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The directors and officers of Berry Global Group, Inc. join me in inviting you to attend our Annual Meeting of Stockholders on February 14, 2024 at 10:00 a.m., Central Time, at the Bally’s Evansville Executive Conference Center, 450 NW Riverside Dr., Evansville, Indiana 47708. The formal notice of this Annual Meeting and the Proxy Statement appear on the following pages. After reading the Proxy Statement, please submit your proxy through the Internet or by touch-tone telephone, or complete, sign, date and promptly return the proxy card by mail in the enclosed postage paid, self-addressed envelope. We must receive votes submitted via mail, the Internet (via www.proxyvote.com) or by touch-tone telephone by 11:59 p.m., Eastern Time, on February 13, 2024 in order for them to be counted at the Annual Meeting unless you intend to vote in person. We encourage you to vote via the Internet using the control number that appears on the front of your proxy card and to choose to view future mailings electronically rather than receiving them on paper.
We urge you to submit your proxy promptly. Even after submitting the proxy, you may, of course, vote in person on all matters brought before the meeting.
Sincerely,
Kevin J. Kwilinski, Chief Executive Officer
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KEVIN J. KWILINSKI
Chief Executive Officer |
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DATE AND TIME
February 14, 2024
10:00 a.m., Central Time |
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WHERE
Bally’s Evansville Executive
Conference Center 450 NW Riverside Dr., Evansville, Indiana 47708 |
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RECORD DATE
Only stockholders of record at the close of business on December 27, 2023, the record date, are entitled to notice of and to vote at this meeting and any adjournments or postponements of this meeting.
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Important Notice Regarding the Availability of Proxy Materials for the
Annual Meeting to Be Held on Wednesday, February 14, 2024: The proxy materials for the Annual Meeting are available at www.proxyvote.com. |
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| ANNEX A – PROPOSED AMENDMENT TO AMENDED & RESTATED CERTIFICATE OF INCORPORATION TO INCLUDE AN OFFICER EXCULPATION PROVISION | | | | | A-1 | | |
| ANNEX B – PROPOSED AMENDMENT TO EXCLUSIVE FORUM PROVISION OF THE AMENDED & RESTATED CERTIFICATE OF INCORPORATION TO INCLUDE FEDERAL SECURITIES CLAIMS | | | | | B-1 | | |
| ANNEX C – GAAP to Non-GAAP Reconciliations | | | | | C-1 | | |
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OUR BOARD’S
RECOMMENDATION |
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PAGE
REFERENCE |
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PROPOSAL
1
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ELECTION OF DIRECTORS
The Board and the Nominating & Governance Committee believe that the eleven director nominees named in this proxy statement possess the necessary qualifications to provide effective oversight of the Company’s business. |
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FOR
each Director Nominee |
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53
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PROPOSAL
2
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RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS
The Audit & Finance Committee and the Board believe that the continued retention of Ernst & Young LLP to serve as the Independent Auditors for the fiscal year ending September 28, 2024 is in the best interests of the Company and its stockholders. As a matter of good corporate governance, stockholders are being asked to ratify the Audit & Finance Committee’s selection of the Independent Auditors. |
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FOR
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54
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PROPOSAL
3
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EXECUTIVE COMPENSATION
The Board recommends that stockholders approve, on an advisory, non-binding basis, our executive compensation. |
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FOR
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55
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PROPOSAL
4
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APPROVAL OF AMENDMENT TO THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO INCLUDE AN OFFICER EXCULPATION PROVISION
The Board recommends that stockholders approve an amendment to our Amended and Restated Certificate of Incorporation to include an officer exculpation provision. |
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FOR
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56
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PROPOSAL
5
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APPROVAL OF AMENDMENT TO THE EXCLUSIVE FORUM PROVISION OF THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO INCLUDE FEDERAL SECURITIES CLAIMS
The Board recommends that stockholders approve an amendment to the exclusive forum provision in our Amended and Restated Certificate of Incorporation to make the United States federal courts the exclusive forum for any federal securities law claims. |
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FOR
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58
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PHONE
Call the number shown on your proxy card or voter instruction form by 11:59 p.m., Eastern Time, on February 13, 2024.
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INTERNET
Visit www.proxyvote.com to vote online by 11:59 p.m., Eastern Time, on February 13, 2024.
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MAIL
Return your completed and signed proxy card in the postage paid envelope provided or to the address shown on the proxy card. The proxy card must be received by February 13, 2024.
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IN PERSON
You may vote your shares in person at the Annual Meeting.
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COMMITTEES(1)(2)
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NAME, AGE AND OCCUPATION
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DIRECTOR
SINCE |
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AC
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CC
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NGC
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CAAC
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OTHER CURRENT PUBLIC COMPANY
BOARDS |
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B. Evan Bayh, 68 IND
Senior Advisor with Apollo Global Management
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2011
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Fifth Third Bancorp, Inc. (NASDAQ: FITB)
Marathon Petroleum Corporation (NYSE: MPC) RLJ Lodging Trust (NYSE: RLJ) |
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Jonathan F. Foster, 63 IND
Founder and Managing Director of Current Capital Partners LLC |
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2014
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Masonite International Corporation (NYSE:DOOR)
Lear Corporation (NYSE: LEA) Five Point Holdings LLC (NYSE: FPH) |
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Meredith R. Harper, 52 IND
Senior Vice President and Chief Information Security Officer of Synchrony Financial |
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2023
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None
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Idalene F. Kesner, 65 IND
Dean Emerita of Indiana University’s Kelley School of Business |
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2014
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Olympic Steel, Inc. (NASDAQ: ZEUS)
Duke Energy Corporation (NYSE: DUK) |
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Kevin J. Kwilinski, 54
Chief Executive Officer of Berry Global Group, Inc. |
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2023
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None
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Jill A. Rahman, 63 IND
Chief Operating Officer of The Greater Chicago Food Depository |
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2020
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TreeHouse Foods (NYSE:THS)
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Carl J. (Rick) Rickertsen, 63 IND
Managing Partner of Pine Creek Partners |
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2013
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Hut 8 Mining Corp. (NASDAQ: HUT)
MicroStrategy Incorporated (NASDAQ: MSTR) Apollo Senior Floating Rate Fund (NYSE: AFT) Apollo Tactical Income Fund Inc. (NYSE: AIF) |
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Chaney M. Sheffield, Jr., 43 IND
Partner and Portfolio Manager, Canyon Partners, LLC |
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2022
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None
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Robert A. Steele, 68 IND
Retired Procter & Gamble Vice Chairman lobal Health and Well-being |
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2014
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BJ’s Wholesale Club Holdings, Inc. (NYSE: BJ)
Newell Brands Inc. (NYSE: NWL) |
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Stephen E. Sterrett, 68 IND
Chair of the Board Retired Sr. Executive Vice President and Chief Financial Officer of Simon Property Group, Inc. |
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2015
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Equity Residential (NYSE: EQR)
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Peter T. Thomas, 68 IND
Retired Chief Executive Officer and Chairman of the Board of Ferro Corporation |
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2023
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None
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Scott B. Ullem, 57 IND
Chief Financial Officer of Edwards Lifesciences Corporation |
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2016
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Illumina, Inc. (NASDAQ: ILMN)
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| Total Number of Meetings During Fiscal Year 2023 | | | |
4
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6
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8
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3
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AGE
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TENURE
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GENDER & RACIAL DIVERSITY
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Board Independence
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11 of 12 independent directors
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Regular independent director executive sessions
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Independent Board Committees
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Independent Chair of the Board
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•
Chair and CEO roles separated with Stephen Sterrett serving as new Independent Chairman
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Board Refreshment
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Added five new directors in last six years
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Balance of new and continuing directors, with average tenure for all directors of 6 years
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Guidelines providing for tenure limitations upon the earlier of 15 years on the Board or reaching 75 years of age
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Accountability to Stockholders
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Proxy Access
•
Uncontested Director Election Majority Voting/Director Resignation Policy
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Annual election of all directors
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No shareholder rights plan
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Special meeting rights
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Risk Oversight
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•
Board is responsible for risk oversight
•
Designated Board committees have oversight of certain key risk areas
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Succession Planning
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•
The Board regularly reviews senior management succession and development plans
•
The Board regularly evaluates Board succession
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Robust Director and Executive Officer Share Ownership Guidelines
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•
The Board policy encourages directors and Company management to hold a meaningful financial interest in the Company
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Compensation Recovery Policy
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Our Compensation Recovery Policy provides for the recovery of certain executive compensation in the event the Company is required to restate its financial statements under certain circumstances described by the NYSE’s listing standards
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Other Governance Practices
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Annual Board and Committee Self-Evaluations
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Active and robust ethics and compliance program
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PLAN
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PURPOSE
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RELEVANT PERFORMANCE
METRIC AND DESCRIPTION |
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ANNUAL/SHORT TERM INCENTIVE
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FIXED
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Base Salary
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| | | To provide fair and competitive compensation for individual performance and level of responsibility associated with position held | | | | Based on individual performance, position, and responsibility | | |
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VARIABLE
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Executive Bonus Plan
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| | | To provide a short-term annual performance-based cash incentive opportunity through a bonus plan that is based upon achievement of the established performance goals | | | |
Bonus, which we also refer to as short-term incentive or STI, is determined based on three components that are tied directly to the performance of the Company:
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an Adjusted EBITDA target (70% of the target award);
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a free cash flow target (20% of the target award); and
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a Greenhouse Gas emissions reduction target (10% of the target award)
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LONG-TERM INCENTIVE
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Long-Term Incentive Plan
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| | | To provide long-term incentive opportunities in the form of equity and equity-based awards in order to retain those individuals with the leadership abilities necessary for increasing long-term stockholder value while aligning their interests with the interests of our stockholders | | | |
•
40% — Stock options vest based on continued service over a four-year period and incentivize performance as the options have value only to the extent the market value of the Company stock increases following grant
•
60% — Performance-based restricted stock units vest, based on the achievement of performance criteria (relative TSR* and ROCE* targets, each with a 50% weighting factor), at the end of the applicable three-year performance period
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CEO
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OTHER NEOS (AVERAGE)
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PARTNERSHIPS
We recognize the importance of strong, sustainable partnerships throughout all aspects of our business — we view our employees, customers, suppliers, and communities as our partners.
