Company: UTZ
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0000950170-25-038342
Chunk: 39

Company: Utz Brands, Inc.
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 39
---
 independent compensation consultant, F.W . Cook, to provide compensation advice in 2024. The compensation consultant is retained directly by our Compensation Committee and performs no consulting or other services for us or members of our management. Our Compensation Committee reviewed the independence of F.W. Cook under NYSE and SEC rules and concluded that the work of F.W. Cook has not raised any conflicts of interest. Key 2024 Financial Highlights Despite the challenges posed by inflation and category dynamics throughout fiscal year 2024, the Company continued to deliver consistent progress:

| ($ IN MILLIONS)    |     | FISCAL YEAR 2023 |         |   |     | FISCAL YEAR 2024 |         |     | CHANGE |
| Net Sales          |     |                  | 1,438.2 |   |     |                  | 1,409.3 |     | (2)%   |
| Net Income         |     |                  |   (40.0 | ) |     |                  |    30.7 |     |        |
| Adjusted EBITDA(1) |     |                  |   187.2 |   |     |                  |   200.2 |     | 6.9%   |

(1) See definition of Adjusted EBITDA in "Company Performance Measures for the Annual Bonus Plan Adjusted EBITDA, net sales, and OGSMs" and see reconciliation to GAAP financial measures in Annex A. Compensation Program Objectives and Design Our primary objective in establishing our comprehensive compensation program is to be able to successfully recruit, retain and properly incentivize high-level talent to work for and ultimately add value to our business for the benefit of our stockholders, in accordance with our pay for performance philosophy. Our compensation program is designed to reward performance, which in turn creates value for our stockholders. Performance is reviewed annually for both our executives individually and our business as a whole. When annual Company or individual performance goals are not met, certain elements of the compensation program (including annual bonuses and certain equity grants) are not paid or do not vest. The compensation program is not only intended to drive short-term results (annual performance), but also to build long-term intrinsic value. Therefore, employee equity programs, which are discussed in more detail below, are key elements of the compensation program. Each element of the overall comprehensive compensation program is intended to be competitive with similar elements offered by other like-sized companies and competitors. We designed most of the significant elements of our comprehensive compensation program