8-K

 

 

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 12, 2018

 

 

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))

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 2017 Bonus Determinations

On February 12, 2018, 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 2017. This bonus compensation information was not included in the Summary Compensation Table included in the Company’s Proxy Statement for its 2018 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on December 22, 2017 (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 2017 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

     2017        775,000        900,000       699,157        806,054        53,019        3,233,230  

President and Chief Executive Officer

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

William E. Brown

     2017        200,000        116,000       299,994        —          15,535        631,529  

Chairman

     2016        176,618        105,000       300,021        —          1,203        582,842  
     2015        319,500        120,000       —          —          12,808        452,308  

Nicholas Lahanas

Chief Financial Officer

     2017        346,246        185,000       401,172        100,735        3,120        1,036,273  

Howard Machek (5)

Senior Vice President and Chief Accounting Officer

     2017        319,027        145,000       74,999        68,556        21,855        629,437  

Kay M. Schwichtenberg

Executive Vice President

     2017        404,385        225,000       —          120,899        15,096        765,380  

George A. Yuhas

General Counsel and Secretary

     2017        450,491        245,000       —          120,907        26,370        842,768  
     2016        459,438        247,250       —          163,560        25,620        895,868  
     2015        426,154        295,000       —          127,500        20,872        869,526  

 

(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 29, 2017 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.

 

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(3) The components of the “All Other Compensation” column for fiscal 2017 are detailed in the following table:

 

Description

   Roeth      Brown      Lahanas      Machek      Schwichtenberg      Yuhas  

Company matching contribution to 401(k) plan

   $ 4,243      $ 4,000      $ 2,543      $ 3,125      $ 3,125      $ 2,399  

Medical and life insurance premiums

     576        11,535        576        14,730        11,971        11,971  

Car allowance or lease

     13,200        —          —          4,000        —          12,000  

Medical reimbursement

     15,000        —          —          —          —          —    

Financial planning allowance

     20,000        —          —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 53,019      $ 15,535      $ 3,120      $ 21,855      $ 15,096      $ 26,370  

 

(4) Mr. Roeth became Chief Executive Officer in June 2016. Bonus column includes a hiring bonus of $500,000.
(5) Mr. Machek served as acting principal financial officer from October 2016 to May 2017.

 

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

On February 13, 2018, at the Annual Meeting, the following proposals were submitted to the stockholders:

 

  1. The election of nine directors to serve until the 2019 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 29, 2018.

The Board of Directors withdrew Proposal Two to approve an amendment to the Company’s Certificate of Incorporation to increase the number of shares of Class A Common Stock authorized for issuance prior to the Annual Meeting as described in the Company’s Supplement to the Proxy Statement for the Annual Meeting filed on February 6, 2018 with the Securities and Exchange Commission.

 

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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  

John B. Balousek

     20,504,363        225,647        777,466  

William E. Brown

     16,131,586        4,598,424        777,466  

Thomas J. Colligan

     20,552,628        177,382        777,466  

Brooks M. Pennington III

     15,958,539        4,771,471        777,466  

Michael J. Edwards

     20,588,069        141,941        777,466  

John R. Ranelli

     16,135,205        4,594,805        777,466  

George C. Roeth

     16,409,166        4,320,844        777,466  

Mary Beth Springer

     20,552,761        177,249        777,466  

Andrew K. Woeber

     20,559,192        170,818        777,466  

Proposal Three:

The appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on September 29, 2018 was ratified, by the votes set forth in the following table:

 

For

   Against      Abstain      Broker Non-Votes(1)  

22,168,812

     80,400        2,673        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.

 

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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 20, 2018

 

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