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GROWTH
Strategic growth is imperative for our business. Growth comes in many forms — financial growth, customer growth, employee growth and development, product growth and innovation, and the global growth of Berry.
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EXCELLENCE
We pursue excellence in all that we do by optimizing our processes, enhancing our sustainability initiatives, and by providing the highest quality products and services to our customers. We believe in continuous training and development for our employees so that we can deliver excellence to our customers.
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SAFETY
This is our number one value. We relentlessly pursue safety in all we do. We maintain high standards to ensure our facilities are safe and environmentally conscious
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Executive
Leadership |
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Operations
& Supply Chain |
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International
Business Experience |
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Strategic
Planning and M&A |
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Risk
Management |
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Capital
Allocation |
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Finance
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Human
Capital Management |
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Information
Technology/ Security |
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Packaging
Industry |
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B. Evan Bayh
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•
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•
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•
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•
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•
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Jonathan F. Foster
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Idalene F. Kesner
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Meredith R. Harper
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Kevin J. Kwilinski
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Jill A. Rahman
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Carl J. (Rick) Rickertsen
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Chaney M. Sheffield, Jr.
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Robert A. Steele
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Stephen E. Sterrett
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Peter T. Thomas
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Scott B. Ullem
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Lead Independent
Age: 68
Director
Since: 2015
Board
Committees:
•
Audit & Finance
•
Capital Allocation Advisory
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STEPHEN E. STERRETT
Chairman of the Board
Mr. Sterrett retired on December 31, 2014 as the Sr. Executive Vice President and Chief Financial Officer of Indianapolis-based Simon Property Group, Inc., a position he held since 2000. From 1993 to 2000 Mr. Sterrett held the position of Treasurer with Simon. Prior to joining the Simon organization in 1988 he was a senior manager with the international accounting firm of Price Waterhouse. Mr. Sterrett was previously a member of the board of directors of Realty Income Corporation, also an S&P 500 company, from 2014 to 2019. In 2018 he became a Trustee of Butler University, a private university in Indianapolis, Indiana. He serves as a Trustee of Tindley Accelerated Schools, a K-12 charter school network in Indianapolis, Indiana. In 2021 he became a member of the Board of Governors of The First Tee. Mr. Sterrett also serves on the board of directors of the following not-for-profit companies: the Indiana Golf Association and its Foundation, the Indiana University Center for Real Estate Studies and the Kelley School of Business Dean’s Council.
Other Public Company Boards:
•
Lead Independent Director of Equity Residential, an S&P 500 company
Education
Mr. Sterrett holds a B.S. degree in accounting and an M.B.A. in finance, both from Indiana University.
Skills and Qualifications
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Mr. Sterrett’s extensive accounting and financial experience qualifies him to serve as a director of the Company.
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Independent
Age: 68
Director
Since: 2011
Board
Committees:
•
Compensation & Talent Development
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B. EVAN BAYH
Director
Mr. Bayh is a senior advisor with Apollo Global Management and is a former U.S. Senator and Indiana Governor. He was a member of the U.S. Senate from the State of Indiana from 1998 until his retirement in 2011. While in the Senate, he served on a variety of committees, including the Banking, Housing and Urban Affairs Committee, and the Committee on Small Business and Entrepreneurship. Prior to serving in the Senate, Mr. Bayh served as Indiana Governor from 1988 to 1997. He previously served on the board of directors of McGraw-Hill Education Inc. and Zenith American.
Other Public Company Boards:
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Board of directors for Fifth Third Bancorp, Inc.
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Board of directors for Marathon Petroleum Corporation
•
Board of directors for RLJ Lodging Trust
Skills and Qualifications
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Mr. Bayh’s many years of service in elected office, including as the chief executive of a large Midwestern state, qualifies him to serve as a director of the Company.
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Independent
Age: 63
Director
Since: 2014
Board
Committees:
•
Audit & Finance
•
Compensation & Talent Development
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JONATHAN F. FOSTER
Director
Since 2008 Mr. Foster has served as Founder and a Managing Director of Current Capital Partners LLC, a mergers and acquisitions advisory, corporate management services and private equity investing firm. From 2007 until 2008, Mr. Foster served as a Managing Director and Co-Head of Diversified Industrials and Services at Wachovia Securities. Mr. Foster has served in numerous key executive leadership positions including: Executive Vice President — Finance and Business Development of Revolution LLC; Managing Director of The Cypress Group; Senior Managing Director and Head of Industrial Products and Services Mergers and Acquisitions at Bear Stearns & Co; and Executive Vice President, Chief Operating Officer, and Chief Financial Officer of ToysRUs.com, Inc. Prior to the aforementioned positions, Mr. Foster was with Lazard, including as a Managing Director, for over 10 years, primarily in mergers and acquisitions. He was previously a member of the board of directors of Sabine Oil & Gas Corporation, Smurfit-Stone Container Corporation, and Chemtura Corporation, as well as a Trustee of the New York Power Authority.
Other Public Company Boards:
•
Board member of Masonite International Corporation
•
Board member of Lear Corporation
•
Board member of Five Point Holdings
Education
Mr. Foster has a bachelor’s degree in Accounting from Emory University, a master’s degree in Accounting and Finance from the London School of Economics and has attended the Executive Education Program at Harvard Business School.
Skills and Qualifications
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Mr. Foster’s investment banking, finance, and investment experience qualifies him to serve as a director of the Company.
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Age: 52
Director
Since: 2023
Board
Committees:
•
Audit & Finance
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MEREDITH R. HARPER
Director
Ms. Harper has been the Senior Vice President and Chief Information Security Officer of Synchrony Financial since June 2022. She leads a multi-national team responsible for Security Operations, Incident Response, Identity & Access Management, Application Security, IS Risk Management, and IS Tools & Technology. Prior to joining Synchrony Financial, Ms. Harper served as the Vice President, Chief Information Security Officer for Eli Lilly & Company from August 2018 to June 2022. Prior to joining Eli Lilly & Company, Ms. Harper served as Vice President, Chief Information Privacy & Security Officer at Henry Ford Health System from 2002 to August 2018. Ms. Harper is an active member of the Health Care Compliance Association and is also certified as a HealthCare Information Security & Privacy Practitioner through the International Information System Security Certification Consortium, Inc. and a Certified Information Security Manager through the Information Systems Audit and Control Association. She continues to provide leadership for several industry groups, serves her alma mater as a Trustee for the University of Detroit Mercy and has provided 31 years of community service through her Diamond Life membership in Delta Sigma Theta Sorority, Inc.
