized segments net sales |
1.20 | % | 0 | % | ||||
1.22 | % | 4 | % | |||||
1.24 | % | 8 | % | |||||
1.26 | % | 12 | % | |||||
Assurance of adequate control environment |
No material weaknesses | 0 | % | |||||
No significant deficiencies | 3 | % | ||||||
Service of $200 million of new customer business net of
any loss |
By November 15, 2007 | 0 | % | |||||
By August 30, 2007 | 5 | % | ||||||
By June 30, 2007 | 10 | % | ||||||
By April 30, 2007 | 15 | % | ||||||
Identified
a possible successor chief executive officer for the
Customized segment |
By August 30, 2007 | 6 | % | |||||
By June 30, 2007 | 12 | % | ||||||
By April 30, 2007 | 15 | % |
6
Cash | ||||||||
Incentive | ||||||||
Payout as a | ||||||||
Percentage of | ||||||||
Performance Measure | Applicable Target | Base Salary | ||||||
Earnings per diluted share excluding, in the
discretion of the Compensation Committee,
the impact of acquisitions, write-offs from
facility restructurings and acts of God as
well as unusual one-time charges or earnings |
$ | 1.33 | 0 | % | ||||
$ | 1.38 | 12 | % | |||||
$ | 1.42 | 25 | % | |||||
$ | 1.48 | 38 | % | |||||
Return on capital from continuing operations
including restricted share expense, but
excluding the impact of any acquisitions |
6.00 | % | 0 | % | ||||
6.16 | % | 11 | % | |||||
6.26 | % | 25 | % | |||||
6.36 | % | 37 | % | |||||
Ensure effective internal control environment |
100% compliance with no significant deficiencies | 3 | % | |||||
Attainment of consolidated earned income
objectives, net of programs moved from
affiliated subsidiary of the Company |
$ | 159,877,000 | 0 | % | ||||
$ | 163,684,000 | 4 | % | |||||
$ | 176,731,000 | 10 | % | |||||
$ | 185,568,000 | 14 | % | |||||
Development of shared services model for
cash application, earned income and accounts
payable |
Working model rolled out by the second quarter of 2008 | 3 | % | |||||
Working model rolled out by the first quarter of 2008 | 7 | % | ||||||
One operating company converted | 8 | % |
Cash | ||||||||
Incentive | ||||||||
Payout as a | ||||||||
Percentage of | ||||||||
Performance Measure | Applicable Target | Base Salary | ||||||
Broadline segments earnings before
interest and taxes, excluding the
impact of any acquisitions |
$ | 87,300,000 | 0 | % | ||||
$ | 88,200,000 | 12 | % | |||||
$ | 89,361,000 | 25 | % | |||||
$ | 91,300,000 | 35 | % | |||||
Broadline segments earnings before
interest and taxes (excluding the
impact of any acquisitions) as a
percentage of Broadline segments net
sales |
2.25 | % | 0 | % |
7
Cash | ||||||||
Incentive | ||||||||
Payout as a | ||||||||
Percentage of | ||||||||
Performance Measure | Applicable Target | Base Salary | ||||||
2.35 | % | 5 | % | |||||
2.40 | % | 8 | % | |||||
2.48 | % | 17 | % | |||||
Total street sales |
$ | 0 | 0 | % | ||||
$ | 1,650,000,000 | 3 | % | |||||
$ | 1,710,934,000 | 7 | % | |||||
$ | 1,800,000,000 | 11 | % | |||||
Attainment of consolidated earned
income objectives, net of programs
moved from affiliated subsidiary of
the Company |
$ | 159,877,000 | 0 | % | ||||
$ | 163,684,000 | 7 | % | |||||
$ | 176,731,000 | 18 | % | |||||
$ | 185,568,000 | 21 | % | |||||
Return on capital from continuing
operations including restricted share
expense, but excluding the impact of
any acquisitions |
6.00 | % | 0 | % | ||||
6.16 | % | 7 | % | |||||
6.26 | % | 11 | % | |||||
6.36 | % | 17 | % | |||||
Earnings per diluted share excluding,
in the discretion of the Compensation
Committee, the impact of
acquisitions, write-offs from
facility restructurings and acts of
God as well as unusual one-time
charges or earnings |
$ | 1.33 | 0 | % | ||||
$ | 1.38 | 4 | % | |||||
$ | 1.42 | 11 | % | |||||
$ | 1.48 | 15 | % |
Cash | ||||||||
Incentive | ||||||||
Payout as a | ||||||||
Percentage of | ||||||||
Performance Measure | Applicable Target | Base Salary | ||||||
Attainment of consolidated earned income
objectives, net of programs moved from
affiliated subsidiary of the Company |
$ | 159,877,000 | 0 | % | ||||
$ | 163,684,000 | 4 | % | |||||
$ | 176,731,000 | 7 | % | |||||
$ | 185,568,000 | 13.5 | % | |||||
Individual objectives (5% reduction in the
Companys consolidated legal costs,
standardized repository of MUA contracts
that are greater than $5 million annually,
implement a new code of conduct and perform
audit and standardization of supplier
contracts) |
subjective | 3 | % | |||||
subjective | 6 | % | ||||||
subjective | 9 | % | ||||||
Ensure effective internal control environment |
No significant deficiencies and 100% compliance | 3 | % | |||||
Return on capital from continuing operations
including restricted share expense, but
excluding the impact of any acquisitions |
6.00 | % | 0 | % |
8
Cash | ||||||||
Incentive | ||||||||
Payout as a | ||||||||
Percentage of | ||||||||
Performance Measure | Applicable Target | Base Salary | ||||||
6.16 | % | 9 | % | |||||
6.26 | % | 17 | % | |||||
6.36 | % | 22 | % | |||||
Earnings per diluted share
excluding, the
discretion of the Compensation Committee,
the impact of acquisitions, write-offs from
facility restructurings and acts of God as
well as unusual one-time charges or earnings |
$ | 1.33 | 0 | % | ||||
$ | 1.38 | 9 | % | |||||
$ | 1.42 | 20 | % | |||||
$ | 1.48 | 27 | % |
9
10
Stock-Settled Stock | ||||||||||||
Appreciation Rights Subject to | Number of Time-Based | |||||||||||
Name | Time-Based Vesting | Grant Price(1) | Vesting Restricted Shares | |||||||||
Steven L. Spinner |
37,800 | $ | 29.46 | 9,000 | ||||||||
Thomas Hoffman |
10,500 | $ | 29.46 | 3,500 | ||||||||
John D. Austin |
14,700 | $ | 29.46 | 3,500 | ||||||||
Joseph Paterak, Jr. |
9,450 | $ | 29.46 | 2,250 | ||||||||
Joseph J. Traficanti |
8,400 | $ | 29.46 | 2,000 |
(1) | The grant price per share is equal to the fair market value of the Companys common stock on the date of the grant. |
11
| change the contribution formula for contributions credited to a participants account for the period beginning on or after December 31, 2006 to eliminate the 5% base contribution and enhance the performance contribution under the SERP so that (1) a 2% performance contribution would be earned for each 1% of targeted earnings before interest and taxes achieved between 95% and 100% of the targeted amount, and (2) an additional 1% contribution would be earned for each 1% of targeted earnings before interest and taxes achieved in excess of 100% of the targeted amount, up to 110%; | ||
| change the vesting schedule for contributions credited for periods beginning on or after December 31, 2006 such that 50% of such contributions vest after five years of service, with the remainder vesting 10% per year for each year of service thereafter; and | ||
| change the timing of the payment of benefits under the Plan for participants who terminate participation or employment prior to retirement at age 65. |
12
2008 Base | ||||
Name | Salary | |||
Steven L. Spinner |
$ | 681,200 | ||
Thomas Hoffman |
$ | 374,400 | ||
John D. Austin |
$ | 367,120 | ||
Joseph Paterak, Jr. |
$ | 314,080 | ||
Joseph J. Traficanti |
$ | 280,800 |
13
Steven L. Spinner |
$ | 315,000 | ||
John D. Austin |
$ | 185,000 | ||
Joseph J. Traficanti |
$ | 100,000 |
Charles E. Adair
|
Mary C. Doswell | Fred C. Goad, Jr. | Timothy M. Graven | John E. Stokely |
14
15
Change in Pension | ||||||||||||||||||||||||||||||||||||
Value and | ||||||||||||||||||||||||||||||||||||
Non-Equity | Nonqualified | |||||||||||||||||||||||||||||||||||
Stock | Option | Incentive Plan | Deferred | |||||||||||||||||||||||||||||||||
Name and | Awards | Awards | Compensation | Compensation | All Other | |||||||||||||||||||||||||||||||
Principal | Salary | Bonus | (1)(2) | (1)(2) | (3) | Earnings(4) | Compensation | |||||||||||||||||||||||||||||
Position | Year | ($) | ($) | ($) | ($) | ($) | ($) | (5) ($) | Total ($) | |||||||||||||||||||||||||||
Steven L. Spinner
Chief Executive
Officer (6) |
2007 | $ | 644,846 | | $ | 197,896 | $ | 390,244 | $ | 681,179 | $ | 94,559 | $ | 97,504 | $ | 2,106,228 | ||||||||||||||||||||
2006 | 496,847 | | 130,139 | 166,628 | 88,170 | 10,328 | 37,776 | 929,888 | ||||||||||||||||||||||||||||
Thomas Hoffman
Senior Vice
President;
President and Chief
Executive Officer
Customized |
2007 | 356,154 | | 90,904 | 122,721 | 354,253 | 46,353 | 54,060 | 1,024,445 | |||||||||||||||||||||||||||
2006 | 356,795 | | 73,246 | 76,620 | 270,300 | 11,335 | 39,975 | 828,271 | ||||||||||||||||||||||||||||
John D. Austin
Senior Vice
President and Chief
Financial Officer |
2007 | 350,600 | | 88,056 | 124,035 | 370,356 | 88,381 | 57,258 | 1,078,686 | |||||||||||||||||||||||||||
2006 | 337,288 | | 66,539 | 64,966 | 173,230 | 9,819 | 35,152 | 686,994 | ||||||||||||||||||||||||||||
Joseph Paterak, Jr.
