Company: UTZ
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0000950170-25-038342
Chunk: 75

Company: Utz Brands, Inc.
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 75
---
 S&P 1500 Packaged Foods & Meats Index based on an assumed $100 investment as of December 29, 2019, however, the Company’s relative TSR performance has also fluctuated over that period as a result of its relative performance against our peer companies. As a result, the compensation actually paid to our PEOs and non-PEO NEOs fluctuated. The Company’s compensation program considers Adjusted EBITDA relative to threshold, target and maximum levels under its ABP. See “Compensation Discussion and Analysis - Annual Cash Short-Term Incentive Award Program” for a discussion of our ABP. The Company’s adjusted EBITDA performance increased from $ 47,600,000 in the fiscal periods in 2020 (excluding $ 86,300,000 attributable to the period for our predecessor company) to $ 156,200,000 in fiscal year 2021, $ 170,500,000 in fiscal year 2022, to $ 187,200,000 in fiscal year 2023, and to $ 200,200,000 in fiscal year 2024. Further, the Company’s net income increased to $( 14.0 ) million in fiscal year 2022 from $( 107.9 ) million in the successor company’s fiscal period in 2020 (excluding $ 3.4 million attributable to the period for our predecessor company), with fiscal year 2021 net income at $ 8.0 million, representing an increase when compared to the fiscal periods in 2020, however net income decreased to $( 40.0 ) million in fiscal year 2023. Net income is not a component of our compensation program, and the Compensation Committee believes that Adjusted EBITDA and other performance metrics are more direct measurements of Company performance. Performance Metrics to Link Executive Compensation Actually Paid with Company Performance Provided below are the most important measures used to link compensation actually paid with the Company’s performance during the most recently completed fiscal year:

| Adjusted EBITDA |
| Net Sales       |
| OGSM Rating     |

See the “Compensation Discussion and Analysis” above and included in the Company’s historical proxy statements for additional detail on executive compensation actions. Note, the compensation value ultimately realized by the Company’s executive officers remains subject to significant variation over time due to factors, including without limitation, forfeiture of unvested awards prior to vesting and variation in stock price prior to vesting of an award.

#### 58
SEC