CENTRAL GARDEN & PET CO false 0000887733 0000887733 2021-02-08 2021-02-08 0000887733 us-gaap:CommonStockMember 2021-02-08 2021-02-08 0000887733 us-gaap:CommonClassAMember 2021-02-08 2021-02-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 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) February 8, 2021

 

 

Central Garden & Pet Company

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-33268   68-0275553
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (IRS Employer
Identification No.)

 

1340 Treat Boulevard, Suite 600, Walnut Creek, California   94597
(Address of principal executive offices)   (Zip Code)

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

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

 

 

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

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock   CENT   The NASDAQ Stock Market LLC
Class A Common Stock   CENTA   The NASDAQ Stock Market LLC

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):

 

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

 

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

 

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

 

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

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  

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 2020 Bonus Determinations

On February 8, 2021, the Compensation Committee of the Board of the Company approved cash bonus payments to the Company’s named executive officers, in respect of fiscal 2020. This bonus compensation information was not included in the Summary Compensation Table included in the Company’s Proxy Statement for its 2021 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on December 23, 2020 (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 2020 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
Compensation
(3)($)
     Total
($)
 

Timothy P. Cofer

     2020        900,000        1,472,500        —          3,393,865        148,253        5,914,618  

Chief Executive Officer(4)

                    

Nicholas Lahanas

     2020        456,344        363,900        1,999,998        159,371        9,863        2,989,476  

Chief Financial Officer

     2019        447,692        170,000        799,995        161,566        10,747        1,590,000  
     2018        387,308        225,000        —          143,240        3,701        759,249  

William E. Brown

     2020        200,000        151,000        299,991        999,999        18,662        1,669,652  

Chairman

     2019        200,000        376,000        299,989        —          17,041        893,030  
     2018        200,000        90,000        299,986        —          14,592        604,578  

George A. Yuhas

     2020        465,461        300,000        —          126,169        35,543        927,173  

General Counsel and Secretary

     2019        456,369        175,000        —          121,148        32,036        784,553  
     2018        448,092        191,000        —          122,780        26,898        788,770  

John Hanson

     2020        488,403        362,200        582,730        159,371        111,853        1,704,557  

President Pet Consumer Products(5)

                    

 

(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 14, “Stock-Based Compensation”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed on November 24, 2020 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 2020 are detailed in the following table:

 

Description

   Cofer      Lahanas      Brown      Yuhas      Hanson  

Company matching contribution to 401(k) plan

   $ 8,550      $ 8,550      $ 6,000      $ 8,550      $ 9,665  

Medical and life insurance premiums

     1,065        1,313        12,662        14,993        1,714  

Car allowance or lease

     12,650        —          —          12,000        12,000  

Mobile device reimbursement

     —          —          —          —          1,080  

Medical reimbursement

     34,360        —          —          —          17,500  

Housing Allowance and Tax Gross Up

     63,364        —          —          —          69,894  

Financial planning allowance

     28,264        —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 148,253      $ 9,863      $ 18,662      $ 35,543      $ 111,853  

 

(4)

Mr. Cofer became an executive officer in October 2019.

(5)

Mr. Hanson became an executive officer in February 2020.

In addition, the Compensation Committee approved an increase in Mr. Cofer’s base salary to $1,000,000, Mr. Lahanas’s base salary to $470,475, Mr. Yuhas’s base salary to $479,885, Mr. Hanson’s base salary to $504,977, and Mr. Brown’s base salary to $267,000. The increases were effective as of January 1, 2021.

 

Item 5.07

Submission of Matters to a Vote of Security Holders.

On February 9, 2021, at the Annual Meeting, the following proposals were submitted to the stockholders:

 

  1.

The election of eleven directors to serve until the 2022 Annual Meeting and until their successors are duly elected and qualified.

 

  2.

The ratification of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on September 25, 2021.

 

3


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:

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  

William E. Brown

     11,072,635        3,875,801        629,282  

Courtnee Chun

     18,211,794        234,830        629,282  

Timothy P. Cofer

     12,100,286        3,351,699        629,282  

Brendan P. Dougher

     18,544,525        65,137        629,282  

Michael J. Edwards

     18,137,063        272,943        629,282  

Michael J. Griffith

     16,708,453        1,001,534        629,282  

Christopher T. Metz

     18,137,071        272,939        629,282  

Daniel P. Myers

     11,043,331        3,890,746        629,282  

Brooks M. Pennington III

     11,073,292        3,875,466        629,282  

John R. Ranelli

     11,075,298        3,874,443        629,282  

Mary Beth Springer

     17,291,143        704,362        629,282  

Proposal Two:

The appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on September 25, 2021 was ratified, by the votes set forth in the following table:

 

For

 

Against

 

Abstain

 

Broker Non-Votes(1)

19,633,071

  270,227   1,445   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 11, 2021

 

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