Senior Vice
President Broadline
Operations |
2007 | 301,147 | | 71,508 | 57,502 | 194,419 | 35,433 | 44,492 | 704,501 | |||||||||||||||||||||||||||
2006 | 293,335 | | 48,336 | 27,406 | 52,866 | 4,214 | 26,937 | 453,094 | ||||||||||||||||||||||||||||
Joseph J.
Traficanti Senior
Vice President and
General Counsel |
2007 | 264,462 | | 67,866 | 39,976 | 223,397 | 22,966 | 44,790 | 663,457 | |||||||||||||||||||||||||||
2006 | 234,577 | | 44,913 | 13,272 | 99,120 | 10,634 | 9,238 | 411,754 |
1. | The amounts in the columns captioned Stock Awards and Option Awards reflect the dollar amount recognized for financial statement reporting purposes for the fiscal year ended December 30, 2006, in accordance with FAS 123(R) of awards pursuant to the Companys equity incentive plans and thus may include amounts from awards granted in and prior to 2007 or 2006, as the case may be. For a description of the assumptions used by the Company in valuing these awards for the fiscal years ended December 31, 2005, December 30, 2006 and December 29, 2007 please see Note 16 Stock Based Compensation to the Companys consolidated financial statements included in the Companys Annual Report on Form 10-K for the fiscal year ended December 29, 2007 filed with the Securities and Exchange Commission on February 26, 2008. | |
2. | In fiscal 2007, there were a total of 53,000 shares of restricted stock forfeited and 69,000 options that were cancelled for all equity award plans administered by the Company. In fiscal 2007, 5,700 stock appreciation rights were forfeited. |
16
3. | Amounts for fiscal 2007 reflect those amounts earned for the two-year period ended December 29, 2007 pursuant to the Companys 2006 Cash Incentive Plan and for the one-year period ended December 29, 2007 pursuant to the Companys 2007 Cash Incentive Plan as follows: |
Name | 2-Year Period | 1-Year Period | Total | |||||||||
Steven L. Spinner |
$ | 98,238 | $ | 582,941 | $ | 681,179 | ||||||
Thomas Hoffman |
99,603 | 254,650 | 354,253 | |||||||||
John D. Austin |
65,728 | 304,628 | 370,356 | |||||||||
Joseph Paterak, Jr. |
17,645 | 176,773 | 194,418 | |||||||||
Joseph J. Traficanti |
49,723 | 173,674 | 223,397 |
For a description of both Company and individual performance criteria established under the Companys 2006 and 2007 Cash Incentive Plans please see Compensation Discussion and Analysis above. | ||
4. | Includes as set forth in the table below the change in the actuarial present value of each named executive officers account under the SERP between December 30, 2006 and December 29, 2007 and the above market earnings on amounts deferred by the named executive officers pursuant to the Companys Executive Deferred Compensation Plan that are invested in the 7% fixed rate of return investment option under that plan. The change in actuarial present value under the SERP excludes contributions made in the first quarter of 2008 that related to 2007 performance. |
Above Market Earnings on | ||||||||
Change in Actuarial Present Value | Executive Deferred | |||||||
Named Executive Officer | Under SERP | Compensation Plan | ||||||
Steven L. Spinner |
$ | 92,776 | $ | 1,783 | ||||
Thomas Hoffman |
41,321 | 5,032 | ||||||
John D. Austin |
86,587 | 1,794 | ||||||
Joseph Paterak, Jr. |
35,433 | -0- | ||||||
Joseph J. Traficanti |
22,812 | 154 |
5. | Includes allocations by the Company to each named executive officers (except Mr. Traficanti, who is not eligible to participate) ESOP account of $418 for 2007. Allocations to the ESOP accounts are based on the closing price of the Companys common stock on The Nasdaq Global Select Market of $27.10 at December 28, 2007 for fiscal 2007. Also includes contributions by the Company to each named executive officers 401(k) account in fiscal 2007 as follows: Mr. Spinner $8,021; Mr. Hoffman $9,000; Mr. Austin $9,000; Mr. Paterak $9,000; and Mr. Traficanti - $9,000. Also includes contributions by the Company to the account of each named executive officer pursuant to the SERP for fiscal 2007 as follows: Mr. Spinner $88,401; Mr. Hoffman $43,978; Mr. Austin $47,176; Mr. Paterak $34,410; and Mr. Traficanti - $35,126; and contributions of $664 for Mr. Spinner, Mr. Hoffman, Mr. Austin, Mr. Paterak, and Mr. Traficanti for fiscal 2007 pursuant to the profit sharing component of the Companys 401(k) plan. | |
6. | Mr. Spinner served as President and Chief Operating Officer until October 1, 2006, and thereafter as President and Chief Executive Officer. |
17
All Other | ||||||||||||||||||||||||||||||||||||||||||||
Stock | All Other | |||||||||||||||||||||||||||||||||||||||||||
Awards: | Option | |||||||||||||||||||||||||||||||||||||||||||
Number | Awards: | |||||||||||||||||||||||||||||||||||||||||||
Estimated Possible Payouts Under | Estimated Future Payouts | of Shares | Number of | Exercise or | Grant Date | |||||||||||||||||||||||||||||||||||||||
Non-Equity Incentive Plan | Under Equity Incentive Plan | of Stock | Securities | Base Price of | Fair Value | |||||||||||||||||||||||||||||||||||||||
Awards(1) | Awards | or | Underlying | Option | of Stock | |||||||||||||||||||||||||||||||||||||||
Threshold | Target | Maximum | Threshold | Target | Maximum | Units(2) | Options(3) | Awards | and Option | |||||||||||||||||||||||||||||||||||
Name | Grant Date | ($) | ($) | ($) | (#) | (#) | (#) | (#) | (#) | ($/Sh)(4) | Awards ($) | |||||||||||||||||||||||||||||||||
Steven L. Spinner |
3/2/07 | 9,000 | $ | 265,140 | ||||||||||||||||||||||||||||||||||||||||
3/2/07 | 37,800 | 29.46 | 515,970 | |||||||||||||||||||||||||||||||||||||||||
N/A | 257,938 | 515,877 | 773,815 | N/A | ||||||||||||||||||||||||||||||||||||||||
N/A | -0- | 161,212 | 225,696 | N/A | ||||||||||||||||||||||||||||||||||||||||
Thomas Hoffman |
3/2/07 | 3,500 | $ | 103,110 | ||||||||||||||||||||||||||||||||||||||||
3/2/07 | 10,500 | 29.46 | 143,325 | |||||||||||||||||||||||||||||||||||||||||
N/A | 142,462 | 284,923 | 427,385 | N/A | ||||||||||||||||||||||||||||||||||||||||
N/A | -0- | 89,039 | 124,654 | N/A | ||||||||||||||||||||||||||||||||||||||||
John D. Austin |
3/2/07 | 3,500 | $ | 103,110 | ||||||||||||||||||||||||||||||||||||||||
3/2/07 | 14,700 | 29.46 | 200,655 | |||||||||||||||||||||||||||||||||||||||||
N/A | 105,180 | 234,902 | 350,600 | N/A | ||||||||||||||||||||||||||||||||||||||||
N/A | -0- | 87,650 | 122,710 | N/A | ||||||||||||||||||||||||||||||||||||||||
Joseph Paterak, Jr. |
3/2/07 | 2,250 | $ | 66,285 | ||||||||||||||||||||||||||||||||||||||||
3/2/07 | 9,450 | 29.46 | 128,993 | |||||||||||||||||||||||||||||||||||||||||
N/A | 114,436 | 240,918 | 349,331 | N/A | ||||||||||||||||||||||||||||||||||||||||
N/A | -0- | 47,054 | 65,876 | N/A | ||||||||||||||||||||||||||||||||||||||||
Joseph J. Traficanti |
3/2/07 | 2,000 | 58,920 | |||||||||||||||||||||||||||||||||||||||||
3/2/07 | 8,400 | 29.46 | 114,660 | |||||||||||||||||||||||||||||||||||||||||
N/A | 66,116 | 132,231 | 198,347 | N/A | ||||||||||||||||||||||||||||||||||||||||
N/A | -0- | 66,298 | 92,817 | N/A |
1. | Amounts present separately the possible payouts for the one-year and two-year incentive periods ended December 29, 2007. Actual amounts paid in March 2008 are reflected in the Summary Compensation Table. | |
2. | Reflects shares of restricted stock awarded to the named executive officer for which the forfeiture restrictions lapse on May 2, 2011, the fourth anniversary of the date of grant. The named executive officer will be allowed to vote the shares and receive dividends declared thereon, if any, in the same amounts as other shares of Common Stock issued by the Company prior to the forfeiture restrictions lapsing. | |
3. | Reflects stock-settled stock appreciation rights awarded to the named executive officer that vest on May 2, 2011, the fourth anniversary of the date of grant. | |
4. | The grant price for each stock-settled stock appreciation right award is equal to the closing sales price of the Companys common stock on the Nasdaq Global Select Market on the date of grant. |
18