Education
Ms. Harper earned a Bachelor of Science in Computer Information Systems from the University of Detroit Mercy and a Master’s in Health Service Administration and a Master’s of Jurisprudence in Health Law from the Loyola Chicago School of Law.
Skills and Qualifications
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| | | | Ms. Harper’s extensive executive management and information security experience qualify her to serve as a director of the Company. | |
|
Independent
Age: 65
Director
Since: 2014
Board
Committees:
• Nominating & Governance
|
| |
IDALENE F. KESNER
Director
Dr. Kesner served as dean for Indiana University’s Kelley School of Business from July 2013 until July 31, 2022. Dr. Kesner joined the Kelley School faculty in 1995, coming from a titled faculty position at the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. While at Indiana University, Dr. Kesner has served as co-director of the School’s Consulting Academy, Chairwoman of Kelley’s Full-Time M.B.A. Program, Chairwoman of the Department of Management and Entrepreneurship, and Associate Dean for Faculty & Research. In addition to teaching various graduate-level courses in the area of strategic management, Dr. Kesner has taught in more than 100 executive programs and served as a consultant for many national and international firms, working on strategic issues. Her research has focused on the areas of corporate boards of directors, corporate governance, and mergers and acquisitions. She was previously a member of the board of directors of Main Street America Group and Sun Life Financial. Dr. Kesner also served on several non-profit boards including the Association to Advance Collegiate Schools of Business, and the Kelley Executive Education Foundation, Inc.
Other Public Company Boards:
•
Board of advisors of Lincoln Industries
•
Board of directors of American Family Insurance
•
Board of directors of Olympic Steel, Inc.
•
Board of directors of Duke Energy Corporation
Education
Dr. Kesner holds an M.B.A. and Ph.D. in business administration from Indiana University and a bachelor’s degree in business administration from Southern Methodist University.
Skills and Qualifications
|
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Dr. Kesner’s leadership and business acumen as well as her prior years of service on various corporate boards qualify her to serve as a director of the Company.
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|
Age: 54
Director
Since: 2023
Board
Committees:
•
Capital Allocation Advisory
|
| |
KEVIN J. KWILINSKI
Chief Executive Officer and Director
Mr. Kwilinski has been Chief Executive Officer of Berry since October 2023. Prior to becoming Chief Executive Officer of Berry, Mr. Kwilinski was employed by Multicolor Corporation (Multicolor, MCC Label) as the President and Chief Executive Officer and member of the Board of Directors from October 2021 until September 2023. Prior to working for Multicolor, Mr. Kwilinski was the President and Chief Executive Officer and member of the Board of Directors of Fort Dearborn Company from May 2017 until October 2021.
Education
Mr. Kwilinski holds a Bachelor of Arts degree in Physics and Mathematics from Greenville University in Greenville, Illinois and a Master of Science degree in Industrial and Operations Engineering from the University of Michigan in Ann Arbor, Michigan.
Skills and Qualifications
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Mr. Kwilinski’s position as our Chief Executive Officer and extensive experience in the packaging industry qualify him to serve as a director of the Company.
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Independent
Age: 63
Director
Since: 2020
Board
Committees:
•
Nominating & Governance
•
Compensation & Talent Development
|
| |
JILL A. RAHMAN
Director
Ms. Rahman is the Chief Operating Officer of the Greater Chicago Food Depository, a role she began in June 2020. From 2009 until June 2020 she served in several executive roles at Conagra Brands, Inc. including International Division President from 2016 to 2020 and U.S. Sweet and Salty Snacks Vice President and General Manager from 2010 to 2016. Ms. Rahman also held a variety of marketing, brand management, and strategic planning roles during her 15-year career at Kraft Foods and at Newell Rubbermaid. While at Conagra, she held board of director roles at joint venture companies in India, Mexico, and the Philippines.
Other Public Company Boards:
•
Board of directors of TreeHouse Foods Inc.
Education
Ms. Rahman earned a B.B.A. from Howard University and an M.B.A. from Indiana University.
Skills and Qualifications
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Ms. Rahman’s extensive executive management and marketing experience, particularly in the consumer products industry, qualifies her to serve as a director of the Company.
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Independent
Age: 63
Director
Since: 2013
Board
Committees:
•
Compensation & Talent Development
|
| |
CARL J. (RICK) RICKERTSEN
Director
Mr. Rickertsen is currently a managing partner of Pine Creek Partners, a private equity investment firm based in Washington, D.C., a position he has held since January 2004. He has worked in private equity since 1987. Prior to founding Pine Creek Partners in 2004, Mr. Rickertsen was chief operating officer and partner of Thayer Capital Partners from 1998 to 2004. Mr. Rickertsen was a founding partner of three Thayer investment funds and is a published author. He was formerly a board member of Noranda Corporation, Convera Corporation, UAP Holding Corp., and Homeland Security Capital Corporation.
Other Public Company Boards:
•
Board of directors of Hut 8 Mining Corp.
•
Board of directors of MicroStrategy
•
Board of directors of Apollo Senior Floating Rate Fund
•
Board of directors of Apollo Tactical Income Fund Inc.
Education
Mr. Rickertsen graduated with distinction from Stanford University and Harvard Graduate School of Business, obtaining a B.S. in Industrial Engineering from Stanford and M.B.A. from Harvard.
Skills and Qualifications
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| | | | Mr. Rickertsen’s extensive business experience qualifies him to serve as a director of the Company. | |
|
Independent
Age: 43
Director
Since: 2022
Board
Committees:
•
Nominating & Governance
•
Capital Allocation Advisory
|
| |
CHANEY M. SHEFFIELD, JR.
Director
Mr. Sheffield is a Partner at Canyon Partners, LLC, a worldwide investment firm, a position he has held since 2008. At Canyon, Mr. Sheffield also serves as a portfolio manager, and is a member of Canyon’s ESG and Investment committees. He has 20 years of experience in investment banking. Prior to joining Canyon Partners, Mr. Sheffield served as Vice President — Special Situations Group at Morgan Stanley Fixed Income Division from 2004 — 2008. From 2002 — 2004, Mr. Sheffield served as an Analyst for Morgan Stanley’s Investment Banking Division.
Education
Mr. Sheffield graduated Cum Laude from Harvard University with a Bachelor of Arts in Economics.
Skills and Qualifications
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| |||
| Mr. Sheffield’s extensive capital allocation, investment banking, and packaging industry knowledge qualifies him to serve as a director of the Company. | |
|
Independent
Age: 68
Director
Since: 2014
Board
Committees:
•
Audit & Finance
•
Nominating & Governance
|
| |
ROBERT A. STEELE
Director
In 2011, Mr. Steele retired from Procter & Gamble as the company’s Vice Chairman Health Care. During his 35 year tenure with Procter & Gamble, he served in a variety of executive leadership positions, including Vice Chairman Global Health and Well-being, Group President Global Household Care, and Group President of North American Operations. Mr. Steele was previously a member of the board of directors of the Keurig/Green Mountain Coffee Company, Beam Inc., LSI Industries, Inc. and Kellogg Company.
Other Public Company Boards:
•
Board member of BJ’s Wholesale Club Holdings, Inc., where he serves as the Lead Director and on the Audit Committee
•
Board member of Newell Inc., where he serves as Chairman of the Board
Education
Mr. Steele has a bachelor’s degree in Economics from College of Wooster and a M.B.A. from Cleveland State University.
Skills and Qualifications
|
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|
Mr. Steele’s in-depth knowledge of the global consumer goods market and his leadership and business experience qualifies him to serve as a director of the Company.
|
|
|
Independent
Age: 68
Director
Since: 2023
Board
Committees:
•
Compensation & Talent Development
•
Capital Allocation Advisory
|
| |
PETER T. THOMAS
Director
Mr. Thomas served as President, Chief Executive Officer and Chairman of the board of directors of Ferro Corporation from November 2012 to April 2022. Mr. Thomas served in various roles at Ferro from 1999 to 2012, including as Operating Vice President the Polymer and Ceramic Engineered Materials Group, Director of Sales for Polymer Additives, Commercial Director for Performance and Fine Chemicals, and Vice President of Organic Specialties. Mr. Thomas served in various roles at Witco Corporation from 1991 to 1998, including as Vice President of the Oleochemical-Derivatives business unit, Vice President of Sales, and Global Market Director. Mr. Thomas previously served on the board of directors of Innophos Holdings, Inc. from January 2016 to February 2020, including serving as its lead director from December 2017 to February 2020 and as a member of its Audit and Nominating and Governance Committees from January 2016 to February 2020.
