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

Company: Seneca Foods Corp
Filing Date: 2025-07-07
Form: DEF 14A
Chunk 25
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 benefit determined under the offset formula as of July 31, 1989. The offset formula is: (i) total years of credited service multiplied by $120, plus (ii) average salary multiplied by 25%, less 74% of the primary Social Security benefit. The maximum permitted annual retirement income that can be paid to a participant under either formula is $280,000.

The following table shows the present value of accumulated benefits payable to each of our named executive officers under our Pension Plan.

| Name               |     | Number of Years  
 Credited Service |    |     | Present Value of 
 Accumulated      
 Benefit (1)      |           |     | Payments During  
 Last Fiscal Year |   |
|:-------------------|:----|:-----------------|---:|:----|:-----------------|----------:|:----|:-----------------|:--|
| Paul L. Palmby     |     |                  | 35 |     | $                | 1,063,013 |     | $                | - |
| Michael S. Wolcott |     |                  |  7 |     | $                |    17,450 |     | $                | - |
| Timothy R. Nelson  |     |                  | 30 |     | $                |   663,928 |     | $                | - |
| Dean E. Erstad     |     |                  | 29 |     | $                |   848,879 |     | $                | - |

| (1) | Please see Note 9, "Retirement Plans," in the Notes to Consolidated Financial Statements included in our Annual Report to Shareholders for the year ended March 31, 2025, for the assumptions used in calculating the present value of the accumulated benefit. Pension Plan service credit and actuarial values are calculated as of March 31, 2025, which is the pension plan measurement date that we use for financial statement reporting purposes. |

Nonqualified Deferred Compensation Table for Fiscal Year 2025

The Company sponsors an unfunded nonqualified deferred compensation plan to permit certain eligible employees to defer receipt of a portion of their compensation to a future date. Deferral elections are made during specific enrollment periods and eligible employees may elect to defer up to 10% of their base salary and up to 10% of bonus amounts. The following table provides information on the Company's nonqualified deferred compensation plan for fiscal year 2025 for each of our named executive