Option Awards | Stock Awards | ||||||||||||||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||||
Incentive | |||||||||||||||||||||||||||||||||||||
Equity | Plan | ||||||||||||||||||||||||||||||||||||
Number | Incentive Plan | Awards: | Equity Incentive | ||||||||||||||||||||||||||||||||||
of | Number of | Awards: | Market | Number of | Plan Awards: | ||||||||||||||||||||||||||||||||
Securities | Securities | Number of | Number of | Value of | Unearned | Market or Payout | |||||||||||||||||||||||||||||||
Underlying | Underlying | Securities | Shares or | Shares or | Shares, Units | Value of | |||||||||||||||||||||||||||||||
Unexercised | Unexercised | Underlying | Units of | Units of | or Other | Unearned Shares, | |||||||||||||||||||||||||||||||
Options | Options | Unexercised | Option | Stock That | Stock That | Rights That | Units or Other | ||||||||||||||||||||||||||||||
(#) | (#) | Unearned | Exercise | Option | Have Not | Have Not | Have Not | Rights That Have | |||||||||||||||||||||||||||||
Exercisable | Unexercisable | Options | Price | Expiration | Vested(3) | Vested(4) | Vested | Not Vested | |||||||||||||||||||||||||||||
Name | (1)(2) | (2) | (#) | ($) | Date | (#) | ($) | (#) | ($) | ||||||||||||||||||||||||||||
Steven L. Spinner |
4,800 | $ | 12.88 | 04/01/09 | 25,825 | $ | 699,858 | ||||||||||||||||||||||||||||||
600 | 12.97 | 05/05/09 | |||||||||||||||||||||||||||||||||||
5,200 | 9.78 | 03/14/10 | |||||||||||||||||||||||||||||||||||
7,250 | 28.48 | 05/02/11 | |||||||||||||||||||||||||||||||||||
25,000 | 32.35 | 08/09/11 | |||||||||||||||||||||||||||||||||||
25,000 | 32.35 | 08/09/11 | |||||||||||||||||||||||||||||||||||
13,000 | 36.45 | 02/05/12 | |||||||||||||||||||||||||||||||||||
2,000 | 34.40 | 08/22/12 | |||||||||||||||||||||||||||||||||||
15,000 | 31.62 | 02/26/13 | |||||||||||||||||||||||||||||||||||
15,000 | 34.18 | 03/30/14 | |||||||||||||||||||||||||||||||||||
7,700 | 28.02 | 04/21/15 | |||||||||||||||||||||||||||||||||||
8,250 | 31.25 | 04/10/16 | |||||||||||||||||||||||||||||||||||
50,000 | 26.05 | 08/17/16 | |||||||||||||||||||||||||||||||||||
37,800 | (5) | 29.46 | 03/02/17 | ||||||||||||||||||||||||||||||||||
Thomas Hoffman |
4,500 | $ | 28.48 | 05/02/11 | 9,450 | $ | 256,095 | ||||||||||||||||||||||||||||||
11,000 | 36.45 | 02/05/12 | |||||||||||||||||||||||||||||||||||
3,500 | 28.48 | 05/02/11 | |||||||||||||||||||||||||||||||||||
15,000 | 31.62 | 02/26/13 | |||||||||||||||||||||||||||||||||||
15,000 | 34.18 | 03/30/14 | |||||||||||||||||||||||||||||||||||
9,300 | 28.02 | 04/21/15 | |||||||||||||||||||||||||||||||||||
14,400 | 31.25 | 04/10/16 | |||||||||||||||||||||||||||||||||||
10,500 | (5) | 29.46 | 03/02/17 | ||||||||||||||||||||||||||||||||||
John D. Austin |
7,766 | $ | 12.88 | 04/01/09 | 10,934 | $ | 296,311 | ||||||||||||||||||||||||||||||
234 | 12.97 | 05/05/09 | |||||||||||||||||||||||||||||||||||
9,000 | 9.78 | 03/14/10 | |||||||||||||||||||||||||||||||||||
4,000 | 13.19 | 04/28/10 | |||||||||||||||||||||||||||||||||||
6,250 | 28.48 | 05/02/11 | |||||||||||||||||||||||||||||||||||
2,000 | 28.08 | 10/15/11 | |||||||||||||||||||||||||||||||||||
11,000 | 36.45 | 02/05/12 | |||||||||||||||||||||||||||||||||||
13,000 | 31.62 | 02/26/13 | |||||||||||||||||||||||||||||||||||
15,000 | 34.18 | 03/30/14 | |||||||||||||||||||||||||||||||||||
5,200 | 28.02 | 04/21/15 | |||||||||||||||||||||||||||||||||||
15,377 | 31.25 | 04/10/16 | |||||||||||||||||||||||||||||||||||
14,700 | (5) | 29.46 | 03/02/17 | ||||||||||||||||||||||||||||||||||
Joseph Paterak, Jr. |
7,000 | $ | 28.48 | 05/02/11 | 9,950 | $ | 269,645 | ||||||||||||||||||||||||||||||
5,000 | 36.45 | 02/05/12 | |||||||||||||||||||||||||||||||||||
6,000 | 31.62 | 02/26/13 | |||||||||||||||||||||||||||||||||||
8,000 | 34.18 | 03/30/14 | |||||||||||||||||||||||||||||||||||
5,150 | 28.02 | 04/21/15 | |||||||||||||||||||||||||||||||||||
3,000 | 31.25 | 04/10/16 | |||||||||||||||||||||||||||||||||||
9,450 | (5) | 29.46 | 03/02/17 | ||||||||||||||||||||||||||||||||||
Joseph J. Traficanti |
5,000 | $ | 26.20 | 11/15/14 | 9,300 | $ | 252,030 | ||||||||||||||||||||||||||||||
1,500 | 28.02 | 04/21/15 | |||||||||||||||||||||||||||||||||||
2,625 | 31.25 | 04/10/16 | |||||||||||||||||||||||||||||||||||
8,400 | (5) | 29.46 | 03/02/17 |
19
1. | On February 22, 2005, the Compensation Committee voted to accelerate the vesting of certain unvested options, including options awarded to the named executive officers, which had exercise prices greater than $25.00, the closing price of the Companys Common Stock on February 22, 2005. | |
2. | The options and stock-settled stock appreciation rights vest on the fourth anniversary of the ten year term. | |
3. | The forfeiture restrictions for each restricted stock award, which all have ten year terms, lapse on the fourth anniversary of the date of grant except for awards granted on March 15, 2005, for which 50% of the forfeiture restrictions lapse on the first anniversary of the date of grant, 25% lapse on the second anniversary of the date of grant and 25% lapse on the third anniversary of the date of grant. | |
4. | Market value is determined by multiplying the closing market price of the Companys common stock at December 28, 2007 by the number of shares. | |
5. | Represents a stock-settled stock appreciation right with a cap on appreciation of $60 per share. |
Option Awards | Stock Awards | |||||||||||||||
Number of | Number of | |||||||||||||||
Shares | Shares | |||||||||||||||
Acquired | Value Realized | Acquired | Value Realized | |||||||||||||
on Exercise | on Exercise(1) | on Vesting | on Vesting(2) | |||||||||||||
Name | (#) | ($) | (#) | ($) | ||||||||||||
Steven L. Spinner |
| | 875 | 25,716 | ||||||||||||
Thomas Hoffman |
| | 1,250 | 36,738 | ||||||||||||
John D. Austin |
| | 625 | 18,369 | ||||||||||||
Joseph Paterak, Jr. |
14,800 | 274,195 | | | ||||||||||||
Joseph J. Traficanti |
| | | |
1. | With respect to exercised stock options, value realized on exercise is determined by multiplying the number of shares of common stock issued upon exercise of stock options by the difference between the option exercise price and the trading price of the Companys common stock at the time of exercise. | |
2. | With respect to vested restricted stock, value realized upon vesting is determined by multiplying the number of shares of restricted stock vesting by the closing price of the Companys common stock on the vesting date. |
20
| change the contribution formula for contributions credited to a participants account for the period beginning on or after December 31, 2006 to eliminate the 5% base contribution and enhance the performance contribution under the SERP so that (1) a 2% performance contribution would be earned for each 1% of targeted earnings before interest and taxes achieved between 95% and 100% of the targeted amount, and (2) an additional 1% contribution would be earned for each 1% of targeted earnings before interest and taxes achieved in excess of 100% of the targeted amount, up to 110%; | ||
| change the vesting schedule for contributions credited for periods beginning on or after December 31, 2006 such that 50% of such contributions vest after five years of service, with the remainder vesting 10% per year for each year of service thereafter; and | ||
| change the timing of the payment of benefits under the Plan for participants who terminate participation or employment prior to retirement at age 65. |
21
Present Value of | ||||||||||||||
Number of Years | Accumulated | Payments During Last | ||||||||||||
Credited Service | Benefit (1)(2) | Fiscal Year | ||||||||||||
Name | Plan Name | (#) | ($) | ($) | ||||||||||
(a) | (b) | (c) | (d) | (e) | ||||||||||
Steven L. Spinner (3) |
Supplemental Executive Retirement Plan | 22 | $ | 470,343 | | |||||||||
Thomas Hoffman (4) |
Supplemental Executive Retirement Plan | 18 | 195,757 | | ||||||||||
John D. Austin |
Supplemental Executive Retirement Plan | 12 | 373,728 | | ||||||||||
Joseph Paterak, Jr. |
Supplemental Executive Retirement Plan | 9 | 169,534 | | ||||||||||
Joseph J. Traficanti |