Other Public Company Boards:
•
Education
Mr. Thomas has a B.S. in Chemistry and BioChemistry from Duquesne University and an M.B.A. in Finance and Marketing from Loyola University.
Skills and Qualifications
|
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Mr. Thomas’s extensive executive leadership experience qualifies him to serve as a director of the Company.
|
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Independent
|
| |
SCOTT B. ULLEM
Director
Mr. Ullem became Chief Financial Officer of Edwards Lifesciences Corporation (NYSE: EW), an S&P 500 company, in January 2014. Prior to joining Edwards, he served from May 2010 to December 2013 as Chief Financial Officer of Bemis Company Inc. Mr. Ullem served from 2008 to May 2010 as the Vice President, Finance of Bemis. Before joining Bemis, Mr. Ullem spent 17 years in investment banking, serving as Managing Director at Goldman Sachs and later for Bank of America.
|
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|
Age: 57
Director
Since: 2016
Board
Committees:
•
Audit & Finance
•
Capital Allocation Advisory
|
| |
Other Public Company Boards:
•
Board member of Illumina, Inc., where he serves on the Audit Committee
Education
Mr. Ullem earned a bachelor’s degree in political science from DePauw University and an M.B.A. from Harvard Business School.
Skills and Qualifications
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Mr. Ullem’s extensive accounting and financial experience and in-depth knowledge of the packaging market qualify him to serve as a director of the Company.
|
|
|
KEVIN J. KWILINSKI
|
|
| Chief Executive Officer | |
| Age: 54 | |
| See page 13 above for biographical information for Mr. Kwilinski. | |
|
MARK W. MILES
|
|
| Chief Financial Officer and Treasurer | |
| Age: 52 | |
|
Mark W. Miles has been Chief Financial Officer since January 2014. Mr. Miles previously served as Berry’s Executive Vice President, Controller and Treasurer from August 2005 to January 2014. Mr. Miles started with the Company as Corporate Controller in 1997.
|
|
|
CURTIS L. BEGLE
|
|
| President, Health, Hygiene and Specialties Division | |
| Age: 48 | |
|
Curtis L. Begle has been President of Berry’s Health, Hygiene and Specialties Division since December 2018. He previously served as President of Berry’s Engineered Materials Division from November 2014 to December 2018 and as President of Berry’s Rigid Closed Top Division from December 2009 to November 2014. He holds a bachelor’s degree in business administration from the University of Evansville and a master’s degree in business administration from the University of Southern Indiana.
|
|
|
JEAN-MARC GALVEZ
|
|
| President, Consumer Packaging — International Division | |
| Age: 57 | |
|
Jean-Marc Galvez has been President of Berry’s Consumer Packaging — International Division since July 2019. He previously served as President of Berry’s Consumer Packaging Division since January 2017 and President — Europe, Middle East, India, and Africa of Berry’s Health, Hygiene and Specialties Division from November 2015 to January 2017. He was President — EMEIA Global Building and Geosynthetics for AVINTIV, Inc. (“Avintiv”), which Berry acquired in 2015, from May 2014 to November 2015 and served as Senior Vice President and General Manager of the EMEIA region at Polymer Group, Inc. from April 2012 to May 2014. He holds a master’s and bachelor’s degree in chemical engineering from Ecole Nationale Superieure de Chimie in Montpellier, France and has completed its general manager executive education at IESE Business School.
|
|
|
MICHAEL E. HILL
|
|
| President, Engineered Materials Division | |
| Age: 57 | |
|
Michael E. Hill has been President of Berry’s Engineered Materials Division since December 2018. He previously served as Berry’s Executive Vice President and General Manager of various divisions with the Consumer Packaging Division from November 2015 to December 2018. Mr. Hill started with Berry in 1997 during which time he held multiple positions of increasing responsibility in operations, sourcing, marketing, and sales. Mr. Hill holds a bachelor’s degree in business administration from Middle Tennessee State University and is also a certified Six Sigma Green Belt.
|
|
|
WILLIAM J. NORMAN
|
|
| President, Consumer Packaging — North America Division | |
| Age: 52 | |
|
William J. Norman has been President of Berry’s Consumer Packaging — North America Division since July 2019. He previously served as Berry’s Executive Vice President — Consumer Packaging Commercial Operations from February 2019 to July 2019, Executive Vice President & General Manager — Consumer Packaging Food from November 2015 to February 2019, and President — Rigid Open Top Division, a position he held from October 2013 to November 2015. Mr. Norman joined Berry in 1993 during which time he held managerial and vice president positions in accounting, finance, and commercial and strategic planning. He holds a bachelor’s degree in Accounting from the University of Southern Indiana.
|
|
|
JASON K. GREENE
|
|
| Executive Vice President, Chief Legal Officer, and Secretary | |
| Age: 53 | |
|
Jason K. Greene has been Berry’s Executive Vice President and Chief Legal Officer since February 2016. He previously served as Berry’s Executive Vice President and General Counsel from January 2013 to February 2016. He was hired in December 2010 as Berry’s Deputy General Counsel. Mr. Greene holds a Bachelor of Accounting, Master of Accounting, and Juris Doctor all from the University of Florida.
|
|
|
JAMES M. TILL
|
|
| Executive Vice President and Controller | |
| Age: 46 | |
|
James M. Till has been Berry’s Executive Vice President and Controller since January 2014. Mr. Till previously served as Berry’s Vice President of Accounting and Finance from November 2010 to January 2014. Mr. Till started with the Company as Director of Finance in 2008.
|
|
|
Name of Beneficial Owner(1)
|
| |
Direct and
Indirect Share Ownership(1) |
| |
Right to
Acquire(2) |
| |
Total
Beneficially Owned |
| |
Percent of
Class |
| ||||||||||||
| Thomas E. Salmon | | | | | 66,193 | | | | | | 1,711,720 | | | | | | 1,777,913 | | | | | | * | | |
| Mark W. Miles | | | | | 84,502 | | | | | | 670,893 | | | | | | 755,395 | | | | | | * | | |
| Curt L. Begle | | | | | 21,500 | | | | | | 317,227 | | | | | | 338,727 | | | | | | * | | |
| Jean-Marc Galvez | | | | | — | | | | | | 332,742 | | | | | | 332,742 | | | | | | * | | |
| Jason K. Greene | | | | | 250 | | | | | | 345,405 | | | | | | 345655 | | | | | | * | | |
| B. Evan Bayh | | | | | 29,228 | | | | | | 70,412 | | | | | | 99,640 | | | | | | * | | |
| Jonathan F. Foster | | | | | 4,728 | | | | | | 84,412 | | | | | | 89,140 | | | | | | * | | |
| Meredith R. Harper | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
| Idalene F. Kesner | | | | | 32,728 | | | | | | 56,412 | | | | | | 89,140 | | | | | | | | |
| Jill A. Rahman | | | | | 4,728 | | | | | | 11,912 | | | | | | 16,640 | | | | | | * | | |
| Carl J. (Rick) Rickertsen | | | | | 4,728 | | | | | | 18,412 | | | | | | 23,140 | | | | | | * | | |
| Chaney M. Sheffield, Jr. | | | | | 53,077 | | | | | | 3,415 | | | | | | 56,492 | | | | | | * | | |
| Robert A. Steele | | | | | 4,728 | | | | | | 70,412 | | | | | | 75,140 | | | | | | * | | |
| Stephen E. Sterrett | | | | | 4,728 | | | | | | 70,412 | | | | | | 75,140 | | | | | | * | | |
| Peter T. Thomas | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
| Scott B. Ullem | | | | | 4,728 | | | | | | 54,412 | | | | | | 59,140 | | | | | | * | | |
|
All current directors and executive officers as a group (20 persons)(2)
|
| | | | 315,846 | | | | | | 4,322,258 | | | | | | 4,638,104 | | | | | | [ ]% | | |
| EdgePoint Investment Group Inc.(3) | | | | | 13,917,105 | | | | | | — | | | | | | 13,917,105 | | | | | | 11.2% | | |
| The Vanguard Group, Inc.(4) | | | | | 12,174,511 | | | | | | — | | | | | | 12,174,511 | | | | | | 10.0% | | |
| Turtle Creek Asset Management Inc.(5) | | | | | 6,230,910 | | | | | | | | | | | | 6,230,910 | | | | | | 5.1% | | |
|
AGE
|
| |
TENURE
|
| |
GENDER & RACIAL DIVERSITY
|
|
|
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| |
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| |
|
|
|
AUDIT & FINANCE
COMMITTEE(2)
Meetings in 2023: 4
Members:
Mr. Foster(1) Ms. Harper(3) Mr. Steele Mr. Sterrett Mr. Ullem(4) |
| |
Duties and Responsibilities
•
Assist the Board in fulfilling its oversight responsibilities relating to:
•
the accounting, financial and external reporting policies and practices of the Company;
•
the integrity of the Company’s financial statements;
•
the independence, qualifications and performance of the Company’s independent auditor;
•
the effectiveness of the Company’s internal control over financial reporting;
•
the risk assessment and risk management practices of the Company, including risks relating to the financial reporting process, cybersecurity threats and the Company’s information technology systems and networks;
•
the performance of the Company’s internal audit function; and compliance with the Company’s Global Code of Business Ethics.
