Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
On September 14, 2020, the Board of Directors of J & J Snack Foods Corp. ("J &
J" or the "Company") approved, effective as of September 21, 2020 (the "Start
Date"), the appointment of Ken A. Plunk to the position of Senior Vice
President, Chief Financial Officer to fill position of Dennis Moore, the current
Chief Financial Officer, whose retirement was announced in April 2020. Mr. Plunk
will have overall responsibility for the corporate financial operations for all
of J & J.
Mr. Plunk, 56, was most recently Senior Vice President, International Finance,
Strategy, Technology and Supply Chain of Walmart Inc., headquartered in
Bentonville, Arkansas, where he was responsible for the approximately $130
billion International Segment, including long term/annual financial planning,
monthly/quarterly performance management, cost transformation initiatives,
strategy scorecards, investor relations and business improvements. He spent 12
years with Walmart in a variety of senior financial positions. Prior to Walmart,
Mr. Plunk worked at The Home Depot for four years, holding the position of
Finance Director, Merchandising; and prior to that, he was Director, Internal
Audit Leadership Program at The Home Depot.
Mr. Plunk entered into an offer letter with the Company (the "Offer Letter").
Under the terms of the Offer Letter, Mr. Plunk will receive a base annual salary
of $455,000 with a target bonus of 60% of his base salary, determined by the
Compensation Committee of the Board of Directors. In addition, as an inducement
to his employment, Mr. Plunk is entitled to receive a sign on grant of
restricted stock within 30 days of his Start Date equal to 45% of his base
salary, to be approved by the Compensation Committee of the Board of Directors.
Promptly following the issuance of the inducement grant, the Company will
disclose in a press release the material terms of the grant, including the
number of shares involved. Mr. Plunk will also be eligible for a 2021 equity
grant, subject to the Compensation Committee's approval, based on 45% of his
base salary and subject to the establishment of an incentive plan by the Company
which will provide for the grant of restricted stock. He will be entitled to
other benefits which are generally available to most or all of the Company's
employees, such as group health insurance and participation in the Company's
401(k) plan. Mr. Plunk will also receive a Company car.
There are no arrangements or understandings between Mr. Plunk and any person
other than the Company pursuant to which he was appointed as Chief Financial
Officer. Mr. Plunk has no direct or indirect material interest in any
transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
There are no family relationships between Mr. Plunk and any of the Company's
officers or directors that are required to be disclosed pursuant to Item 401(d)
of Regulation S-K.
A copy of the press release announcing the appointment of Mr. Plunk is furnished
with this report as Exhibit 99.2.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibit Number Description of Document
99.1 Offer Letter
99.2 Press Release dated September 17, 2020
104 Cover Page Interactive Data File (formatted as Inline XBRL and
contained in Exhibit 101)
2
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