Supplemental Executive Retirement Plan | 3 | 33,365 | |
(1) | Includes the present value of the vested portion of the named executive officers benefit at December 29, 2007 assuming that the contribution made to the account in the first quarter of 2008 that related to 2007 performance had been made as of December 29, 2007. Each of the participants other than Mr. Traficanti and Mr. Paterak was 100% vested in his account balance at December 29, 2007. | |
(2) | The present value of the accumulated benefit is calculated assuming that the vested balance in each named executive officers account at December 29, 2007, assuming the contribution made in the first quarter of 2008 for 2007 performance had been made at December 29, 2007, earns interest at 8% per year until the named executive officers normal retirement date and applying a discount rate equal to the 10-year treasury rate at December 31, 2007. | |
(3) | Mr. Spinner is credited under the SERP with his years of service with AFI Foodservice, Inc., a company that was acquired by the Company in 1997. | |
(4) | Mr. Hoffman was eligible for normal retirement at December 29, 2007. |
22
Rate of | ||||
Name of Fund | Return | |||
Nationwide NVIT International Index V.I.F. Class II |
8.97 | % | ||
Nationwide Multi-Manager NVIT Small Company Fund: Class I |
1.72 | % | ||
Royce Capital Micro Cap Portfolio |
3.56 | % | ||
NVIT Mid Cap Index Fund: Class I |
7.13 | % | ||
Goldman Sachs VIT Mid Cap Value Fund |
2.79 | % | ||
Dreyfus Stock Index Fund, Inc. Initial Shares |
4.83 | % | ||
Oppenheimer Capital Appreciation Fund/VA-Non-Serv Shares |
13.69 | % | ||
AllianceBernstein VPS Growth & Income Portfolio Class A |
4.70 | % | ||
T. Rowe Price Equity Income Portfolio: Class II |
2.62 | % | ||
Nationwide GVIT Investor Destinations Moderate Fund Class II |
5.24 | % | ||
Nationwide GVIT Government Bond Fund: Class I |
6.73 | % | ||
Pimco VIT Total Return Portfolio: Admin Class |
8.31 | % | ||
Nationwide GVIT Money Market Fund: Class V |
4.44 | % |
23
Aggregate | ||||||||||||||||||||
Executive | Registrant | Aggregate | Aggregate | Balance | ||||||||||||||||
Contributions in | Contributions in | Earnings in Last | Withdrawals/ | at Last | ||||||||||||||||
Last FY | Last FY | FY | Distributions | FYE | ||||||||||||||||
Name | ($) (1) | ($) | ($) | ($) | ($) (1) | |||||||||||||||
Steven L. Spinner |
$ | 142,177 | | $ | 28,057 | | $ | 508,110 | ||||||||||||
Thomas Hoffman |
200,859 | | 67,227 | | 1,569,683 | |||||||||||||||
John D. Austin |
113,362 | | 27,838 | | 590,023 | |||||||||||||||
Joseph Paterak, Jr. |
43,953 | | 9,563 | | 214,345 | |||||||||||||||
Joseph J. Traficanti |
42,736 | | 2,914 | | 91,146 |
(1) | All amounts reported in the column titled Executive Contributions in Last FY are also reported as compensation to such named executive officer in the Summary Compensation Table on page 16. |
24
25
26
Voluntary for | ||||||||||||||||||||||||
Good Reason or | ||||||||||||||||||||||||
Involuntary | ||||||||||||||||||||||||
Voluntary | Involuntary | Without Good | ||||||||||||||||||||||
Executive Benefits | Termination | Early | Normal | Not for Cause | Cause following a | Disability | Death | |||||||||||||||||
and Payments upon | on | Retirement on | Retirement on | Termination | Change in Control | on | on | |||||||||||||||||
Separation | 12/29/2007 | 12/29/2007(11) | 12/29/2007(12) | on 12/29/2007 | on 12/29/2007 | 12/29/2007 | 12/29/2007 | |||||||||||||||||
Compensation: |
||||||||||||||||||||||||
Non-Equity Incentive Plan
(1) |
$ | 681,179 | $ | 681,179 | $ | 681,179 | $ | 681,179 | ||||||||||||||||
Options and Stock
Appreciation
Rights(2) |
$ | 52,500 | 17,945 | 17,945 | ||||||||||||||||||||
Restricted Stock(3) |
$ | 699,858 | 309,037 | 309,037 | ||||||||||||||||||||
Benefits & Perquisites: |
||||||||||||||||||||||||
Change in Control Payment |
3,245,382 | |||||||||||||||||||||||
Savings Plan(4) |
259,137 | 259,137 | 259,137 | 259,137 | 259,137 | |||||||||||||||||||
Severance Plan(5) |
1,168,233 | |||||||||||||||||||||||
SERP(6) |
243,025 | 243,025 | 243,025 | 243,025 | 243,025 | |||||||||||||||||||
ESOP(7) |
63,980 | 63,980 | 63,980 | 63,980 | 63,980 | |||||||||||||||||||
Deferred Compensation
Plan(8) |
508,110 | 508,110 | 508,110 | 508,110 | 508,110 | |||||||||||||||||||
Health and Welfare
Benefits(9) |
$ | 18,322 | ||||||||||||||||||||||
Excise Tax and
Gross-Up(10) |
1,369,018 | |||||||||||||||||||||||
Total |
1,755,431 | 2,923,664 | 6,459,332 | 2,082,413 | 2,082,413 |
(1) | Represents the amount earned by Mr. Spinner under the terms of the Companys 2006 and 2007 Cash Incentive Plans for the one and two years ended December 29, 2007. | |
(2) | If Mr. Spinners employment with the Company had terminated at December 29, 2007 as a result of death or disability any unvested options and stock appreciation rights held by him would have vested on a pro rata basis. All of Mr. Spinners unvested options and stock appreciation rights would vest upon a change in control. | |
(3) | If Mr. Spinners employment with the Company had terminated at December 29, 2007 as a result of death or disability then the restrictions on any unvested shares of restricted stock held by him would have lapsed on a pro rata basis. The restrictions on Mr. Spinners restricted shares lapse upon a change in control. | |
(4) | Represents the vested portion of Mr. Spinners account balance under the Companys 401(k) Plan at December 29, 2007. | |
(5) | Represents payment of Mr. Spinners base salary as of December 29, 2007 for a total of 93 weeks pursuant to the terms of the Companys Severance Plan. | |
(6) | Represents the vested portion of Mr. Spinners account balance under the SERP at December 29, 2007. | |
(7) | Represents the vested portion of Mr. Spinners account balance under the ESOP at December 29, 2007. | |
(8) | Represents the vested portion of Mr. Spinners account balance under the Companys Executive Deferred Compensation Plan at December 29, 2007. |
27
(9) | Represents the value of continuing health and welfare coverage for twelve months, including medical, dental, short-term disability, long-term disability and life insurance. | |
(10) | The foregoing estimates are based on a number of assumptions. Facts and circumstances at the time of any change in control transaction and termination thereafter as well as changes in the applicable named executive officers compensation history preceding such a transaction could materially impact whether and to what extent the excise tax will be imposed and therefore the amount of any potential gross-up. For purposes of performing these calculations, we have made the following additional assumptions: an individual effective tax rate of 40.45% (composed of a federal tax rate of 35.00%, a Virginia effective tax rate of 4% and FICA/FUTA of 1.45%) and a 120% Applicable Federal Rate (AFR) as of December 2007 of 4.91% for monthly compounding. AFR is applicable in determining the value of accelerating vesting of stock options and restricted shares in computing these excise taxes. | |
(11) | Mr. Spinner was not eligible for early retirement at December 29, 2007. | |
(12) | Mr. Spinner was not eligible for normal retirement at December 29, 2007. |
28
Voluntary for | ||||||||||||||||||||||||||||
Good Reason or | ||||||||||||||||||||||||||||
Involuntary | ||||||||||||||||||||||||||||
Without Good | ||||||||||||||||||||||||||||
Voluntary | Involuntary Not | Cause following a | ||||||||||||||||||||||||||
Executive Benefits | Termination | Early | Normal | for Cause | Change in | Disability | Death | |||||||||||||||||||||
and Payments upon | on | Retirement on | Retirement on | Termination | Control on | on | on | |||||||||||||||||||||
Separation | 12/29/2007 | 12/29/2007(10) | 12/29/2007(11) | on 12/29/2007 | 12/29/2007 | 12/29/2007 | 12/29/2007 | |||||||||||||||||||||
Compensation: |
||||||||||||||||||||||||||||
Non-Equity Incentive Plan
(1) |
$ | 354,253 | $ | 354,253 | $ | 354,253 | $ | 354,253 | $ | 354,253 | ||||||||||||||||||
Options and Stock
Appreciation
