Company: UTZ
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0000950170-25-038342
Chunk: 82

Company: Utz Brands, Inc.
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 82
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 Plan Advisory Services

In May of 2021, Utz Brands, Inc. and Sageworth Trust Company (“Sageworth Trust”) entered into an engagement letter (the “Current Engagement Letter”) that became effective in the third quarter of 2021, pursuant to which Sageworth Trust provides fiduciary services in connection with the Utz Quality Foods, LLC. Profit Sharing/401(k) Plan. Timothy P. Brown is the Founder and Chief Executive Officer of Sageworth Trust, and Dylan Lissette serves as a member of the Executive Committee of Sageworth Holdings, LLC. Under this arrangement, Utz pays Sageworth Trust an amount equal to 0.01% of the plan assets under management per fiscal quarter, plus out of pocket expenses. In connection with the services provided by Sageworth Trust with respect to the Utz Quality Foods, LLC Profit Sharing/401(k) Plan, during fiscal year 2024, Utz paid Sageworth Trust $150,973.

Related Party Employment RelationshipsThroughout fiscal 2024, the Company employed certain family members of Dylan Lissette, the Chairperson of our Board, and one of Mr. Lissette’s children, Michael Lissette, who has been employed by the Company since 2018, received annual compensation exceeding $120,000. In fiscal 2024, he served as Senior Category Manager and received approximately $127,700 in annual compensation, comprised of his base salary and an annual cash bonus. This compensation was established in accordance with the Company’s employment and compensation practices applicable to employees with equivalent qualifications and responsibilities holding similar positions.

Third Amended and Restated Limited Liability Company Agreement

On the Closing Date, the existing Second Amended and Restated Limited Liability Company Agreement of UBH was further amended and restated in its entirety to become the Third Amended and Restated Limited Liability Company Agreement.

Rights of the Units

Following the Closing, the Common Company Units are entitled to share in the profits and losses of UBH and to receive distributions as and if declared by our managing member and have no voting rights.

The Third Amended and Restated Limited Liability Company Agreement contains provisions which require that a one-to-one ratio is maintained between interests held by us in UBH and our Common Stock outstanding, subject to certain exceptions (including in respect of management equity which has not been settled in our Common Stock). In addition, the Third Amended and Restated Limited Liability Company Agreement permits us, in our capacity as the managing member