Company: UTZ
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0000950170-25-038342
Chunk: 57

Company: Utz Brands, Inc.
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 57
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 20% of deferrals made by all participants, not to exceed 6% of the participant’s wages. The matching contribution formula is applied on a payroll-to-payroll basis. In 2025, we are moving to a plan that matches contributions of up to 100% of deferrals made by all participants, not to exceed 4% of participant’s wages. In addition, we may make discretionary, or profit sharing, contributions to the plan only to the hourly associates.

Oversightof Risks Related to Compensation Policies and Practices

The Compensation Committee oversees risks related to our compensation policies and practices. The Compensation Committee annually reviews and approves our compensation philosophy and strategy which includes a review of (a) our compensation policies and practices for executives, and associates generally to assess whether such policies and practices could lead to excessive risk-taking behavior and (b) the manner in which any risks arising out of our compensation policies and practices are monitored and mitigated and adjustments necessary to address changes in our risk profile are made. As part of this review, the Compensation Committee evaluates the need to engage independent consultants for specific assignments and engaged F.W. Cook. during fiscal year 2024 to deliver a report and assist with the risk assessment of our executive compensation program. The Compensation Committee reviewed our compensation programs for executives and associates, including our annual cash short-term incentive awards and long-term incentive awards programs and found that our incentive programs mitigate excessive risk-taking by our executives, and associates by prioritizing our long-term strategic goal of creating and enhancing value over short-term market changes. Additional findings are detailed below:

Short-term incentive measures that are balanced among different financial measures, with targets that are intended to be achievable upon realistic levels of performance;

Company-defined annual goals through an OGSM system that cascades to all levels of leadership and supports our pay-for-performance philosophy on the Annual Bonus Program and on annual merit increases;

Maximum bonus payouts that are capped at levels that do not reward excessive risk-taking;

Significant weighting towards long-term incentive compensation that promotes long-term decision-making and discourages short-term risk-taking;

Our clawback policy that allows us to recover compensation if participant has breached or threatened to breach any restrictive covenant; and

Our stock ownership guidelines that encourage a long-term perspective.

As a result of this review, the Compensation Committee concluded that our compensation policies and practices are not reasonably likely to have a material adverse effect on our Company.

Clawback Policy

In connection with the SEC’s and NYSE’s rules requiring adoption of a clawback policy applicable to incentive-based