|
|
|
COMPENSATION &
TALENT DEVELOPMENT COMMITTEE
Meetings in 2023: 6
Members:
Ms. Rahman(1)(5) Mr. Bayh Mr. Foster Mr. Rickertsen Mr. Thomas(6) |
| |
Duties and Responsibilities
•
Approve and recommend to our Board of Directors all compensation plans for the executive officers and our Board of Directors.
•
Approve the short-term compensation of the executive officers and recommend for Board of Directors’ approval the short-term compensation for members of our Board of Directors.
•
Approve and authorize grants under the Company’s incentive plans, including all equity plans and long-term incentive plans.
•
Lead the Board of Directors in its annual review of the executive officers’ performance.
•
Annually review, assess and report to the Board on the Company’s executive succession planning, working with the Nominating & Governance Committee.
•
Prepare any report on executive compensation required by Securities and Exchange Commission rules and regulations for inclusion in our annual Proxy Statement.
•
Oversee the Company’s “Social” (including diversity, equity and inclusion) strategies, initiatives and disclosure, including related policies, programs and publications, and review significant findings of related internal and external assessments and audits.
|
|
|
NOMINATING &
GOVERNANCE COMMITTEE
Meetings in 2023: 8
Members:
Dr. Kesner(1) Mr. Steele Ms. Rahman Mr. Sheffield |
| |
Duties and Responsibilities
•
Implement and review criteria for membership on our Board of Directors and its
•
committees.
•
Recommend proposed nominees for election to our Board of Directors and membership on its committees.
•
Make recommendations to our Board of Directors regarding governance and related matters.
•
Review CEO and executive officer succession planning with the Compensation & Talent Development Committee as appropriate.
•
Lead the Board in its annual performance review of the Board and Board Committees.
•
Oversee the Company’s “Environmental” and “Governance” strategies, initiatives and disclosure, including related policies, programs and publications, and review significant findings of related internal and external assessments and audits.
|
|
|
CAPITAL ALLOCATION
ADVISORY COMMITTEE
Meetings in 2023: 3
Members:
Mr. Sheffield(1) Mr. Kwilinski(7) Mr. Sterrett(8) Mr. Thomas(6) Mr. Ullem |
| |
Duties and Responsibilities
•
Review, evaluate and make recommendations to the Board regarding the Company’s capital allocation, business and financial strategies and financing activities.
•
Review, evaluate and make recommendations to the Board in respect of the Company’s portfolio composition of business units, divestiture opportunities and the re-segmentation of individual business units.
|
|
|
Name
|
| |
Fees Earned
($) |
| |
Equity
Awards(1)(2) ($) |
| |
Total
($) |
| |||||||||
| B. Evan Bayh | | | | | 105,000 | | | | | | 172,496 | | | | | | 277,496 | | |
| Jonathan F. Foster | | | | | 125,000 | | | | | | 172,496 | | | | | | 297,496 | | |
| Idalene F. Kesner | | | | | 125,000 | | | | | | 172,496 | | | | | | 297,496 | | |
| Meredith R. Harper | | | | | 66,125 | | | | | | 142,757 | | | | | | 208,882 | | |
| Jill A. Rahman(3) | | | | | 113,333 | | | | | | 172,496 | | | | | | 285,829 | | |
| Carl J. Rickertsen(3) | | | | | 116,667 | | | | | | 172,496 | | | | | | 289,163 | | |
| Chaney M. Sheffield, Jr. | | | | | 79,500 | | | | | | 172,496 | | | | | | 251,996 | | |
| Paula A. Sneed | | | | | 26,500 | | | | | | — | | | | | | 26,500 | | |
| Robert A. Steele | | | | | 105,000 | | | | | | 172,496 | | | | | | 277,496 | | |
| Stephen E. Sterrett | | | | | 140,000 | | | | | | 172,496 | | | | | | 312,496 | | |
| Peter T. Thomas | | | | | 66,125 | | | | | | 142,757 | | | | | | 208,882 | | |
| Scott B. Ullem | | | | | 105,000 | | | | | | 172,496 | | | | | | 277,496 | | |
|
Link compensation to Company performance
|
| | | Performance drives pay. A significant portion of compensation opportunities for the Named Executive Officers is variable, meaning it is tied to performance. Cash STI payouts are based on the attainment of business plan performance metrics. | | |
|
Balanced compensation program
|
| | | The compensation program includes complementary but diverse performance goals, a balance of types of compensation, and caps on the amount of compensation that can be awarded. | | |
|
Compensation aligned with stockholder interests
|
| | | Long-term incentive compensation opportunities for the Named Executive Officers are equity or equity-based. | | |
|
Independent Compensation Consultant
|
| | | Our Compensation & Talent Development Committee utilizes an independent compensation consultant. | | |
|
Double trigger change in control arrangements
|
| | | Benefits in connection with a change in control are only payable after a qualifying termination. | | |
|
No repricing of awards
|
| | |
No previously granted awards can be repriced or surrendered in exchange for new awards.
|
| |
|
Compensation Recovery Policy
|
| | | Our Compensation Recovery Policy provides for the recovery of certain executive compensation in accordance with the New York Stock Exchange listing standards effective October 2, 2023. | | |
|
CEO
|
| |
OTHER NEOS (AVERAGE)
|
|
|
|
| |
|
|
|
•
Amcor plc
|
| | |
•
International Paper Company
|
|
|
•
AptarGroup, Inc.
|
| | |
•
Packaging Corporation of America
|
|
|
•
Avery Dennison Corporation
|
| | |
•
Sealed Air Corporation
|
|
|
•
Ball Corporation
|
| | |
•
Silgan Holdings Inc.
|
|
|
•
Conagra Brands, Inc.
|
| | |
•
Sonoco Products Company
|
|
|
•
Crown Holdings, Inc.
