As filed with the Securities and Exchange Commission on November 16, 2018

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported):  November 12, 2018

 

B&G Foods, Inc.

(Exact name of Registrant as specified in its charter)

 

Delaware

 

001-32316

 

13-3918742

(State or Other Jurisdiction

 

(Commission

 

(IRS Employer

of Incorporation)

 

File Number)

 

Identification No.)

 

Four Gatehall Drive, Parsippany, New Jersey

 

07054

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: ( 973) 401-6500

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 


 

Item 5.02.                         Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

Appointment of Michael D. Adasczik as Vice President of Finance and Chief Accounting Officer

 

Effective November 12, 2018, B&G Foods appointed Michael D. Adasczik, Vice President of Finance and Chief Accounting Officer (principal accounting officer).  Mr. Adasczik will report to Bruce C. Wacha, our Executive Vice President of Finance and Chief Financial Officer.  Accordingly, Mr. Wacha will no longer serve as our principal accounting officer.

 

Mr. Adasczik, age 44, has more than 20 years of accounting experience.  Most recently, Mr. Adasczik served as the Vice President, Accounting of Roivant Sciences, Inc., a wholly owned subsidiary of Roivant Sciences Ltd., from July 2015 to August 2018.  While at Roivant Sciences, Mr. Adasczik served as Principal Accounting Officer of Axovant Sciences Ltd. (NASDAQ: AXON), an affiliate of Roivant Sciences, from August 2015 to June 2018.  From September 2010 to June 2015, Mr. Adasczik served as the Vice President, Corporate Controller at Ikaria, Inc., a pharmaceutical company acquired by Mallinckrodt Pharmaceuticals in April 2015, where he was responsible for accounting, financial reporting and internal controls.  From 1998 to September 2010, Mr. Adasczik held a series of positions with increasing responsibility with the audit firm of KPMG LLP, most recently as a Senior Manager and including a rotation in the firm’s National Office.  Mr. Adasczik is a Certified Public Accountant and earned his B.S. degree in Accounting and his M.B.A. degree from Rider University.

 

There are no arrangements or understandings between Mr. Adasczik and any other person pursuant to which he was appointed as our company’s Vice President of Finance and Chief Accounting Officer.  There is no family relationship between Mr. Adasczik and any director, executive officer, or person nominated or chosen by our company to become a director or executive officer of our company.  B&G Foods has not entered into any transactions with Mr. Adasczik that would require disclosure pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934.

 

Offer Letter

 

Overview; Base Salary.  On October 19, 2018, B&G Foods and Mr. Adasczik entered into an offer letter with respect to his employment as Vice President of Finance and Chief Accounting Officer.  The offer letter provides that Mr. Adasczik’s annual base salary will be $310,000, or such higher figure as may be determined at annual reviews of his performance and compensation.

 

Annual Bonus Awards.  Each year at the discretion of the compensation committee of our board of directors, Mr. Adasczik is eligible to earn additional annual incentive compensation under our annual bonus plan, in amounts ranging from 0% of his base salary at “threshold” to 40% of his base salary at “target” to 80% of his base salary at “maximum,” if performance benchmarks, as defined in the annual bonus plan are met.

 

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Long-Term Incentive Awards — Performance Shares.  Each year, at the discretion of the compensation committee, Mr. Adasczik will be eligible for performance share long-term incentive awards (LTIAs) (based upon three-year company performance).  The percentages of base salary that Mr. Adasczik will be eligible to earn in accordance with performance share LTIAs range from 7.5% at “threshold” to 15.0% at “target” to 30.0% at “maximum.”

 

Long-Term Incentive Awards — Stock Options.  Each year, at the discretion of the compensation committee, Mr. Adasczik will be eligible to receive stock options equivalent on the grant date to 5% of his base salary.  It is contemplated that his first option grant will be in March 2019 and that each option grant will cliff vest after three years.

 

Other Benefits.  Mr. Adasczik is also entitled to (1) receive a car allowance of $10,000 per year, less applicable withholding taxes, (2) a mobile phone allowance of $600 per year, less applicable withholding taxes, (3) participate in all employee benefit plans and welfare benefit plans, including our company’s 401(k) savings and investment plan and defined benefit pension plan, and medical, dental, vision, prescription, life and disability coverages (as in effect from time to time and on terms and conditions consistent with those) provided to B&G Foods’ other similarly situated employees.

 

A copy of the offer letter is attached as Exhibit 10.1 to this report.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)            Exhibits.

 

10.1

 

Offer Letter, dated as of October 19, 2018, between Michael D. Adasczik and B&G Foods, Inc.

 

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SIGNATURE

 

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.

 

 

 

B&G FOODS, INC.