Rights(2) |
||||||||||||||||||||||||||||
Restricted Stock(3) |
126,300 | $ | 256,095 | 126,300 | 126,300 | |||||||||||||||||||||||
Benefits & Perquisites: |
||||||||||||||||||||||||||||
Change in Control Payment |
2,126,273 | |||||||||||||||||||||||||||
Savings Plan(4) |
364,709 | 364,709 | 364,709 | 364,709 | 364,709 | 364,709 | ||||||||||||||||||||||
Severance Plan(5) |
573,041 | |||||||||||||||||||||||||||
SERP(6) |
195,757 | 195,757 | 195,757 | 195,757 | 195,757 | 195,757 | ||||||||||||||||||||||
ESOP(7) |
296,024 | 296,024 | 296,024 | 296,024 | 296,024 | 296,024 | ||||||||||||||||||||||
Deferred Compensation
Plan(8) |
1,569,683 | 1,569,683 | 1,569,683 | 1,569,683 | 1,569,683 | 1,569,683 | ||||||||||||||||||||||
Health and Welfare
Benefits(9) |
10,157 | |||||||||||||||||||||||||||
Excise Tax and Gross-Up |
||||||||||||||||||||||||||||
Total |
2,780,426 | 2,906,726 | 3,353,467 | 4,818,698 | 2,906,726 | 2,906,726 |
(1) | Represents the amount earned by Mr. Hoffman under the terms of the Companys 2006 and 2007 Cash Incentive Plans for the one and two years ended December 29, 2007. | |
(2) | If Mr. Hoffmans employment with the Company had terminated at December 29, 2007 as a result of death, disability or normal retirement any unvested options and stock appreciation rights held by him would have vested on a pro rata basis. All of Mr. Hoffmans unvested options and stock appreciation rights would vest upon a change in control. At December 29, 2007, Mr. Hoffman did not have any unvested stock options for which the exercise price was lower than the Companys closing stock price on that date. | |
(3) | If Mr. Hoffmans employment with the Company had terminated at December 29, 2007 as a result of death, disability or normal retirement then the restrictions on any unvested shares of restricted stock held by him would have lapsed on a pro rata basis. The restrictions on Mr. Hoffmans restricted shares would lapse upon a change in control. | |
(4) | Represents the vested portion of Mr. Hoffmans account balance under the Companys 401(k) Plan at December 29, 2007. | |
(5) | Represents payment of Mr. Hoffmans base salary as of December 29, 2007 for a total of 83 weeks pursuant to the terms of the Companys Severance Plan. | |
(6) | Represents the vested portion of Mr. Hoffmans account balance under the SERP at December 29, 2007. | |
(7) | Represents the vested portion of Mr. Hoffmans account balance under the ESOP at December 29, 2007. |
29
(8) | Represents the vested portion of Mr. Hoffmans account balance under the Companys Executive Deferred Compensation Plan at December 29, 2007. | |
(9) | Represents the value of continuing health and welfare coverage for twelve months, including medical, dental, short-term disability, long-term disability and life insurance. | |
(10) | As Mr. Hoffman was eligible for normal retirement, early retirement is not applicable at December 29, 2007. | |
(11) | Mr. Hoffman was eligible for normal retirement at December 29, 2007. |
30
Voluntary for | ||||||||||||||||||||||||||||
Good Reason or | ||||||||||||||||||||||||||||
Involuntary | ||||||||||||||||||||||||||||
Without Good | ||||||||||||||||||||||||||||
Voluntary | Involuntary | Cause following | ||||||||||||||||||||||||||
Executive Benefits | Termination | Normal | Not for Cause | a Change in | Disability | Death | ||||||||||||||||||||||
and Payments upon | on | Early Retirement | Retirement on | Termination | Control on | on | on | |||||||||||||||||||||
Separation | 12/29/2007 | on 12/29/2007(10) | 12/29/2007(11) | on 12/29/2007 | 12/29/2007 | 12/29/2007 | 12/29/2007 | |||||||||||||||||||||
Compensation: |
||||||||||||||||||||||||||||
Non-Equity Incentive Plan
(1) |
$ | 370,356 | $ | 370,356 | $ | 370,356 | $ | 370,356 | ||||||||||||||||||||
Options and Stock
Appreciation
Rights(2) |
||||||||||||||||||||||||||||
Restricted Stock(3) |
$ | 296,311 | 148,263 | 148,263 | ||||||||||||||||||||||||
Benefits & Perquisites: |
||||||||||||||||||||||||||||
Change in Control Payment |
1,937,195 | |||||||||||||||||||||||||||
Savings Plan(4) |
343,146 | 343,146 | 343,146 | 343,146 | 343,146 | |||||||||||||||||||||||
Severance Plan(5) |
561,899 | |||||||||||||||||||||||||||
SERP(6) |
186,149 | 186,149 | 186,149 | 186,149 | 186,149 | |||||||||||||||||||||||
ESOP(7) |
68,057 | 68,057 | 68,057 | 68,057 | 68,057 | |||||||||||||||||||||||
Deferred Compensation
Plan(8) |
590,023 | 590,023 | 590,023 | 590,023 | 590,023 | |||||||||||||||||||||||
Health and Welfare
Benefits(9) |
15,755 | |||||||||||||||||||||||||||
Excise Tax and
Gross-Up(10) |
824,676 | |||||||||||||||||||||||||||
Total |
1,557,731 | 2,119,630 | 4,261,312 | 1,705,994 | 1,705,994 |
(1) | Represents the amount earned by Mr. Austin under the terms of the Companys 2006 and 2007 Cash Incentive Plans for the one and two years ended December 29, 2007. | |
(2) | If Mr. Austins employment with the Company had terminated at December 29, 2007 as a result of death, or disability any unvested options and stock appreciation rights held by him would have vested on a pro rata basis. All of Mr. Austins unvested options and stock appreciation rights would vest upon a change in control. At December 29, 2007, Mr. Austin did not have any unvested stock options for which the exercise price was lower than the Companys closing stock price on that date. | |
(3) | If Mr. Austins employment with the Company had terminated at December 29, 2007 as a result of death, or disability then the restrictions on any unvested shares of restricted stock held by him would have lapsed on a pro rata basis. The restrictions on Mr. Austins unvested restricted shares would lapse upon a change in control. | |
(4) | Represents the vested portion of Mr. Austins account balance under the Companys 401(k) Plan at December 29, 2007. | |
(5) | Represents payment of Mr. Austins base salary as of December 29, 2007 for a total of 83 weeks pursuant to the terms of the Companys Severance Plan. | |
(6) | Represents the vested portion of Mr. Austins account balance under the SERP at December 29, 2007. | |
(7) | Represents the vested portion of Mr. Austins account balance under the ESOP at December 29, 2007. | |
(8) | Represents the vested portion of Mr. Austins account balance under the Companys Executive Deferred Compensation Plan at December 29, 2007. |
31
(9) | Represents the value of continuing health and welfare coverage for twelve months, including medical, dental, short-term disability, long-term disability and life insurance. | |
(10) | The foregoing estimates are based on a number of assumptions. Facts and circumstances at the time of any change in control transaction and termination thereafter as well as changes in the applicable named executive officers compensation history preceding such a transaction could materially impact whether and to what extent the excise tax will be imposed and therefore the amount of any potential gross-up. For purposes of performing these calculations, we have made the following additional assumptions: an individual effective tax rate of 40.45% (composed of a federal tax rate of 35.00%, a Virginia effective tax rate of 4% and FICA/FUTA of 1.45%) and a 120% Applicable Federal Rate (AFR) as of December 2007 of 4.91% for monthly compounding. AFR is applicable in determining the value of accelerating vesting of stock options and restricted shares in computing these excise taxes. | |
(11) | Mr. Austin was not eligible for early retirement at December 29, 2007. | |
(12) | Mr. Austin was not eligible for normal retirement at December 29, 2007. |
32
Voluntary for | ||||||||||||||||||||||||||||
Good Reason or | ||||||||||||||||||||||||||||
Involuntary | ||||||||||||||||||||||||||||
Without Good | ||||||||||||||||||||||||||||
Voluntary | Involuntary | Cause following | ||||||||||||||||||||||||||
Executive Benefits | Termination | Normal | Not for Cause | a Change in | Disability | Death | ||||||||||||||||||||||
and Payments upon | on | Early Retirement | Retirement on | Termination on | Control on | on | on | |||||||||||||||||||||
