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 14, 2017

 

 

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)

 

 

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))

 

 

 


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

Fiscal 2016 Bonus Determinations

On February 14, 2017, the Compensation Committee of the Board of Directors of Central Garden & Pet Company (the “Company”) approved cash bonus payments to the Company’s named executive officers, in respect of fiscal 2016. This bonus compensation information was not included in the Summary Compensation Table included in the Company’s Proxy Statement for its 2017 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on December 30, 2016 (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 2016 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)($)
     Total
($)
 

George C. Roeth
President and
Chief Executive Officer

    2016        232,500        795,000 (4)      520,040        40,147        266,048        1,853,735  

John R. Ranelli
Former President and
Chief Executive Officer,
Acting Principal Financial
Officer

   

2016
2015
2014
 
 
 
    

778,846
750,612
673,000
 
 
 
    

862,500
935,000
505,00
 
 
 
   

—  
3,025,220
1,078,15
 
 
 
    

—  
—  
—  


 
    

270,935
459,896
418,806
 
 
 
    

1,912,281
5,170,728
2,674,963
 
 
 

David N. Chichester
Former Acting Chief Financial Officer

   
2016
2015
 
 
    
201,385
42,308
 
 
    
100,000
35,000
 
 
   
20,006
20,006
 
 
    
75,272
63,797
 
 
    
49,601
71,500
 
 
    
446,264
232,611
 
 

William E. Brown
Chairman

   

2016
2015
2014
 
 
 
    

176,618
319,500
390,000
 
 
 
    

105,000
120,000
390,000
 
 
 
   

300,021
—  
—  


 
    

—  
—  
—  


 
    

1,203
12,808
11,707
 
 
 
    

582,842
452,308
791,707
 
 
 

Michael Reed
Executive Vice President

   

2016
2015
2014
 
 
 
    

480,808
446,154
435,962
 
 
 
    

260,000
360,000
220,000
 
 
 
   

—  
—  
543,006

 
 
    

174,000
127,500
—  
 
 
 
    

26,013
24,337
24,361
 
 
 
    

940,821
957,991
1,223,329
 
 
 

George A. Yuhas
General Counsel and Secretary

   

2016
2015
2014
 
 
 
    

459,438
426,154
417,308
 
 
 
    

247,250
295,000
188,000
 
 
 
   

—  
—  
142,670

 
 
    

163,560
127,500
—  
 
 
 
    

25,620
20,872
25,074
 
 
 
    

895,868
869,526
773,052
 
 
 

 

(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 December 2, 2016 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 2016 are detailed in the following table:

 

Description

   Roeth      Ranelli      Brown      Chichester      Reed      Yuhas  

Company matching contribution to 401(k) plan

   $ 447      $ 2,307      $ 308      $ —        $ 3,125      $ 2,546  

Medical and life insurance premiums

     96        10,888        895        101        10,888        11,074  

Car allowance or lease

     4,400        12,000        —          —          12,000        12,000  

Consulting fees

     107,438        —          —          —          —          —    

Medical reimbursement

     5,000        —          —          —          —          —    

Financial planning allowance

     6,667        —          —          —          —          —    

Director fees

     142,000        —          —          49,500        —          —    

Housing allowance

     —          126,000        —          —          —          —    

Tax gross-up payments

     —          119,740        —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 266,048      $ 270,935      $ 1,203      $ 49,601      $ 26,013      $ 25,620  

 

(4) Mr. Roeth became Chief Executive Officer in June 2016. Bonus column includes hiring bonus of $500,000.

 

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

On February 14, 2017, at the Annual Meeting, the following proposals were submitted to the stockholders:

 

  1. The election of nine directors to serve until the 2018 Annual Meeting and until their successors are duly elected and qualified.

 

  2. The frequency at which the Company should conduct an advisory (non-binding) vote on executive compensation.

 

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

 

  4. The approval of the amendment to the Nonemployee Director Equity Incentive Plan to increase the number of shares of Class A Common Stock authorized for issuance thereunder.

 

  5. The ratification of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2017.

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 number of votes of Common Stock and Class B Stock which are voted for a director or on a proposal. 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

   19,813,223    80,371    898,213

William E. Brown

   15,451,956    4,441,638    898,213

Thomas J. Colligan

   19,823,994    69,600    898,213

Brooks M. Pennington III

   15,260,711    4,632,883    898,213

Alfred A. Piergallini

   19,811,042    82,552    898,213

John R. Ranelli

   15,267,154    4,626,440    898,213

George C. Roeth

   15,551,971    4,341,623    898,213

Mary Beth Springer

   19,824,019    69,575    898,213

Andrew K. Woeber

   19,859,551    34,043    898,213

Proposal Two:

The stockholders voted, on an advisory (non-binding) basis, to hold an advisory (non-binding) vote on the compensation of the Company’s named executive officers every three years, by the votes set forth in the following table:

 

One Year

 

Two Years

 

Three Years

 

Abstain

 

Broker Non-Votes

7,264,166

  24,524   12,598,571   3,230   898,213

In light of the stockholder’s strong preference for Three Years, the Company has decided that it will continue to conduct the executive compensation advisory vote every three years.

Proposal Three:

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

19,695,672

  170,755   13,855   898,213

Proposal Four:

The stockholders approved the amendment to the Nonemployee Director Equity Incentive Plan, by the votes set forth in the following table:

 

For

 

Against

 

Abstain

 

Broker Non-Votes

16,251,103

  3,621,930   10,486   898,213

 

4


Proposal Five:

The appointment of Deloitte & Touché LLP as the Company’s independent registered public accounting firm for fiscal year 2017 was ratified, by the votes set forth in the following table:

 

For

 

Against

 

Abstain

 

Broker Non-Votes(1)

21,588,835

  31,641   17,503   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.

 

5


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 21, 2017

 

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