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Central Garden & Pet Co – ‘8-K’ for 2/10/20

On:  Thursday, 2/13/20, at 5:00pm ET   ·   For:  2/10/20   ·   Accession #:  1193125-20-35729   ·   File #:  1-33268

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/13/20  Central Garden & Pet Co           8-K:5       2/10/20   11:285K                                   Donnelley … Solutions/FA

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
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‘8-K’   —   Current Report


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 iX: 
  8-K  
 i CENTRAL GARDEN & PET CO  i false  i 0000887733 0000887733 2020-02-10 2020-02-10 0000887733 us-gaap:CommonStockMember 2020-02-10 2020-02-10 0000887733 us-gaap:CommonClassAMember 2020-02-10 2020-02-10

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM  i 8-K

 

CURRENT REPORT

Pursuant To Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  i February 10, 2020

 

Central Garden & Pet Company

(Exact name of registrant as specified in its charter)

 

 i Delaware

 

 i 001-33268

 

 i 68-0275553

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 i 1340 Treat Boulevard,  i Suite 600,  i Walnut Creek,  i California

 

 i 94597

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code  i (925)  i 948-4000

(Former name or former address if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 i  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 i  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 i  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 i  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

 i Common Stock

 

 i CENT

 

 i The NASDAQ Stock Market LLC

 i Class A Common Stock

 

 i CENTA

 

 i The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company   i 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 


Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Fiscal 2019 Bonus Determinations

On February 10, 2020, the Compensation Committee of the Board of the Company approved cash bonus payments to the Company’s named executive officers, in respect of fiscal 2019. This bonus compensation information was not included in the Summary Compensation Table included in the Company’s Proxy Statement for its 2020 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on December 20, 2019 (the “Proxy Statement”), because the amount of the bonuses had not been determined at the time of filing the Proxy Statement. In accordance with Item 5.02(f), the table below updates the Bonus and Total columns in the fiscal 2019 summary compensation table for the named executive officers previously set forth in the Proxy Statement. No other amounts have changed.

SUMMARY COMPENSATION TABLE

Name and Principal Position

 

Year

   

Salary
($)

   

Bonus
($)

   

Stock
Awards
(1)($)

   

Option
Awards
(2)($)

   

All Other
Compen
sation
(3)($)

   

Total
($)

 

George C. Roeth

   

2019

     

969,712

     

975,000

     

1,895,704

     

732,830

     

64,582

     

4,637,828

 

Former President and Chief Executive Officer(4)

   

2018

     

820,673

     

735,750

     

750,001

     

744,203

     

51,876

     

3,120,503

 

   

2017

     

775,000

     

900,000

     

699,157

     

806,054

     

53,019

     

3,233,230

 
                                                         

Nicholas Lahanas

   

2019

     

447,692

     

170,000

     

799,995

     

161,566

     

10,747

     

1,590,000

 

Chief Financial Officer

   

2018

     

387,308

     

225,000

     

—  

     

143,240

     

3,701

     

759,249

 

   

2017

     

346,246

     

185,000

     

401,172

     

100,735

     

3,120

     

1,036,273

 
                                                         

William E. Brown

   

2019

     

200,000

     

376,000

     

299,989

     

—  

     

17,041

     

893,030

 

Chairman

   

2018

     

200,000

     

90,000

     

299,986

     

—  

     

14,592

     

604,578

 

   

2017

     

200,000

     

116,000

     

299,994

     

—  

     

15,535

     

631,529

 
                                                         

George A. Yuhas

   

2019

     

456,369

     

175,000

     

—  

     

121,148

     

32,036

     

784,553

 

General Counsel and Secretary

   

2018

     

448,092

     

191,000

     

—  

     

122,780

     

26,898

     

788,770

 

   

2017

     

450,491

     

245,000

     

—  

     

120,907

     

26,370

     

842,768

 
                                                         

William Lynch

   

2019

     

434,486

     

153,949

     

—  

     

161,566

     

33,968

     

783,969

 

Senior Vice President(5)

   

2018

     

426,139

     

217,011

     

—  

     

163,710

     

28,458

     

835,318

 

 

(1) This column represents the grant date fair value in accordance with ASC 718. These amounts do not represent the actual value that may be realized by the named executive officers.

(2) This column represents the grant date fair value in accordance with ASC 718. Please refer to Note 13, “Stock-Based Compensation”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10–K filed on November 27, 2019 for the relevant assumptions used to determine the compensation cost of our stock option awards. These amounts do not represent the actual value, if any, that may be realized by the named executive officers.