Separation | 12/29/2007 | on 12/29/2007(11) | 12/29/2007(12) | 12/29/2007 | 12/29/2007 | 12/29/2007 | 12/29/2007 | |||||||||||||||||||||
Compensation: |
||||||||||||||||||||||||||||
Non-Equity Incentive Plan
(1) |
$ | 194,418 | $ | 194,418 | $ | 194,418 | $ | 194,418 | ||||||||||||||||||||
Options and Stock
Appreciation
Rights(2) |
||||||||||||||||||||||||||||
Restricted Stock(3) |
$ | 269,645 | 116,491 | 116,491 | ||||||||||||||||||||||||
Benefits & Perquisites: |
||||||||||||||||||||||||||||
Change in Control Payment |
1,230,316 | |||||||||||||||||||||||||||
Savings Plan(4) |
198,299 | 198,299 | 198,299 | 198,299 | 198,299 | |||||||||||||||||||||||
Severance Plan(5) |
347,507 | |||||||||||||||||||||||||||
SERP(6) |
121,864 | 121,864 | 125,432 | 121,864 | 121,864 | |||||||||||||||||||||||
ESOP(7) |
50,972 | 50,972 | 50,972 | 50,972 | 50,972 | |||||||||||||||||||||||
Deferred Compensation
Plan(8) |
214,345 | 214,345 | 214,345 | 214,345 | 214,345 | |||||||||||||||||||||||
Health and Welfare
Benefits(9) |
16,348 | |||||||||||||||||||||||||||
Excise Tax and
Gross-Up(10) |
490,911 | |||||||||||||||||||||||||||
Total |
779,898 | 1,127,405 | 2,596,268 | 896,389 | 896,389 |
(1) | Represents the amount earned by Mr. Paterak under the terms of the Companys 2006 and 2007 Cash Incentive Plans for the one and two years ended December 29, 2007. | |
(2) | If Mr. Pateraks employment with the Company had terminated at December 29, 2007 as a result of death or disability any unvested options and stock appreciation rights held by him would have vested on a pro rata basis. If Mr. Paterak had elected to terminate his employment with the consent of the Companys Compensation Committee as a result of early retirement as of December 29, 2007, any unvested options held by him would have vested as though Mr. Paterak had elected normal retirement on that date. All of Mr. Pateraks unvested options and stock appreciation rights would vest upon a change in control. At December 29, 2007, Mr. Paterak did not have any unvested stock options for which the exercise price was lower than the Companys closing stock price on that date. | |
(3) | If Mr. Pateraks employment with the Company had terminated at December 29, 2007 as a result of death or disability then the restrictions on any unvested shares of restricted stock held by him would have lapsed on a pro rata basis. If Mr. Paterak had elected to terminate his employment with the consent of the Companys Compensation Committee as a result of early retirement as of December 29 2007, the restrictions on any unvested shares of restricted stock held by him would have lapsed as though Mr. Paterak had elected normal retirement on that date. The restrictions on Mr. Pateraks unvested restricted shares would lapse upon a change in control. | |
(4) | Represents the vested portion of Mr. Pateraks account balance under the Companys 401(k) Plan at December 29, 2007. | |
(5) | Represents payment of Mr. Pateraks base salary as of December 29, 2007 for a total of 60 weeks pursuant to the terms of the Companys Severance Plan. |
33
(6) | Represents the vested portion of Mr. Pateraks account balance under the SERP at December 29, 2007 and in the case of a voluntary for good reason or involuntary without good cause termination following a change in control, includes the impact of the acceleration of the vesting of Mr. Pateraks account balance. | |
(7) | Represents the vested portion of Mr. Pateraks account balance under the ESOP at December 29, 2007. | |
(8) | Represents the vested portion of Mr. Pateraks account balance under the Companys Executive Deferred Compensation Plan at December 29, 2007. | |
(9) | Represents the value of continuing health and welfare coverage for twelve months, including medical, dental, short-term disability, long-term disability and life insurance. | |
(10) | The foregoing estimates are based on a number of assumptions. Facts and circumstances at the time of any change in control transaction and termination thereafter as well as changes in the applicable named executive officers compensation history preceding such a transaction could materially impact whether and to what extent the excise tax will be imposed and therefore the amount of any potential gross-up. For purposes of performing these calculations, we have made the following additional assumptions: an individual effective tax rate of 40.45% (composed of a federal tax rate of 35.00%, a Virginia effective tax rate of 4% and FICA/FUTA of 1.45%) and a 120% Applicable Federal Rate (AFR) as of December 2007 of 4.91% for monthly compounding. AFR is applicable in determining the value of accelerating vesting of stock options and restricted shares in computing these excise taxes. | |
(11) | Mr. Paterak was not eligible for early retirement at December 29, 2007. | |
(12) | Mr. Paterak was not eligible for normal retirement at December 29, 2007. |
34
Voluntary for | ||||||||||||||||||||||||||||
Good Reason or | ||||||||||||||||||||||||||||
Invountary | ||||||||||||||||||||||||||||
Without Good | ||||||||||||||||||||||||||||
Executive | Voluntary | Involuntary | Cause following | |||||||||||||||||||||||||
Benefits and | Termination | Early | Normal | Not for Cause | a Change in | Disability | Death | |||||||||||||||||||||
Payments upon | on | Retirement on | Retirement on | Termination | Control on | on | on | |||||||||||||||||||||
Separation | 12/29/2007 | 12/29/2007(11) | 12/29/2007(12) | on 12/29/2007 | 12/29/2007 | 12/29/2007 | 12/29/2007 | |||||||||||||||||||||
Compensation: |
||||||||||||||||||||||||||||
Non-Equity Incentive Plan
(1) |
$ | 223,397 | $ | 223,397 | $ | 223,397 | $ | 223,397 | ||||||||||||||||||||
Options and Stock
Appreciation
Rights(2) |
||||||||||||||||||||||||||||
Restricted Stock(3) |
$ | 252,030 | 107,691 | 107,691 | ||||||||||||||||||||||||
Benefits & Perquisites: |
||||||||||||||||||||||||||||
Change in Control Payment |
1,337,372 | |||||||||||||||||||||||||||
Savings Plan(4) |
40,323 | 40,323 | 40,323 | 40,323 | 40,323 | |||||||||||||||||||||||
Severance Plan(5) |
176,055 | |||||||||||||||||||||||||||
SERP(6) |
23,983 | 23,983 | 95,084 | 23,983 | 23,983 | |||||||||||||||||||||||
ESOP(7) |
||||||||||||||||||||||||||||
Deferred Compensation
Plan(8) |
91,146 | 91,146 | 91,146 | 91,146 | 91,146 | |||||||||||||||||||||||
Health and Welfare
Benefits(9) |
2,854 | |||||||||||||||||||||||||||
Excise Tax and
Gross-Up(10) |
629,066 | |||||||||||||||||||||||||||
Total |
378,849 | 554,904 | 2,447,875 | 486,540 | 486,540 |
(1) | Represents the amount earned by Mr. Traficanti under the terms of the Companys 2006 and 2007 Cash Incentive Plans for the one and two years ended December 29, 2007. | |
(2) | If Mr. Traficantis employment with the Company had terminated at December 29, 2007 as a result of death or disability any unvested options and stock appreciation rights held by him would have vested on a pro rata basis. All of Mr. Traficantis unvested options and stock appreciation rights would vest upon a change in control. At December 29, 2007, Mr. Traficanti did not have any unvested stock options for which the exercise price was lower than the Companys closing stock price on that date. | |
(3) | If Mr. Traficantis employment with the Company had terminated at December 29, 2007 as a result of death or disability then the restrictions on any unvested shares of restricted stock held by him would have lapsed on a pro rata basis. The restrictions on Mr. Traficantis restricted shares would lapse upon a change in control. | |
(4) | Represents the vested portion of Mr. Traficantis account balance under the Companys 401(k) Plan at December 29, 2007. | |
(5) | Represents payment of Mr. Traficantis base salary as of December 29, 2007 for a total of 34 weeks pursuant to the terms of the Companys Severance Plan. |
35
(6) | Represents the vested portion of Mr. Traficantis account balance under the SERP at December 29, 2007 and in the case of voluntary for good reason or involuntary without good cause termination following a change in control, includes the impact of the acceleration of the vesting of Mr. Traficantis account balance. | |
