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 13, 2015

 

 

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))

 

 

 


Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Fiscal 2014 Bonus Determinations

On February 13, 2015, the Compensation Committee of the Board of Directors of Central Garden & Pet Company (the “Company”) approved cash bonus payments to certain of the Company’s named executive officers in respect of fiscal 2014. This bonus compensation information was not included in the Summary Compensation Table included in the Company’s Proxy Statement for its 2015 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on December 29, 2014 (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 2014 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)($)
     Total
($)
 

John R. Ranelli

     2014         673,000        505,000        1,078,157         —           418,806         2,674,963   

President and Chief Executive Officer

     2013         414,154 (4)      475,306 (5)      445,000         987,501         578,022         2,899,983   

William E. Brown

     2014         390,000        390,000        —           —           11,707         791,707   

Chairman and former Chief Executive Officer

     2013         490,000 (6)      —          —           —           10,813         500,813   
     2012         675,000        —          —           —           13,870         688,870   

Lori A. Varlas

     2014         427,308        193,000        220,370         —           25,994         866,672   

Senior Vice President and Chief Financial Officer

     2013         414,616        105,000        —           87,500         26,279         633,395   
     2012         409,231        105,000        —           123,750         26,567         664,548   

Michael Reed

     2014         435,962        220,000        543,006         —           24,361         1,223,329   

Executive Vice President

     2013         425,000        212,500 (7)      —           87,500         21,190         746,190   
     2012         441,346        60,000        —           137,500         21,239         660,085   

George A. Yuhas

     2014         417,308        188,000        142,670         —           25,074         773,052   

General Counsel

     2013         404,615        165,000 (7)      —           87,500         25,731         682,846   

Steven LaMonte

     2014         270,423 (8)      —          —           —           225,673         496,096   

Former Executive Vice President and President –

     2013         436,915        —          —           122,500         258,587         818,002   

Garden

     2012         163,462 (8)      45,000        374,000         210,400         113,070         905,932   

 

(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 14, “Stock-Based Compensation”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10–K filed on December 11, 2014 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 2014 are detailed in the following table:

 

Description

   Ranelli      Brown      Varlas      Reed      Yuhas      LaMonte  

Company matching contribution to 401(k) plan

   $ 2,071       $ 2,500       $ 3,050       $ 3,050       $ 2,254       $ 2,711   

Medical and life insurance premiums

     9,311         9,207         10,944         9,311         10,820         11,336   

Car allowance or lease

     12,000         —           12,000         12,000         12,000         6,000   

Severance

     —           —           —           —           —           205,385   

Relocation expenses

     84,560         —           —           —           —           —     

Housing allowance

     126,000         —           —           —           —           —     

Tax gross-up payments

     67,413         —           —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

$ 418,806    $ 11,707    $ 25,994    $ 24,361    $ 25,074    $ 225,672   

 

(4) Mr. Ranelli was appointed Chief Executive Officer in February 2013.

 

(5) Reflects bonus for fiscal 2013 settled in fully vested shares of common stock.

 

(6) Mr. Brown served as Chief Executive Officer until February 2013. His base salary was reduced from $675,000 per year to $390,000 per year to reflect the reduction in his responsibilities subsequent to stepping down as Chief Executive Officer.

 

(7) Includes the $65,000 portion of the bonus for fiscal 2013 settled in fully vested shares of Class A common stock.

 

(8) Mr. LaMonte served as Executive Vice President and President – Garden Products from May 2012 until February 2014.

 

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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/ John R. Ranelli
John R. Ranelli
President and Chief Executive Officer

Dated: February 20, 2015

 

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