Company: BRID
Filing Date: 2025-02-27
Form Type: DEF 14A
Source: 0001493152-25-008406
Chunk: 37

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-02-27
Form: DEF 14A
Chunk 37
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 paid between $2,580 and $2,780 for each of the Board meetings attended during fiscal year 2024. Members of the Audit Committee were paid $350 to $550 for each Audit Committee meeting attended in fiscal year 2024 depending on the length of the meeting. Directors were not paid any additional compensation for their service on the Nominating Committee or the Compensation Committee in fiscal year 2024. Employee directors William L. Bridgford and John V. Simmons did not receive any fees for their services as directors.

Pension Benefits for Employee Directors

The tables below provide information concerning retirement plan benefits for employee directors William L. Bridgford and John V. Simmons and payments due upon certain employment termination scenarios.

Retirement Plan for Administrative and Sales Employees of Bridgford Foods Corporation

Normal Retirement: Benefits commence upon reaching the “Normal Retirement Date”, which is the first day of the month on or after attainment of age 65. Pension benefit payments begin on the normal retirement date and continue until death.

Early Retirement: A participant may choose to retire up to ten years before the normal retirement date. If a participant retires early, the accrued pension will be reduced by a percentage to reflect the longer period over which pension benefits will be received. If a participant is married for at least one year and dies before retirement, a pension benefit will be payable to the surviving spouse for his or her life, provided certain eligibility requirements have been met.

Death Benefits: Payments to a surviving spouse will begin on the first day of the month following a participant’s death but not sooner than the earliest date a participant could have elected to retire.

Disability Benefits: A disability benefit is the accrued pension credited to a participant as of the date of disability.

The years of credited service, present value of accumulated plan benefits and payments made during fiscal year 2024 were as follows:

| Name                 |     | Number of Years Credited Service |    |     | Present Value  of Accumulated Benefit (1) |         |     | Payments During Fiscal Year |   |
|:---------------------|:----|:---------------------------------|---:|:----|:------------------------------------------|--------:|:----|:----------------------------|:--|
| William L. Bridgford |     |                                  | 51 |     | $                                         | 628,868 |     | $                           | - |
| John V. Simmons      |     |                                  | 45 |     | $                                         | 542,305 |     | $                           |