|
| | |
•
Westlake Corporation
|
|
|
•
Eastman Chemical Company
|
| | |
•
WestRock Company
|
|
|
•
Graphic Packaging Holding Company
|
| | | | |
|
($ in millions)
|
| | | | | | | |
Target STI
(% of Base Salary) |
| |
Adjusted EBITDA
Factor (70%) Achieved |
| |
Free Cash Flow
Factor (20%) Achieved |
| |
Greenhouse Gas
Emission Factor (10%) Achieved(1) |
| |
STI Achieved
(% of Target STI) |
|
| CEO | | | | | FY2023 | | | |
125%
|
| |
100%
|
| |
180%
|
| |
200%
|
| |
126%
|
|
| Other NEOs | | | | | FY2023 | | | |
80%
|
| |
100%
|
| |
180%
|
| |
200%
|
| |
126%
|
|
|
Metric Weighting
|
| |||||||||||||||
|
Fifty Percent (50%)
|
| |
Relative TSR vs. Peer Group
|
| ||||||||||||
| | | | | | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||
| Percentile | | |
Below 25%
|
| |
25%
|
| |
50%
|
| |
75%
|
| |||
| Vesting Payout % | | |
0%
|
| |
50%
|
| |
100%
|
| |
200%
|
| |||
|
Fifty Percent (50%)
|
| |
ROCE
|
| ||||||||||||
| | | | | | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||
| Performance | | |
Below 13%
|
| |
13%
|
| |
14%
|
| |
15%
|
| |||
| Vesting Payout % | | |
0%
|
| |
50%
|
| |
100%
|
| |
200%
|
| |||
| Payout scale pro-rated on a straight-line basis. | |
|
Name and Principal Position(1)
|
| |
Fiscal
Year |
| |
Salary
($) |
| |
Stock-Based
Awards(2) ($) |
| |
Option
Awards(2) ($) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
|
Thomas E. Salmon
Chairman and Chief Executive Officer |
| | | | 2023 | | | | | | 1,202,000 | | | | | | 5,167,001 | | | | | | 2,971,726 | | | | | | 1,893,150 | | | | | | 476,734(3) | | | | | | 11,710,612 | | |
| | | 2022 | | | | | | 1,208,289 | | | | | | 4,361,776 | | | | | | 3,599,993 | | | | | | 909,220 | | | | | | 343,729 | | | | | | 10,423,007 | | | |||
| | | 2021 | | | | | | 1,121,539 | | | | | | 3,405,714 | | | | | | 4,853,472 | | | | | | 2,045,313 | | | | | | 72,463 | | | | | | 11,498,501 | | | |||
|
Mark W. Miles
Chief Financial Officer |
| | | | 2023 | | | | | | 660,000 | | | | | | 1,435,233 | | | | | | 825,475 | | | | | | 665,280 | | | | | | 49,867(4) | | | | | | 3,635,854 | | |
| | | 2022 | | | | | | 638,230 | | | | | | 1,211,569 | | | | | | 999,994 | | | | | | 319,792 | | | | | | 68,349 | | | | | | 3,237,934 | | | |||
| | | 2021 | | | | | | 621,769 | | | | | | 933,726 | | | | | | 1,330,608 | | | | | | 731,850 | | | | | | 19,651 | | | | | | 3,637,604 | | | |||
|
Curt L. Begle
President – Health, Hygiene & Specialties Division |
| | | | 2023 | | | | | | 660,000 | | | | | | 932,976 | | | | | | 536,558 | | | | | | 665,280 | | | | | | 48,239(4) | | | | | | 2,843,054 | | |
| | | 2022 | | | | | | 637,845 | | | | | | 757,271 | | | | | | 625,010 | | | | | | 319,286 | | | | | | 57,694 | | | | | | 2,397,104 | | | |||
| | | 2021 | | | | | | 620,308 | | | | | | 589,326 | | | | | | 839,808 | | | | | | 728,280 | | | | | | 27,285 | | | | | | 2,805,007 | | | |||
|
Jean-Marc Galvez
President – Consumer Packaging International Division |
| | | | 2023 | | | | | | 667,725 | | | | | | 932,976 | | | | | | 536,558 | | | | | | 673,067 | | | | | | 36,853(5) | | | | | | 2,847,180 | | |
| | | 2022 | | | | | | 733,501 | | | | | | 908,676 | | | | | | 749,991 | | | | | | 305,239 | | | | | | 97,032 | | | | | | 2,794,439 | | | |||
| | | 2021 | | | | | | 692,878 | | | | | | 719,394 | | | | | | 1,025,232 | | | | | | 799,984 | | | | | | 93,112 | | | | | | 3,330,600 | | | |||
|
Jason K. Greene
Executive Vice President, Chief Legal Officer and Secretary |
| | | | 2023 | | | | | | 554,000 | | | | | | 1,076,459 | | | | | | 619,106 | | | | | | 558,432 | | | | | | 41,281(4) | | | | | | 2,849,278 | | |
| | | 2022 | | | | | | 540,615 | | | | | | 757,271 | | | | | | 625,010 | | | | | | 272,228 | | | | | | 50,362 | | | | | | 2,245,485 | | | |||
| | | 2021 | | | | | | 530,192 | | | | | | 589,326 | | | | | | 839,808 | | | | | | 624,750 | | | | | | 23,706 | | | | | | 2,607,782 | | |
|
Name
|
| |
Grant
Date |
| |
Executive Bonus Plan(1)
Estimated Possible Payouts Under Non-Equity Incentive Plan Awards ($) |
| |
Stock Options(2)
|
| |
PSUs(3)
Estimated Possible Payouts Under Equity-Based Incentive Plan Awards |
| |
Grant
Date Fair Value(4) ($) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| |
Number of
Securities (#) |
| |
Exercise
Price ($/Sh) |
| |
Grant Date
Fair Value ($) |
| |
Threshold
(#) |
| |
Target
(#) |
| |
Maximum
(#) |
| ||||||||||||||||||||||||||||||||||||||||||
| Thomas E. Salmon | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Options
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 169,561 | | | | | | 57.18 | | | | | | 2,971,726 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
PSUs
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,776 | | | | | | 75,551 | | | | | | 151,102 | | | | | | 5,167,001 | | |
|
Executive Bonus Plan
|
| | | | 9/30/2023 | | | | | | 450,750 | | | | | | 1,502,500 | | | | | | 3,005,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Mark W. Miles | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Options
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 47,100 | | | | | | 57.18 | | | | | | 825,475 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
PSUs
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,493 | | | | | | 20,986 | | | | | | 41,972 | | | | | | 1,435,233 | | |
|
Executive Bonus Plan
|
| | | | 9/30/2023 | | | | | | 158,400 | | | | | | 528,000 | | | | | | 1,056,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Curt L. Begle | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Options
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,615 | | | | | | 57.18 | | | | | | 536,558 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
PSUs
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,821 | | | | | | 13,641 | | | | | | 27,282 | | | | | | 932,976 | | |
|
Executive Bonus Plan
|
| | | | 9/30/2023 | | | | | | 158,400 | | | | | | 528,000 | | | | | | 1,056,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Jean-Marc Galvez | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Options
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,615 | | | | | | 57.18 | | | | | | 536,558 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
PSUs
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,821 | | | | | | 13,641 | | | | | | 27,282 | | | | | | 932,976 | | |
|
Executive Bonus Plan
|
| | | | 9/30/2023 | | | | | | 160,254 | | | | | | 534,180 | | | | | | 1,068,360 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Jason K. Greene | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Options
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | 35,325 | | | | | | 57.18 | | | | | | 619,106 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
PSUs
|
| | | | 11/25/2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,870 | | | | | | 15,740 | | | | | | 31,480 | | | | | | 1,076,459 | | |
|
Executive Bonus Plan
|
| | | | 9/30/2023 | | | | | | 132,960 | | | | | | 443,200 | | | | | | 886,400 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Metric Weighting
|
| |||||||||||||||
|
Fifty Percent (50%)
|
| |
Relative TSR vs. Peer Group
|
| ||||||||||||
| | | | | | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||
| Percentile | | |
Below 25%
|
| |
25%
|
| |
50%
|
| |
75%
|
| |||
| Vesting Payout % | | |
0%
|
| |
50%
|
| |
100%
|
| |
200%
|
| |||
|
Fifty Percent (50%)
|
| |
ROCE
|
| ||||||||||||
| | | | | | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||
| Performance | | |
Below 13%
|
| |
13%
|
| |
14%
|
| |
15%
|
| |||
| Vesting Payout % | | |
0%
|
| |
50%
|
| |
100%
|
| |
200%
|
| |||
| Payout scale pro-rated on a straight-line basis. | |
| | | |
Option Awards
|
| |
Stock-Based Awards
|
| ||||||||||||||||||||||||||||||||||||
|
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(1) |
| |
Option
Exercise Price ($/sh) |
| |
Option
Expiration Date |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(7) (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(8) ($) |
| |
Grant
Date |
| |||||||||||||||||||||