2


(3) The components of the “All Other Compensation” column for fiscal 2019 are detailed in the following table:

Description

 

Roeth

   

Lahanas

   

Brown

   

Yuhas

   

Lynch

 

Company matching contribution to 401(k) plan

  $

15,500

    $

9,865

    $

5,336

    $

7,938

    $

9,574

 

Medical and life insurance premiums

   

882

     

882

     

11,705

     

12,098

     

12,394

 

Car allowance or lease

   

13,200

     

—  

     

—  

     

12,000

     

12,000

 

Medical reimbursement

   

15,000

     

—  

     

—  

     

—  

     

—  

 

Financial planning allowance

   

20,000

     

—  

     

—  

     

—  

     

—  

 
                                         

Total

  $

64,582

    $

10,747

    $

17,041

    $

32,036

    $

33,968

 

(4) Mr. Roeth became Chief Executive Officer in June 2016 and retired on September 28, 2019.

(5) Mr. Lynch became an executive officer in February 2018.

Item 5.07 Submission of Matters to a Vote of Security Holders.

On February 11, 2020, at the Annual Meeting, the following proposals were submitted to the stockholders:

  1. The election of ten directors to serve until the 2021 Annual Meeting and until their successors are duly elected and qualified.

  2. The approval of the advisory (non-binding) resolution relating to executive compensation.

  3. The ratification of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on September 26, 2020.

For more information about the foregoing proposals, see the Proxy Statement, the relevant portions of which are incorporated herein by reference. Holders of the Company’s Common Stock are entitled to one vote per share and holders of the Company’s Class B Stock are entitled to the lesser of ten votes per share or 49% of the total votes cast. Holders of the Company’s Common Stock and holders of the Company’s Class B Stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by law. The number of votes cast for and withheld/against and the number of abstentions and broker non-votes with respect to each matter voted upon are set forth below:

3


Proposal One:

The following individuals were elected to serve as directors until the Company’s next annual meeting and until their respective successors are elected and qualified by the votes set forth in the following table:

Director Nominee

 

For

   

Withheld

   

Broker Non-Votes

 

John B. Balousek

   

16,532,904

     

1,867,740

     

609,906

 

William E. Brown

   

11,112,259

     

4,632,269

     

609,906

 

Timothy P. Cofer

   

11,304,831

     

4,534,057

     

609,906

 

Thomas J. Colligan

   

19,837,067

     

182,617

     

609,906

 

Michael J. Edwards

   

19,836,873

     

182,716

     

609,906

 

Michael J. Griffith

   

20,113,933

     

41,415

     

609,906

 

Christopher T. Metz

   

18,302,404

     

955,328

     

609,906

 

Brooks M. Pennington III

   

10,941,380

     

4,719,417

     

609,906

 

John R. Ranelli

   

11,262,118

     

4,555,841

     

609,906

 

Mary Beth Springer

   

19,798,776

     

202,145

     

609,906

 

Proposal Two:

The stockholders approved, on an advisory (non-binding) basis, the compensation of the Company’s named executive officers, by the votes set forth in the following table:

For

 

Against

 

Abstain

 

Broker Non-Votes

18,646,184

 

1,454,600

 

49,263

 

609,906

Proposal Three:

The appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on September 26, 2020 was ratified, by the votes set forth in the following table:

For

 

Against

 

Abstain

 

Broker Non-Votes(1)

21,170,776

 

200,567

 

11,184

 

0

 

(1) Pursuant to the rules of the New York Stock Exchange, this proposal constituted a routine matter. Therefore, brokers were permitted to vote without receipt of instructions from beneficial owners.

4


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CENTRAL GARDEN & PET COMPANY

     

By:

 

/s/ George A. Yuhas

 

George A. Yuhas

 

General Counsel and Secretary

Dated: February 13, 2020

5


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
9/26/20
Filed on:2/13/204,  SC 13G/A
2/11/203,  4,  4/A,  DEF 14A
For Period end:2/10/204,  SC 13G/A
12/20/19DEF 14A,  DEFA14A
11/27/1910-K
9/28/1910-K,  5
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/05/20  Central Garden & Pet Co.          424B2      10/02/20    1:1.2M                                   Donnelley … Solutions/FA
10/01/20  Central Garden & Pet Co.          424B5                  1:1.2M                                   Donnelley … Solutions/FA
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