Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 489

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 6
Chunk 489
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    2025
     
    $
    3,439

    2026
     
    $
    3,529

    2027
     
    $
    3,619

    2028
     
    $
    3,669

    2029
     
    $
    3,700

    2030-2034
     
    $
    18,645

Executive Retirement Plans

Non-Qualified Deferred Compensation

Effective January 1, 1991,
we adopted a deferred compensation savings plan for certain key employees. Under this arrangement, selected employees contribute a portion
of their annual compensation to the plan. We contribute an amount to each participant’s account by computing an investment return
equal to Moody’s Average Seasoned Bond Rate plus 2%. Employees receive vested amounts upon death, termination, or attainment of
retirement age. No benefit expense was recorded under this plan for fiscal years 2024 and 2023.

Supplemental Executive Retirement Plan

Retirement benefits otherwise
available to certain key executives under the Primary Benefit Plan have been limited by the effects of the Tax Equity and Fiscal Responsibility
Act of 1982 (“TEFRA”) and the Tax Reform Act of 1986 (“TRA”). To offset the loss of retirement benefits associated
with TEFRA and TRA, the Company has adopted a non-qualified “makeup” benefit plan (the “Supplemental Executive Retirement
Plan”). Benefits will be provided under the Supplemental Executive Retirement Plan in an amount equal to 60% of each participant’s
final average earnings minus any pension benefits and primary insurance amounts available to them under Social Security. However, in all
cases the benefits are capped at $120,000 per year for Allan L. Bridgford. Benefits provided under this plan for William L. Bridgford
and Raymond F. Lancy are calculated at 50% of final average earnings, capped at $200,000 per year, without offsets for other pension or
Social Security benefits.

     37 

Benefits payable related to
these plans and included in the accompanying consolidated financial statements were $5,046 and $4,994 as of November 1, 2024, and November
3, 2023, respectively. The benefit payable is recorded as $333 and $249 under current liabilities and $4,713 and $4,745 under non-current
liabilities as of November 1,