Landec Corporation Announces Performance Criteria for 2022 Bonuses

Strategic Insights -

Landec Corporation, a leading consumer packaged food company, has recently announced the performance criteria for its 2022 bonuses. The bonuses will be awarded to employees of the company and its subsidiaries, Curation Foods, Inc., and Lifecore Biomedical, Inc., including the company's named executive officers. The bonuses will be determined based on the actual achievement of adjusted EBITDA goals for the 2022 fiscal year.

Key Takeaways:

  • The company's Board of Directors approved the performance criteria for 2022 bonuses on December 14, 2021.
  • Bonuses will be based on the achievement of adjusted EBITDA goals, ranging from 0% - 200% of the employee's target bonus.
  • No bonus will be payable to employees of the company or Curation Foods if the adjusted EBITDA actually achieved is equal to or less than 93.3% of the applicable adjusted EBITDA target.
  • For Lifecore employees, no bonus will be payable if the adjusted EBITDA actually achieved is equal to or less than 94% of the applicable adjusted EBITDA target.
  • A participant must be employed at the end of the 2022 fiscal year to receive any bonus.
  • The performance criteria and structure for cash bonuses were approved by the company's Board of Directors.
  • The company has subsidiaries, including Curation Foods, Inc., and Lifecore Biomedical, Inc.
  • The company's named executive officers are included in the bonus structure.
  • The bonuses will be based on the adjusted EBITDA goals for the 2022 fiscal year established for the company, Curation Foods, and Lifecore.

Statistics:

  • The bonuses will range from 0% - 200% of the employee's target bonus.
  • The adjusted EBITDA goal threshold for employees of the Company and Curation Foods is 93.3% of the applicable target.
  • The adjusted EBITDA goal threshold for Lifecore employees is 94% of the applicable target.
  • The bonuses will be awarded to employees of the company, Curation Foods, Inc., and Lifecore Biomedical, Inc., including the company's named executive officers.
  • The performance criteria and structure for cash bonuses were approved by the company's Board of Directors on December 14, 2021.

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT (December 20, 2021)
  • Landec Corporation (Exact name of registrant as specified in its charter)