Company: HFFG
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001680873-25-000022
Chunk: 36

Company: HF Foods Group Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 36
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 for the NEOs.

The Compensation Committee generally seeks to set an NEO’s targeted total cash compensation opportunity within a range of the median of the applicable peer company and/or general industry compensation survey data, adjusted as appropriate for individual performance and internal pay equity and labor market conditions. In 2023, the Compensation Committee relied on market data to determine competitive compensation levels for the NEOs.

In 2023, for fiscal 2024 compensation decisions, Pay Governance developed with the Compensation Committee the following peer group consisting of fifteen companies:

| 1-800-FLOWERS.COM Inc.         |     | Medifast, Inc.                           |
| AMCON Distributing Company     |     | Mission Produce, Inc.                    |
| B&G Foods, Inc.                |     | Natural Grocers by Vitamin Cottage, Inc. |
| Calavo Growers, Inc.           |     | PetIQ, Inc.                              |
| The Chef’s Warehouse           |     | Seneca Foods Corporation                 |
| The Hain Celestial Group, Inc. |     | SpartanNash Company                      |
| John B. Sanfilippo &Son, Inc.  |     | Vital Farms, Inc.                        |
| Karat Packaging Inc.           |     |                                          |

In November 2024, for fiscal year 2025 compensation decisions, Pay Governance reviewed the peer group, in collaboration with the Compensation Committee, and determined that the peer group remained appropriate and no changes were needed.

Factors considered in developing the peer group included but were not limited to industry, revenue size, market capitalization, company location and unique characteristics of our business model. The peer group was utilized for direct benchmarking of 2024 pay levels and practices for executives and independent Board Members.

Base Salary

The base salaries of the Company’s NEOs are reviewed on an annual basis by the Compensation Committee and the CEO (other than with respect to the CEO’s own salary which is reviewed and determined by the Compensation Committee). This review is supplemented by assessments of the performance of the NEOs by the Compensation Committee. Base salaries are paid to the NEOs to compensate them for their day-to-day services. Each NEO’s base salary is supplemented by various benefit plans that provide health, life, accident and disability benefits, most of which are the same plans as those provided to all of our employees. The salaries typically are used to recognize the experience, skills, knowledge, past performance, and responsibilities of each NEO.

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The following table shows the changes