Universal Corp DEF 14A: Executive Pay & Equity Awards Detailed

Ticker: UVV · Form: DEF 14A · Filed: Jul 1, 2024 · CIK: 102037

Universal Corp /Va/ DEF 14A Filing Summary
FieldDetail
CompanyUniversal Corp /Va/ (UVV)
Form TypeDEF 14A
Filed DateJul 1, 2024
Risk Levellow
Pages16
Reading Time20 min
Key Dollar Amounts$8,500
Sentimentneutral

Sentiment: neutral

Topics: executive-compensation, corporate-governance, annual-meeting, equity-awards

Related Tickers: UVV

TL;DR

UVV's DEF 14A is out, showing exec pay details & equity awards for FY24. Check it for governance insights.

AI Summary

Universal Corporation (UVV) filed its DEF 14A on July 1, 2024, detailing executive compensation and corporate governance for the fiscal year ending March 31, 2024. The filing includes information on equity awards and pension benefits for executives like George C. Freeman III. Specific financial details regarding the fair value of equity awards and changes in pension benefits are presented for the period of April 1, 2023, to March 31, 2024.

Why It Matters

This filing provides shareholders with crucial information about how executive compensation is structured and how it relates to company performance, impacting investor confidence and corporate governance.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of executive compensation and corporate governance information, typical for a DEF 14A, and does not inherently signal new risks.

Key Numbers

  • 20240331 — Fiscal Year End (Reporting period for the compensation details.)
  • 2023-04-01 — Reporting Start Date (Beginning of the period for which compensation data is reported.)
  • 2024-03-31 — Reporting End Date (End of the period for which compensation data is reported.)

Key Players & Entities

  • UNIVERSAL CORP /VA/ (company) — Filer
  • George C. Freeman III (person) — Executive mentioned in relation to equity awards and pension benefits
  • 0000102037-24-000022.txt (document) — Filing document name
  • 20240701 (date) — Filing date
  • 20240331 (date) — Fiscal year end

FAQ

What is the primary purpose of this DEF 14A filing for Universal Corporation?

The primary purpose is to provide shareholders with information regarding the company's annual meeting, including details on executive compensation, director nominations, and corporate governance matters.

Who is specifically mentioned in relation to equity awards and pension benefits?

George C. Freeman III is specifically mentioned in relation to equity awards and pension benefits, with details provided for the period of April 1, 2023, to March 31, 2024.

What is the fiscal year end for Universal Corporation as stated in this filing?

The fiscal year end for Universal Corporation is March 31, as indicated by the 'CONFORMED PERIOD OF REPORT: 20240331'.

When was this DEF 14A filing submitted to the SEC?

This DEF 14A filing was submitted to the SEC on July 1, 2024, as indicated by 'FILED AS OF DATE: 20240701'.

Does the filing mention any previous company names?

Yes, the filing states that the former company name was UNIVERSAL LEAF TOBACCO CO INC, with a date of name change on March 14, 1988.

Filing Stats: 4,901 words · 20 min read · ~16 pages · Grade level 13.4 · Accepted 2024-07-01 16:56:25

Key Financial Figures

  • $8,500 — anticipated cost to us of approximately $8,500, plus reimbursement of out-of-pocket ex

Filing Documents

From the Filing

uvv-20240626 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. __) Filed by the Registrant x Filed by a Party other than the Registrant o Check the appropriate box: o Preliminary Proxy Statement o Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) x Definitive Proxy Statement o Definitive Additional Materials o Soliciting Material Pursuant to 240.14a-12 UNIVERSAL CORPORATION (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): x No fee required. o Fee paid previously with preliminary materials. o Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 ANNUAL MEETING OF SHAREHOLDERS July 1, 2024 Dear Universal Shareholders, At Universal, we offer a unique value proposition and are a supplier of choice, providing high-quality, customizable, traceable, value-added agriproducts that are essential to meeting our customers' needs in today's dynamic markets. Our commitment to sustainability, cultivating long-term relationships with our customers and suppliers, investing in our people, and maintaining our financial strength have helped us endure for over 100 years through multiple economic cycles and build a broader agriproducts services platform. Throughout fiscal year 2024, we demonstrated the strength of Universal's operations and the resiliency of our business model in the face of ongoing industry and macro challenges. Looking ahead, we are positioned to build on our track record of operational excellence and advance our strategies to deliver value to our shareholders. I have a deep sense of appreciation for our incredible team at Universal and am humbled by the support of our customers, farmers, employees, and other partners, and of course our shareholders. Maximizing Opportunities as the Leading Global Leaf Tobacco Supplier. Strengthening and investing for growth in our leaf tobacco business remains a top priority. We continue to pursue opportunities to expand the services we provide customers, drive further supply chain efficiencies and cost reductions, and increase our market share. In fiscal year 2024, we successfully met customer demand for leaf tobacco despite tight supply conditions, underscoring the depth of our operational expertise. In line with our commitment to responsibly source our products, we also continued to support a sustainable supply chain while protecting not only the farmers from whom we directly purchase tobacco, but also the broader communities in which we operate. As we look to the future, we will build on our long-standing relationships with our customers and suppliers to enable them to achieve their goals in the ever-evolving market. Enhancing our Plant-Based Ingredients Platform. Since 2018 we have invested in developing Universal Ingredients, our plant-based ingredients platform, to support future growth and deliver new lines of revenue. Fiscal year 2024 was a significant building year for our Ingredients Operations. In addition to investing in Universal Ingredients' commercial sales team and research and development function, we undertook a major expansion project at our manufacturing campus in Lancaster, Pennsylvania. We believe that this unique project will significantly expand our processing capabilities, including aseptic packaging, and enable us to considerably grow our product portfolio. We expect the expanded manufacturing facility to be fully operational in the second half of fiscal year 2025 and contribute meaningfully to the results of our Ingredients Operations segment in fiscal year 2026. Pursuing Our Sustainability Goals to Benefit the Stakeholders We Serve. We have a responsibility to our stakeholders to set high standards of social and environmental performance, while promoting a sustainable supply chain. By continuing to integrate sustainability into our business strategy and supply chain operations, we aim to improve the livelihoods of our contracted farmers and the communities in which we operate. In fiscal year 2024, we made progress against our sustainability goals and operational emissions targets in our global supply chain. The use of renewable energy has a significant role to play in our carbon emissions reduction strategy and our ability to meet the targets we have set. Therefore, we entered into a Virtual Power Purchase Agreement for renewable energy produced by a new solar power project in fiscal year 2024 that is expected to reduce our greenhouse gas emissions by approximately 15,000 metric tons per year, or 45% of Universal's Scope 1 and Scope 2 emissions, in the United States beginning in 2026. We also entered into an emission reduction agreement for our tobacco growing areas in the Phil

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