On March 12, 2026, the Company filed its Form 10-K for the fiscal year ended December 27, 2025 in which the Company restated certain prior financial statements due to an overstatement of certain inventory amounts related to a single meat product manufacturing plant. After recalculating previously paid incentive awards giving effect to the restatement, the Compensation Committee determined that portions of previously paid incentives were overstated and therefore recoverable under the Company’s clawback policy. As described in further detail below, based on the analysis under the Company’s clawback policy, the Company determined that the restatement resulted in excess amounts being paid in respect of incentive compensation received by the covered executive officers. The excess amounts paid to all covered executives were in an aggregate amount of $1,284,549. As reflected in the accompanying table for the current NEOs, recoveries remain in progress and will be recovered through cancelling or offsetting against planned cash awards or request for reimbursement from executives no longer employed by the Company. No waivers or exceptions were granted during the year. The Compensation Committee remains committed to applying the clawback policy consistently and ensuring that executive compensation outcomes align with accurate financial results and the Company’s expectations for ethical conduct.
|