Company: SENEA
Filing Date: 2025-07-07
Form Type: DEF 14A
Source: 0001437749-25-022256
Chunk: 29

Company: Seneca Foods Corp
Filing Date: 2025-07-07
Form: DEF 14A
Chunk 29
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, each year, the Company submits and requires each director and officer to complete director and officer questionnaires identifying any transactions with the Company in which the executive officer or director or their family members has an interest. In addition, the Board of Directors determines, on an annual basis, which members of the Board meet the definition of independent director as defined in the NASDAQ listing standards and reviews and discusses any relationships with a director that would potentially interfere with his or her exercise of independent judgment in carrying out the responsibilities of a director.

A small percentage (approximately 2% in fiscal year 2025 and approximately 1% in fiscal years 2024 and 2023, respectively) of vegetables supplied to the Company are grown by My-T Acres, Inc. Peter R. Call, a Director, is the President of My-T Acres, Inc., which supplied the Company approximately $2.8 million, $3.0 million, and $3.1 million pursuant to a raw vegetable grower contract in fiscal years 2025, 2024, 2023, respectively. The Chairman of the Audit Committee reviewed the relationship and determined that the My-T Acres contract was negotiated at arm's length and on no more favorable terms than to other growers in the marketplace.

The Company incurred expenses for charitable contributions to the Seneca Foods Foundation (the “Foundation”) in the amount of $0.5 million, $1.0 million and $0.5 million for each of fiscal years 2025, 2024, and 2023, respectively. The Foundation is a nonprofit entity that supports charitable activities by making grants to unrelated organizations or institutions and is managed by current employees of the Company. The three current trustees of the Foundation are either current members of the Company's Board of Directors or an immediate family member of a Company Director.

The Company maintains a liability for retirement arrangements to beneficiaries that have family relationships with two of the Company’s current Directors. As of March 31, 2025 and 2024, the liability for these benefits totaled $1.0 million and $1.0 million, respectively. Payments are made monthly over the beneficiary’s lifetime. Additionally, Mr. Kayser’s payments under his supplemental retirement agreement with the Company commenced during fiscal year 2022 as outlined in the Form 8-K filed by the Company on September 1, 2020.

During fiscal year 2025, the Company had the following four employment relationships. Aaron Wadell, brother-in-law of Donald J. Stuart, a Director