Company: SENEA
Filing Date: 2025-07-07
Form Type: DEF 14A
Source: 0001437749-25-022256
Chunk: 24

Company: Seneca Foods Corp
Filing Date: 2025-07-07
Form: DEF 14A
Chunk 24
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 holdings as of March 31, 2025 vest as follows, provided that he remains employed by the Company on such dates: 487 shares in August 2025, 371 shares in August 2026, 260 shares in August 2027 and 106 shares in August 2028. |

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Option Exercises and Stock Vested in Fiscal Year 2025

The following table provides information on the value of stock awards that vested during fiscal year 2025 for each of our named executive officers.

| Name               |     | Number of Shares 
 Acquired on      
 Vesting          |     |     | Value          
 Realized       
 on Vesting (1) |        |
|:-------------------|:----|:-----------------|----:|:----|:---------------|-------:|
| Paul L. Palmby     |     |                  | 407 |     | $              | 24,579 |
| Michael S. Wolcott |     |                  | 152 |     | $              |  9,179 |
| Timothy R. Nelson  |     |                  | 381 |     | $              | 23,009 |
| Dean E. Erstad     |     |                  | 381 |     | $              | 23,009 |

| (1) | Determined based on the closing price of the Company’s Class A Common Stock on August 9, 2024 ($60.39). |

Pension Benefits

The Company’s Pension Plan is a funded, tax-qualified, noncontributory defined-benefit pension plan that covers certain employees, including the named executive officers. Effective August 1, 1989, the Company amended the Pension Plan to provide improved pension benefits under an excess formula. The excess formula for the calculation of the annual retirement benefit is: total years of credited service (not to exceed 35) multiplied by the sum of (i) 0.6% of the participant’s average salary (five highest consecutive years, excluding bonus), and (ii) 0.6% of the participant’s average salary in excess of his compensation covered by Social Security. The amount of annual earnings that may be considered in calculating benefits under the Pension Plan is limited by law. For 2025, the annual limitation is $350,000.

Participants who were employed by the Company prior to August 1, 1988, are eligible to receive the greater of their benefit determined under the excess formula or their