J&J Snack Foods Corp. Reports Director Changes and Compensation Updates
Ticker: JJSF · Form: 8-K · Filed: Nov 21, 2024 · CIK: 785956
| Field | Detail |
|---|---|
| Company | J&J Snack Foods CORP (JJSF) |
| Form Type | 8-K |
| Filed Date | Nov 21, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $500,000, $50,000, $400,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, officer-compensation, board-changes
Related Tickers: JJSF
TL;DR
J&J Snack Foods board shake-up: Robert Shone out, Michael Gabel in. Officer pay also adjusted.
AI Summary
On November 19, 2024, J&J Snack Foods Corp. filed an 8-K report detailing the departure of director Robert L. Shone and the election of new director Michael J. Gabel. The filing also announced changes in officer compensation arrangements.
Why It Matters
Changes in board composition and officer compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and compensation adjustments, with no immediate financial distress or significant operational shifts indicated.
Key Players & Entities
- J&J Snack Foods Corp. (company) — Registrant
- Robert L. Shone (person) — Departing Director
- Michael J. Gabel (person) — Newly Elected Director
- November 19, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the J&J Snack Foods Corp. board of directors?
Robert L. Shone has departed from the board of directors.
Who has been elected as a new director to the J&J Snack Foods Corp. board?
Michael J. Gabel has been elected as a new director.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is November 19, 2024.
What other items are covered in this 8-K filing besides director changes?
The filing also covers the election of directors and compensatory arrangements of certain officers.
What is the state of incorporation for J&J Snack Foods Corp.?
J&J Snack Foods Corp. is incorporated in New Jersey.
Filing Stats: 847 words · 3 min read · ~3 pages · Grade level 10 · Accepted 2024-11-21 09:00:23
Key Financial Figures
- $500,000 — ll will receive a base annual salary of $500,000 with a target bonus of 75% of his base
- $50,000 — eceive a sign-on bonus in the amount of $50,000 (net of applicable taxes) payable withi
- $400,000 — restricted stock unit awards valued at $400,000 under the Company's current LTIP. He wi
Filing Documents
- jjsf20241120_8k.htm (8-K) — 30KB
- ex_750671.htm (EX-99.1) — 3KB
- ex_750726.htm (EX-99.2) — 8KB
- a01.jpg (GRAPHIC) — 112KB
- a02.jpg (GRAPHIC) — 279KB
- a03.jpg (GRAPHIC) — 246KB
- a04.jpg (GRAPHIC) — 185KB
- jjfs.jpg (GRAPHIC) — 17KB
- 0001437749-24-035909.txt ( ) — 1332KB
- jjsf-20241119.xsd (EX-101.SCH) — 3KB
- jjsf-20241119_def.xml (EX-101.DEF) — 11KB
- jjsf-20241119_lab.xml (EX-101.LAB) — 15KB
- jjsf-20241119_pre.xml (EX-101.PRE) — 11KB
- jjsf20241120_8k_htm.xml (XML) — 3KB
02
Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS. On November 19, 2024, the Board of Directors of J & J Snack Foods Corp. ("J & J" or the "Company") approved, effective as of December 2, 2024 (the "Start Date"), the appointment of Shawn Munsell to the position of Senior Vice President, Chief Financial Officer to fill the position of Ken Plunk, the current Chief Financial Officer, whose retirement was announced in June 2024. Mr. Munsell will have overall responsibility for the corporate financial operations for all of J & J. Mr. Munsell, 49, most recently served since June 2022 as Chief Financial Officer of Calavo Growers, Inc., headquartered in Santa Paula, California. Mr. Munsell previously led the finance and accounting functions for Tyson Foods' chicken segment, from 2018 to 2022, as Senior Vice President of Finance and Accounting. From 2015 to 2018, he served as Tyson's Treasurer. Prior to Tyson, Mr. Munsell was with CF Industries, serving in a variety of roles with progressive responsibility for the nitrogen products manufacturer. Mr. Munsell entered into an offer letter with the Company (the "Offer Letter"). Under the terms of the Offer Letter, Mr. Munsell will receive a base annual salary of $500,000 with a target bonus of 75% of his base salary, determined by the Compensation Committee of the Board of Directors. In addition, as an inducement to his employment, Mr. Munsell is entitled to receive a sign-on bonus in the amount of $50,000 (net of applicable taxes) payable within 30 days of his Start Date, subject to repayment in case of employment termination within the first twelve months of employment. Mr. Munsell will also be eligible to participate in the Company's long-term incentive plan ("LTIP"), and will be granted annual restricted stock unit awards valued at $400,000 under the Company's current LTIP. He will be entitled to other benefits whi
FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits Exhibit Number Description of Document 99.1 Offer Letter 99.2 Press Release dated November 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. J & J SNACK FOODS CORP. By: /s/ Michael A. Pollner Michael A. Pollner SVP, General Counsel & Secretary Date: November 21, 2024