Company: SENEA
Filing Date: 2025-07-07
Form Type: DEF 14A
Source: 0001437749-25-022256
Chunk: 19

Company: Seneca Foods Corp
Filing Date: 2025-07-07
Form: DEF 14A
Chunk 19
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The following table sets forth the bonus targets and potential bonus payments established under the Plan.

| Annual Adjusted Earnings                      |     | Award Percentage |     |
| Less than 100% of Bonus Base                  |     |                  | 0%  |
| 100% or more but less than 125% of Bonus Base |     |                  | 10% |
| 125% or more but less than 150% of Bonus Base |     |                  | 20% |
| 150% or more but less than 175% of Bonus Base |     |                  | 30% |
| 175% or more but less than 200% of Bonus Base |     |                  | 40% |
| 200% or more of Bonus Base                    |     |                  | 50% |

For fiscal year 2025, the Company’s Annual Adjusted Earnings exceeded the 125% or more bonus target for a 20% bonus payment. The actual amount earned by each named executive officer in fiscal year 2025 is reported under the Non-Equity Incentive Plan Compensation column in the Summary Compensation Table.

Equity Based Incentive Awards - On August 10, 2007, the shareholders approved the 2007 Equity Incentive Plan (the “2007 Equity Plan”) to align the interests of management and shareholders through the use of stock-based incentives that result in increased stock ownership by management. Executive management’s view of the 2007 Equity Plan is that it is important to allow us to continue to attract and retain key talent and to motivate executive and other key employees to achieve the Company’s goals. On July 28, 2017, the shareholders approved the amendment and extension of the 2007 Equity Plan for an additional ten-year term. The Company granted 3,870 shares of restricted Class A common stock awards under the 2007 Equity Plan to key employees in fiscal year 2025. Provided that the participant remains employed by the Company, these shares of restricted stock will vest equally over a four-year period.

Retirement Programs - Our executive officers are entitled to participate in the Company’s Pension Plan, which is for the benefit of all employees meeting certain eligibility requirements. 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