Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On April 13, 2020, Performance Food Group Company (the "Company") issued a press
release announcing several corporate actions to strengthen its business and
improve its cash position during the novel coronavirus pandemic ("Covid-19"),
including (i) the decision of the Company's executive officers to defer 25% of
their base salary for the period commencing on April 5, 2020, through the
earlier of December 31, 2020, or at such time as approved by the Compensation
and Human Resources Committee (the "Deferral Period") and (ii) the decision of
the members of the Company's Board of Directors to defer 25% of their cash
directors' fees for the Deferral Period (collectively, the "Deferred Payment
Arrangement").
On June 12, 2020, the Company's executive officers, including the Company's
named executive officers, waived the right to any payment with respect to their
base salaries that had been earned and deferred pursuant to the Deferred Payment
Arrangement, and, effective as of June 12, 2020 and extending through June 27,
2020, agreed to reduce their base salaries payable for such period by 25% from
the amounts payable to such executive officers immediately prior to the Deferred
Payment Arrangement.
Additionally, on June 12, 2020, the members of the Company's Board of Directors
waived the right to any payment with respect to their cash directors' fees that
had been earned and deferred pursuant to the Deferred Payment Arrangement, and,
effective as of June 12, 2020, and extending through June 27, 2020, agreed to
reduce their cash directors' fees payable for such period by 25% from the
amounts payable to such directors immediately prior to the Deferred Payment
Arrangement.
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