|
Thomas E. Salmon
|
| | | | 95,000 | | | | | | — | | | | | | 21.00 | | | | | | 11/26/23 | | | | | | — | | | | | | — | | | | | | — | | |
| | | 100,000 | | | | | | — | | | | | | 28.75 | | | | | | 11/25/24 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 70,000 | | | | | | — | | | | | | 29.59 | | | | | | 2/12/26 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 250,000 | | | | | | — | | | | | | 49.53 | | | | | | 2/7/27 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 200,000 | | | | | | — | | | | | | 54.33 | | | | | | 2/9/28 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 212,000 | | | | | | 53,000(2) | | | | | | 49.90 | | | | | | 2/5/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 285,000 | | | | | | 190,000(3) | | | | | | 45.60 | | | | | | 11/25/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 148,334 | | | | | | 148,333(4) | | | | | | 54.22 | | | | | | 11/23/30 | | | | | | 59,333 | | | | | | 3,673,306 | | | | | | 11/23/20 | | | |||
| | | 43,415 | | | | | | 130,246(5) | | | | | | 66.47 | | | | | | 11/26/31 | | | | | | 54,160 | | | | | | 3,353,046 | | | | | | 11/26/21 | | | |||
| | | — | | | | | | 169,561(6) | | | | | | 57.18 | | | | | | 11/25/32 | | | | | | 75,551 | | | | | | 4,677,362 | | | | | | 11/25/22 | | | |||
|
Mark W. Miles
|
| | | | 160,000 | | | | | | — | | | | | | 28.75 | | | | | | 11/25/24 | | | | | | — | | | | | | — | | | | | | — | | |
| | | 125,000 | | | | | | — | | | | | | 29.59 | | | | | | 2/12/26 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 80,000 | | | | | | — | | | | | | 49.53 | | | | | | 2/7/27 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 65,000 | | | | | | — | | | | | | 54.33 | | | | | | 2/9/28 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 64,000 | | | | | | 16,000(2) | | | | | | 49.90 | | | | | | 2/5/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 78,000 | | | | | | 52,000(3) | | | | | | 45.60 | | | | | | 11/25/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 40,667 | | | | | | 40,666(4) | | | | | | 54.22 | | | | | | 11/23/30 | | | | | | 16,267 | | | | | | 1,007,090 | | | | | | 11/23/20 | | | |||
| | | 12,060 | | | | | | 36,179(5) | | | | | | 66.47 | | | | | | 11/26/31 | | | | | | 15,044 | | | | | | 931,374 | | | | | | 11/26/21 | | | |||
| | | — | | | | | | 47,100(6) | | | | | | 57.18 | | | | | | 11/25/32 | | | | | | 20,986 | | | | | | 1,299,243 | | | | | | 11/25/22 | | | |||
|
Curt L. Begle
|
| | | | 48,000 | | | | | | — | | | | | | 49.53 | | | | | | 2/7/27 | | | | | | — | | | | | | — | | | | | | — | | |
| | | 50,000 | | | | | | — | | | | | | 54.33 | | | | | | 2/9/28 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 54,400 | | | | | | 13,600(2) | | | | | | 49.90 | | | | | | 2/5/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 64,000 | | | | | | 16,000(3) | | | | | | 45.60 | | | | | | 11/25/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 25,667 | | | | | | 25,666(4) | | | | | | 54.22 | | | | | | 11/23/30 | | | | | | 10,267 | | | | | | 635,630 | | | | | | 11/23/20 | | | |||
| | | 7,538 | | | | | | 22,612(5) | | | | | | 66.47 | | | | | | 11/26/31 | | | | | | 9,403 | | | | | | 582,140 | | | | | | 11/26/21 | | | |||
| | | — | | | | | | 30,615(6) | | | | | | 57.18 | | | | | | 11/25/32 | | | | | | 13,641 | | | | | | 844,514 | | | | | | 11/25/22 | | | |||
|
Jean-Marc Galvez
|
| | | | 40,000 | | | | | | — | | | | | | 36.36 | | | | | | 11/30/25 | | | | | | — | | | | | | — | | | | | | — | | |
| | | 50,000 | | | | | | — | | | | | | 49.53 | | | | | | 2/7/27 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 40,000 | | | | | | — | | | | | | 54.33 | | | | | | 2/9/28 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 40,000 | | | | | | 10,000(2) | | | | | | 49.90 | | | | | | 2/5/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 60,000 | | | | | | 40,000(3) | | | | | | 45.60 | | | | | | 11/25/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 31,334 | | | | | | 31,333(4) | | | | | | 54.22 | | | | | | 11/23/30 | | | | | | 12,533 | | | | | | 775,918 | | | | | | 11/23/20 | | | |||
| | | 9,045 | | | | | | 27,134(5) | | | | | | 66.47 | | | | | | 11/26/31 | | | | | | 11,283 | | | | | | 698,531 | | | | | | 11/26/21 | | | |||
| | | — | | | | | | 30,615(6) | | | | | | 57.18 | | | | | | 11/25/32 | | | | | | 13,641 | | | | | | 844,514 | | | | | | 11/25/22 | | | |||
|
Jason K. Greene
|
| | | | 24,480 | | | | | | — | | | | | | 28.75 | | | | | | 11/25/24 | | | | | | — | | | | | | — | | | | | | — | | |
| | | 75,000 | | | | | | — | | | | | | 29.59 | | | | | | 2/12/26 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 50,000 | | | | | | — | | | | | | 49.53 | | | | | | 2/7/27 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 40,000 | | | | | | — | | | | | | 54.33 | | | | | | 2/9/28 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 40,000 | | | | | | 10,000(2) | | | | | | 49.90 | | | | | | 2/5/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 51,000 | | | | | | 34,000(3) | | | | | | 45.60 | | | | | | 11/25/29 | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 25,667 | | | | | | 25,666(4) | | | | | | 54.22 | | | | | | 11/23/30 | | | | | | 10,267 | | | | | | 635,630 | | | | | | 11/23/20 | | | |||
| | | 7,538 | | | | | | 22,612(5) | | | | | | 66.47 | | | | | | 11/26/31 | | | | | | 9,403 | | | | | | 582,140 | | | | | | 11/26/21 | | | |||
| | | — | | | | | | 35,325(6) | | | | | | 57.18 | | | | | | 11/25/32 | | | | | | 15,740 | | | | | | 974,463 | | | | | | 11/25/22 | | |
| | | |
Option Awards
|
| |
Stock-Based Awards(2)
|
| |
Dividend Equivalents(3)
|
| |||||||||||||||||||||
|
Name
|
| |
Number of Shares
Acquired on Exercise (#) |
| |
Value Realized
on Exercise ($)(1) |
| |
Number of Units
Earned (#) |
| |
Value Realized
on Vesting ($) |
| |
Value Realized on
Equity Vesting ($) |
| |||||||||||||||
| Thomas E. Salmon | | | | | — | | | | | | — | | | | | | 103,833 | | | | | | 6,553,923 | | | | | | 1,484,331 | | |
| Mark W. Miles | | | | | 160,000 | | | | | | 6,671,200 | | | | | | 28,467 | | | | | | 1,796,853 | | | | | | 760,942 | | |
| Curt L. Begle | | | | | — | | | | | | — | | | | | | 17,967 | | | | | | 1,134,093 | | | | | | 271,670 | | |
| Jean-Marc Galvez | | | | | — | | | | | | — | | | | | | 21,933 | | | | | | 1,384,395 | | | | | | 287,809 | | |
| Jason K. Greene | | | | | 20,520 | | | | | | 715,410 | | | | | | 17,967 | | | | | | 1,134,093 | | | | | | 332,670 | | |
|
Name
|
| |
Plan
|
| |
Executive
Contributions in Last FY(1) ($) |
| |
Registrant
Contributions in Last FY ($) |
| |
Aggregate
Earnings in Last FY(2) ($) |
| |
Aggregate
Withdrawals/ Distributions ($) |
| |
Aggregate
Balance at Last FYE ($) |
| |||||||||||||||
|
Thomas E. Salmon
|
| |
Berry Global Non-qualified
Deferred Compensation Plan |
| | | | 90,922 | | | | | | 45,461 | | | | | | 14,642 | | | | | | — | | | | | | 179,862 | | |
| Mark W. Miles | | |
Berry Global Non-qualified
Deferred Compensation Plan |
| | | | 92,902 | | | | | | 20,018 | | | | | | 183,673 | | | | | | — | | | | | | 312,505 | | |
| Curt L. Begle | | |
Berry Global Non-qualified
Deferred Compensation Plan |
| | | | 782,358 | | | | | | 19,994 | | | | | | 105,690 | | | | | | — | | | | | | 1,388,136 | | |
| Jean-Marc Galvez | | |
Berry Global Non-qualified
Deferred Compensation Plan |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Jason K. Greene | | |
Berry Global Non-qualified
Deferred Compensation Plan |
| | | | 49,835 | | | | | | 15,508 | | | | | | 10,315 | | | | | | — | | | | | | 164,269 | | |
|
Named Executive
|
| |
Event
|
| |
Cash Severance
Payment (Salary, Bonus $) |
| |
Continuation of
Medical/Welfare benefits (Present Value $) |
| |
Acceleration of
Options ($)(1) |
| |
Acceleration of
PSUs ($)(3) |
| ||||||||||||
|
Thomas E. Salmon
|
| |
Death
|
| | | | — | | | | | | — | | | | | | 5,041,612 | | | | | | 8,030,408 | | |
| Disability | | | | | — | | | | | | — | | | | | | 5,041,612 | | | | | | 8,030,408 | | | |||