(7) | Represents the vested portion of Mr. Traficantis account balance under the ESOP at December 29, 2007. | |
(8) | Represents the vested portion of Mr. Traficantis account balance under the Companys Executive Deferred Compensation Plan at December 29, 2007. | |
(9) | Represents the value of continuing health and welfare coverage for twelve months, including medical, dental, short-term disability, long-term disability and life insurance. | |
(10) | The foregoing estimates are based on a number of assumptions. Facts and circumstances at the time of any change in control transaction and termination thereafter as well as changes in the applicable named executive officers compensation history preceding such a transaction could materially impact whether and to what extent the excise tax will be imposed and therefore the amount of any potential gross-up. For purposes of performing these calculations, we have made the following additional assumptions: an individual effective tax rate of 40.45% (composed of a federal tax rate of 35.00%, a Virginia effective tax rate of 4% and FICA/FUTA of 1.45%) and a 120% Applicable Federal Rate (AFR) as of December 2007 of 4.91% for monthly compounding. AFR is applicable in determining the value of accelerating vesting of stock options and restricted shares in computing these excise taxes. | |
(11) | Mr. Traficanti was not eligible for early retirement at December 29, 2007. | |
(12) | Mr. Traficanti was not eligible for normal retirement at December 29, 2007. |
36
Change in | ||||||||||||||||||||||||||||
Pension Value | ||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||
Fees | Nonqualified | |||||||||||||||||||||||||||
Earned | Non-Equity | Deferred | ||||||||||||||||||||||||||
or Paid in | Stock | Option | Incentive Plan | Compensation | All Other | |||||||||||||||||||||||
Cash | Awards(2)(3) | Awards(3)(4) | Compensation | Earnings | Compensation | Total | ||||||||||||||||||||||
Name(1) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||||||||||||
Charles E. Adair |
$ | 66,500 | $ | 83,106 | | | | | $ | 149,606 | ||||||||||||||||||
Mary C. Doswell |
67,000 | 83,106 | | | | | 150,106 | |||||||||||||||||||||
Fred C. Goad, Jr. |
71,000 | 83,106 | | | | | 154,106 | |||||||||||||||||||||
Timothy M. Graven |
77,000 | 83,106 | | | | | 160,106 | |||||||||||||||||||||
Robert C. Sledd(5) |
50,000 | 83,106 | | | | | 133,106 | |||||||||||||||||||||
John E. Stokely |
87,500 | 83,106 | | | | | 170,606 |
1. | Steven L. Spinner, the Companys Chief Executive Officer is not included in this table as he is an employee of the Company and received no compensation for his services as a director in fiscal 2007. | |
2. | At December 29, 2007, the Companys directors other than Mr. Spinner held the following restricted shares of the Companys common stock, which were awarded by the Company to the director for his or her service as a director on May 15, 2007 and for which the forfeiture restrictions lapse on the one year anniversary of the date of grant: |
Name | Number of Restricted Shares | |||
Charles E. Adair |
2,500 | |||
Mary C. Doswell |
2,500 | |||
Fred C. Goad, Jr. |
2,500 | |||
Timothy M. Graven |
2,500 | |||
Robert C. Sledd |
2,500 | |||
John E. Stokely |
2,500 |
3. | The amounts in columns captioned Stock Awards and Option Awards reflect the dollar amount recognized for financial statement reporting purposes for the fiscal year ended December 29, 2007, in accordance with FAS 123(R) of awards pursuant to the Companys equity incentive plans and thus may include amounts from awards granted in and prior to 2007. For a description of the assumptions used by the Company in valuing these awards for the fiscal year ended December 29, 2007 please see Note 16 Stock Based Compensation to the Companys consolidated financial statements included in the Companys Annual Report on Form 10-K for the fiscal year ended December 29, 2007 filed with the Securities and Exchange Commission on February 26, 2008. |
37
4. | At December 29, 2007, the Companys directors, other than Mr. Spinner and Mr. Sledd, held options to purchase the following number of shares of the Companys Common Stock which had been awarded to the director for his or her service as a director: |
Name | Number of Options | |||
Charles E. Adair |
40,000 | |||
Mary C. Doswell |
20,500 | |||
Fred C. Goad, Jr. |
35,000 | |||
Timothy M. Graven |
25,000 | |||
John E. Stokely |
45,750 |
5. | Robert C. Sledd is also an employee of the Company. Compensation he receives in his capacity as an employee of the Company is not reflected in the above table. |
38
39
(a) | 1 | Financial Statements. See index to Financial Statements above. | ||||||
2 | Financial Statement Schedules. See index to Financial Statement Schedules above. | |||||||
3 | Exhibits: |
Exhibit | ||
Number | Description | |
A.
|
Incorporated by reference to our Registration Statement on Form S-1 (No. 33-64930) (File No. 0-22192), filed June 24, 1993: | |
4.1
|
Specimen Common Stock certificate. | |
4.2
|
Article 5 of the Registrants Restated Charter (included in Exhibit 3.1). | |
4.3
|
Article 6 of the Registrants Restated Bylaws (included in Exhibit 3.2). | |
10.1
|
1993 Outside Directors Stock Option Plan.* | |
10.2
|
Form of Pocahontas Food Group, Inc. Executive Deferred Compensation Plan.* | |
10.3
|
Form of Indemnification Agreement. | |
B.
|
Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended January 1, 1994 (File No. 0-22192), filed March 29, 1994: | |
10.4
|
First Amendment to the Trust Agreement for Pocahontas Food Group, Inc. Employee Savings and Stock Ownership Plan. | |
C.
|
Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended December 28, 1996 (File No. 0-22192), filed March 27, 1997: | |
10.5
|
Performance Food Group Company Employee Savings and Stock Ownership Plan Savings Trust. | |
D.
|
Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended December 27, 1997 (File No. 0-22192), filed March 26, 1998: | |
10.6
|
Form of Change in Control Agreement dated October 27, 1997 with certain key executives.* | |
E.
|
Incorporated by reference to our Registration Statement on Form S-4 (Registration No 333-61612) (File No. 0-22192), filed May 25, 2001: | |
3.1
|
Restated Charter of Registrant. | |
F.
|
Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 (File No. 0-22192), filed August 14, 2001: | |
10.7
|
Receivables Purchase Agreement dated July 3, 2001, by and among PFG Receivables Corporation, as Seller, Performance Food Group Company, as Servicer, Jupiter Securitization Corporation and Bank One, NA as Agent. (Schedules and other exhibits are omitted from this filing, but the Registrant will furnish supplemental copies of the omitted material to the Securities and Exchange Commission upon request.) |
40
Exhibit | ||
Number | Description | |
G.
|
Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended December 29, 2001 (File No. 0-22192), filed March 29, 2002: | |
10.8
|
1993 Employee Stock Incentive Plan (restated electronically for SEC filing purposes only).* | |
H.
|
Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended June 29, 2002 (File No. 0-22192), filed August 13, 2002: | |
10.9
|
Amendment to Receivable Purchase Agreement dated as of July 12, 2002, by and among PFG Receivables Corporation, as Seller, Performance Food Group Company, as Servicer, Jupiter Securitization Corporation and Bank One, NA, as Agent. | |
I.
|
Incorporated by reference to our Registration Statement on Form S-8 (File No. 333-105082), filed May 8, 2003: | |
10.10
|
2003 Equity Incentive Plan.* | |
J.
|
Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended June 28, 2003 (File No. 0-22192), filed August 12, 2003: | |
10.11
|
Amendment to Receivables Purchase Agreement dated as of June 30, 2003, by and among PFG Receivables Corporation, as Seller, Performance Food Group Company, as Servicer, Jupiter Securitization Corporation and Bank One, NA, as Agent. | |
K.
|
Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended July 3, 2004 (File No. 0-22192), filed August 11, 2004: | |
10.12
|
Amendment to Receivables Purchase Agreement dated as of June 28, 2004 by and between PFG Receivables Corporation, as Seller, Performance Food Group Company, as Servicer, Jupiter Securitization Corporation and Bank One, NA, as Agent. | |
L.
|
Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended October 2, 2004 (File No. 0-22192), filed November 12, 2004: | |
10.13
|
Form of Non-Qualified Stock Option Agreement.* | |
10.14
|
Form of Incentive Stock Option Agreement.* | |
M.
|
Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended January 1, 2005: | |
10.15
|
Trust Agreement for the Performance Food Group Employee Savings and Stock Ownership Plan. | |
N.
|
Incorporated by reference to our Current Report on Form 8-K dated February 28, 2005 (File No. 0-22192): | |
2.1
|
Stock Purchase Agreement, dated as of February 22, 2005, between Performance Food Group Company and Chiquita Brands International, Inc. (Pursuant to Item 601(b)(2) of Regulation S-K the schedules and exhibits to this agreement have been omitted from this filing.) | |
O.
|
Incorporated by reference to our Current Report on Form 8-K dated March 21, 2005 (File No. 0-22192): | |
10.16
|
Form of Restricted Share Award Agreement.* |
41
Exhibit | ||
Number | Description | |
P.
|
Incorporated by reference to our Current Report on Form 8-K dated April 28, 2005 (File No. 0-22192): | |
10.17
|
Amendment and Waiver, dated as of April 26, 2005 among Performance Food Group Company, the Lenders party to the Credit Agreement and Wachovia Bank, National Association, as Administrative Agent for the Lenders. | |
Q.
|
Incorporated by reference to our Current Report on Form 8-K dated May 24, 2005 (File No. 0-22192): | |
10.18
|
Form of Non-Qualified Stock Option Agreement.* | |
R.
|
Incorporated by reference to our Current Report on Form 8-K dated June 30, 2005 (File No. 0-22192): | |
10.19
|
Amendment to Receivables Purchase Agreement dated as of June 27, 2005 by and between PFG Receivables Corporation, as Seller, Performance Food Group Company, as Servicer, Jupiter Securitization Corporation and JPMorgan Chase Bank, N.A., successor by merger to Bank One, NA, as Agent. | |
S.
|
Incorporated by reference to our Current Report on Form 8-K dated October 11, 2005 (File No. 0-22192): | |
10.20
|
Second Amended and Restated Credit Agreement dated as of October 7, 2005 by and among Performance Food Group Company, the Lenders a party thereto, and Wachovia Bank, National Association as Administrative Agent for the Lenders. | |
10.21
|
Form of Revolving Credit Note. | |
T.
|
Incorporated by reference to our Current Report on Form 8-K dated March 1, 2006 (File No. 0-22192): | |
10.22
|
Performance Food Group Company 2006 Cash Incentive Plan.* | |
U.
|
Incorporated by reference to our Current Report on Form 8-K dated April 13, 2006 (File No. 0-22192): | |
10.23
|
Form of Non-Qualified Stock Option Agreement.* | |
V.
|
Incorporated by reference to our Current Report on Form 8-K dated May 17, 2006 (File No. 0-22192): | |
10.24
|
Form of Non-Employee Director Restricted Share Award Agreement.* | |
W.
|
Incorporated by reference to our Current Report on Form 8-K dated June 29, 2006 (File No. 0-22192): | |
10.25
|
Amendment to Receivables Purchase Agreement dated as of June 26, 2006 by and between PFG Receivables Corporation, as Seller, Performance Food Group Company, as Servicer, Jupiter Securitization Corporation and JPMorgan Chase Bank, N.A., successor by merger to Bank One, NA (Main Office Chicago). | |
X.
|
Incorporated by reference to our Current Report on Form 8-K dated August 21, 2006 (File No. 0-22192) | |
10.26
|
Steven L. Spinner Executive Compensation Summary.* |
42
Exhibit | ||
Number | Description | |
Y.
|
Incorporated by reference to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006 (File No. 0-22192) filed November 7, 2006: | |
10.27
|
Amendment No. 3 to Rights Agreement dated September 8, 2006 between Performance Food Group Company and Bank of New York, as subsequent Rights Agent. | |
Z.
|
Incorporated by reference to our Annual Report on Form 10-K for the fiscal year ended December 30, 2006 (File No. 0-22192): | |
10.28
|
2007 Named Executive Officer and Director Compensation Summary.* | |
AA.
|
Incorporated herein by reference to our Current Report on Form 8-K dated February 27, 2007 (File No. 0-22192): | |
10.29
|
Performance Food Group Company 2007 Cash Incentive Plan.* | |
BB.
|
Incorporated herein by reference to our Current Report on Form 8-K dated March 6, 2007 (File No. 0-22192): | |
10.30
|
Form of Stock Appreciation Right Award Agreement.* | |
CC.
|
Incorporated herein by reference to our Quarterly Report for the quarter ended March 31, 2007 (File No. 0-22192) filed May 8, 2007: | |
10.31
|
Fourth Amendment to Performance Food Group Company 1993 Employee Stock Incentive Plan.* | |
10.32
|
Amendment No. 1 to Performance Food Group Company 2003 Equity Incentive Plan.* | |
10.33
|
Third Amendment to Performance Food Group Company 1993 Outside Directors Stock Option Plan.* | |
DD.
|
Incorporated herein by reference to our Current Report on Form 8-K dated June 27, 2007 (File No. 0-22192): | |
10.34
|
Amendment to Receivables Purchase Agreement, dated as of June 25, 2007 is by and among PFG Receivables Corporation, as Seller, Performance Food Group Company, as Servicer, Falcon Asset Securitization Company LLC (assignee of Jupiter Securitization Company LLC) and JPMorgan Chase Bank, N.A., successor by merger to Bank One, NA (Main Office Chicago), as Agent. | |
EE.
|
Incorporated herein by reference to our Quarterly Report for the quarter ended September 29, 2007 (File No. 0-22192) filed November 6, 2007: | |
10.35
|
Amended and Restated Performance Food Group Company Employee Stock Purchase Plan.* | |
10.36
|
Amended and Restated Performance Food Group Company Employee Savings and Stock Ownership Plan.* | |
10.37
|
Amended and Restated Performance Food Group Company Senior Management Severance Plan.* | |
10.38
|
Amendment No. 1 to Performance Food Group Company 2006 Cash Incentive Plan.* | |
10.39
|
Amendment No. 1 to Performance Food Group Company 2007 Cash Incentive Plan.* |
43
Exhibit | ||
Number | Description | |
10.40
|
Amended and Restated Performance Food Group Company Supplemental Executive Retirement Plan.* | |
FF.
|
Incorporated herein by reference to our Current Report on Form 8-K dated December 3, 2007 (File No. 0-22192): | |
3.2
|
Restated Bylaws of Performance Food Group Company, as amended (Restated for SEC electronic filing purposes only). | |
GG.
|
Incorporated herein by reference to our Current Report on Form 8-K dated January 18, 2008 (File No. 0-22192): | |
2.2
|
Agreement and Plan of Merger, dated as of January 18, 2008, by and among Performance Food Group Company, VISTAR Corporation and Panda Acquisition, Inc. (Schedules and exhibits omitted pursuant to Item 601(b)(2) of Regulation S-K. Performance Food Group Company agrees to furnish supplementally a copy of any omitted schedule to the SEC upon request.) | |
HH.
|
Incorporated herein by reference to our Annual Report on Form 10-K for the fiscal year ended December 29, 2007 (File No. 0-22192): | |
10.41
|
Named Executive Officer and Director Compensation Summary.* | |
10.42
|
Amended and Restated Performance Food Group Company Deferred Compensation Plan.* | |
10.43
|
Form of Change of Control Agreement by and between Performance Food Group Company and its Executive Officers.* | |
10.44
|
Negative consent amendment to the Second Amended and Restated Credit Agreement dated as of October 7, 2005 by and among Performance Food Group Company, the Lenders a party thereto, and Wachovia Bank, National Association as Administrative Agent for the Lenders. | |
10.45
|
Fourteenth Amendment to the Performance Food Group Company Employee Savings and Stock Ownership Plan. | |
10.46
|
Fifteenth Amendment to the Performance Food Group Company Employee Savings and Stock Ownership Plan. | |
21
|
List of Subsidiaries. | |
23.1
|
Consent of Independent Registered Public Accounting Firm. | |
31.1
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
II.
|
Filed herewith | |
31.3
|
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.4
|
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
* | Management contract or compensatory plan or arrangement |
44
PERFORMANCE FOOD GROUP COMPANY | ||||
By: | /s/ John D. Austin | |||
John D. Austin | ||||
Senior Vice President and Chief Financial Officer |
45