| Voluntary Termination/Retirement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| Involuntary Termination | | | | | 1,803,000 | | | | | | — | | | | | | 1,933,583 | | | | | | 3,794,485 | | | |||
| Involuntary Termination for Cause | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Involuntary or constructive
termination after Change in Control(2) |
| | | | 4,056,750 | | | | | | 17,000 | | | | | | 5,041,612 | | | | | | 8,030,408 | | | |||
|
Mark W. Miles
|
| |
Death
|
| | | | — | | | | | | — | | | | | | 1,383,632 | | | | | | 2,230,617 | | |
| Disability | | | | | — | | | | | | — | | | | | | 1,383,632 | | | | | | 2,230,617 | | | |||
| Voluntary Termination/Retirement | | | | | — | | | | | | — | | | | | | — | | | | | | | | | |||
| Involuntary Termination | | | | | 660,000 | | | | | | — | | | | | | 530,100 | | | | | | 1,053,997 | | | |||
| Involuntary Termination for Cause | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Involuntary or constructive
termination after Change in Control(2) |
| | | | 1,782,000 | | | | | | 24,000 | | | | | | 1,383,632 | | | | | | 2,230,617 | | |
|
Named Executive
|
| |
Event
|
| |
Cash Severance
Payment (Salary, Bonus $) |
| |
Continuation of
Medical/Welfare benefits (Present Value $) |
| |
Acceleration of
Options ($)(1) |
| |
Acceleration of
PSUs ($)(3) |
| ||||||||||||
|
Curt L. Begle
|
| |
Death
|
| | | | — | | | | | | — | | | | | | 884,108 | | | | | | 1,426,654 | | |
| Disability | | | | | — | | | | | | — | | | | | | 884,108 | | | | | | 1,426,654 | | | |||
| Voluntary Termination/Retirement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| Involuntary Termination | | | | | 660,000 | | | | | | — | | | | | | 329,877 | | | | | | 669,598 | | | |||
| Involuntary Termination for Cause | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Involuntary or constructive
termination after Change in Control(2) |
| | | | 1,782,000 | | | | | | 24,000 | | | | | | 884,108 | | | | | | 1,426,654 | | | |||
|
Jean-Marc Galvez
|
| |
Death
|
| | | | — | | | | | | — | | | | | | 1,024,609 | | | | | | 1,556,603 | | |
| Disability | | | | | — | | | | | | — | | | | | | 1,024,609 | | | | | | 1,556,603 | | | |||
| Voluntary Termination/Retirement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| Involuntary Termination | | | | | 1,475,450 | | | | | | — | | | | | | 402,401 | | | | | | 747,192 | | | |||
| Involuntary Termination for Cause | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Involuntary or constructive
termination after Change in Control(2) |
| | | | 1,475,450 | | | | | | 4,700 | | | | | | 1,024,609 | | | | | | 1556,603 | | | |||
|
Jason K. Greene
|
| |
Death
|
| | | | — | | | | | | — | | | | | | 919,006 | | | | | | 1,556,603 | | |
| Disability | | | | | — | | | | | | — | | | | | | 919,006 | | | | | | 1,556,603 | | | |||
| Voluntary Termination/Retirement | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| Involuntary Termination | | | | | 554,000 | | | | | | — | | | | | | 348,110 | | | | | | 712,914 | | | |||
| Involuntary Termination for Cause | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
|
Involuntary or constructive
termination after Change in Control(2) |
| | | | 1,495,800 | | | | | | 11,000 | | | | | | 919,006 | | | | | | 1,556,603 | | |
|
Plan category
|
| |
Number of securities to be
issued upon exercise of outstanding options, warrants and rights |
| |
Weighted average exercise
price of outstanding options, warrants and rights |
| |
Number of securities
remaining available for future issuance under equity compensation plan (excluding securities referenced in column (a)) |
| |||||||||
| | | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
|
Equity compensation plans approved by security holders
|
| | | | 12,495,560(1) | | | | | $ | 49.86 | | | | | | 4,989,894 | | |
| Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(1) | | | Average Compensation Actually Paid to Non-PEO NEOs(2) | | | Value of Initial Fixed $100 Investment Based On: | | | EBITDA (in millions) | | | Net Income (in millions) | | |||||||||||||||||||||||||||
| Total Shareholder Return | | | Peer Group Total Shareholder Return(3) | | |||||||||||||||||||||||||||||||||||||||||||||
| (a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | ||||||||||||||||||||||||
| 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | PEO | | | Non-PEO NEOs | | ||||||||||||||||||||||||||||||
| Adjustments to Determine | | | 2021 | | | 2022 | | | 2023 | | | 2021 | | | 2022 | | | 2023 | | ||||||||||||||||||
| SUMMARY COMPENSATION TABLE (SCT) TOTAL COMPENSATION | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Deduction for Amounts Reported under the “Stock-Based Awards” Column in the SCT | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Deduction for Amounts Reported under the “Option Awards” Column in the SCT | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Fair value as of the end of the covered fiscal year of equity compensation granted during the covered fiscal year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Change in fair value from end of prior fiscal year to end of current fiscal year for awards made in prior fiscal years that were unvested at end of covered fiscal year | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | ||||
| Fair value as of the end of the covered fiscal year of equity compensation that was granted and that vested during the covered fiscal year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Change in fair value from end of prior fiscal year to vesting date for awards made in prior fiscal years that vested during covered fiscal year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Fair value of forfeited awards determined at end of prior year for awards made in prior fiscal years that were forfeited during covered fiscal year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| COMPENSATION “ACTUALLY PAID” (CAP) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ELECTION OF EACH OF THE DIRECTOR NOMINEES.
|
|
|
|
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE RATIFICATION OF ERNST & YOUNG LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS FOR THE
FISCAL YEAR ENDING SEPTEMBER 28, 2024. |
|
|
Fee type
|
| |
2023
|
| |
2022
|
| ||||||
| Audit Fees(1) | | | | $ | 8.9 | | | | | $ | 8.2 | | |
| Tax Fees(2) | | | | | — | | | | | | — | | |
| Total Fees | | | | $ | 8.9 | | | | | $ | 8.2 | | |
|
|
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ADVISORY (NON-BINDING) VOTE APPROVING OUR EXECUTIVE COMPENSATION.
|
|
|
|
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ADOPTION OF AN OFFICER EXCULPATION PROVISION IN THE AMENDED & RESTATED CERTIFICATE OF INCORPORATION.
|
|
|
|
| |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE “FOR” THE ADOPTION OF AN AMENDMENT TO THE EXCLUSIVE FORUM PROVISION IN THE CERTIFICATE OF INCORPORATION TO INCLUDE FEDERAL SECURITIES CLAIMS
|
|
By: |
|
| | | |
Fiscal Year Ended
|
| |||
| | | |
September 30,
2023 |
| |||
| Net income | | | | $ | 609 | | |
|
Add: other expense
|
| | |
|
31
|
| |
|
Add: interest expense
|
| | |
|
306
|
| |
|
Add: income tax expense
|
| | |
|
133
|
| |
| Operating income | | | | $ | 1,079 | | |
|
Add: restructuring and transaction activities
|
| | |
|
102
|
| |
|
Add: other non-cash charges(1)
|
| | |
|
54
|
| |
| Adjusted operating income | | | | $ | 1,235 | | |
|
Add: depreciation
|
| | |
|
575
|
| |
|
Add: amortization of intangibles
|
| | |
|
243
|
| |
| Operating EBITDA | | | | $ | 2,053 | | |
|
Net income per diluted share
|
| | |
$
|
4.95
|
| |
|
Other expense, net
|
| | |
|
0.25
|
| |
|
Restructuring and transaction activities
|
| | |
|
0.83
|
| |
|
Amortization of intangibles from acquisitions(2)
|
| | |
|
1.98
|
| |
|
Income tax impact on items above
|
| | |
|
(0.59)
|
| |
| Adjusted net income per diluted share | | | | $ | 7.42 | | |
|
Cash flow from operating activities
|
| | | $ | 1,615 | | |
|
Net additions to property, plant, and equipment
|
| | |
|
(689)
|
| |
| Free cash flow | | | | $ | 926 | | |