 

 

 

 

 

Dated: November 16, 2018

By:

/s/ Scott E. Lerner

 

 

Scott E. Lerner
Executive Vice President,
General Counsel and Secretary

 

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Exhibit 10.1

 

 

PERSONAL AND CONFIDENTIAL

 

October 19, 2018

 

Mr. Michael D. Adasczik

 

Dear Michael:

 

It is with great pleasure we extend to you an offer to join B&G Foods, Inc. (“ B&G Foods ” or the “ Company ”) on the terms and conditions set forth in this letter.  At B&G Foods, we love food and bringing our family of brands to our consumers and their families. We have fire in our bellies, are energized by new challenges and pursue excellence in everything we do. We believe in teamwork, have a common desire to be part of something big, and share a commitment to stay humble amidst exponential growth.  We’re building this company brick by brick and we want you to be a part of it.

 

Commencement Date:

 

Your employment is expected to commence in November 2018 on a date to be mutually agreed between you and the Company.

 

 

 

Title:

 

Vice President of Finance and Chief Accounting Officer.

 

 

 

Reporting:

 

You will report to the Executive Vice President of Finance and Chief Financial Officer.

 

 

 

Location:

 

Parsippany, NJ (Corporate Headquarters).

 

 

 

Base Salary:

 

Your annual base salary will be $310,000 and paid in equal installments consistent with the Company’s payroll payment schedule for employees of the Company. B&G Foods conducts annual salary reviews, and at its sole discretion may grant an increase based upon factors such as effective job performance, compensation surveys, and other relevant criteria. Annual salary increases are effective on a common date in March following the end of the most recent performance year. However, given your expected commencement date late in 2018, you will become eligible for your first annual salary increase in March 2020.

 

 

 

Annual Bonus Plan:

 

Your eligibility for an annual cash bonus award and the amount of any such award are completely within the discretion of B&G Foods’ Compensation Committee. In your position, you will have a target bonus opportunity of 40% of your base salary and a maximum bonus opportunity of 80% of your base salary based upon the Company’s achievement of performance goals and your achievement of specific individual objectives set by your manager and you. It is our practice to prorate any bonus earned based on the portion of such performance period you have been employed by B&G Foods. You must be an active employee of B&G Foods on payroll at the end of the applicable performance period and at the time any earned bonus is paid in February or March following the completion of the performance period. Eligibility for participation in B&G Foods’ annual bonus plan is not a guarantee or assurance of receipt of any annual cash incentive award.

 

Quality Foods Since 1889

 


 

Mr. Michael D. Adasczik

October 19, 2018

Page 2

 

Long-Term Incentive Awards:

 

You will be eligible to participate in the Company’s long-term incentive award (“ LTIA ”) program, as shall be adopted and/or modified from time to time by the Compensation Committee. It is currently contemplated that the LTIAs will be a combination of performance shares and stock options. You will be eligible to earn LTIAs calculated as a percentage of your base salary on the grant date of such LTIAs. Eligibility for participation in B&G Foods’ LTIA program is not a guarantee or assurance of receipt of any performance shares or stock options.

 

Performance Shares . Each year, at the discretion of the Compensation Committee, you will be eligible for performance share LTIAs (based upon three year company performance). The percentages of base salary that you are eligible to earn in accordance with performance share LTIAs range from 7.5% at “Threshold” to 15.0% at “Target” to 30.0% at “Maximum,” as such terms are defined in the performance share LTIAs. Shares will be issued with respect to performance share LTIAs only if B&G Foods satisfies certain performance goals, the satisfaction of which will be determined by the Compensation Committee after the end of the applicable three-year performance period. The expected date of your grant for the 2019 to 2021 performance period is March 2019. Performance share LTIAs are payable not later than the 15th day of the third month following the end of the final fiscal year of the applicable performance period. The payment of performance shares, if earned, for the 2019 to 2021 performance period would be made by March 15, 2022.

 

Stock Options . Each year, at the discretion of the Compensation Committee, you will be eligible to receive stock options equivalent on the grant date to 5.0% of your base salary. It is contemplated that your first option grant will be in March 2019 and that each option grant will cliff vest after three years.

 

 

 

Car Allowance:

 

You will receive a car allowance of $10,000 per year, less applicable tax withholdings, paid in equal installments consistent with the Company’s payroll payment schedule.

 

 

 

Cell Phone Allowance:

 

You will receive a cell phone allowance of $600 per year, less applicable tax withholdings, paid in equal installments consistent with the Company’s payroll payment schedule.

 

 

 

401(k) Plan:

 

You will be eligible to participate in the B&G Foods 401(k) Savings and Investment Plan the first pay period following 90 days of employment. You will be automatically enrolled in the plan in the first pay period that occurs 30 days after you satisfy eligibility requirements unless you elect otherwise. Additional details, including deferral rates, employer match, investment options, and opt out options will be provided to you in advance of your eligibility date.

 

 

 

Defined Benefit Pension Plan:

 

You will be eligible to participate in the B&G Foods Pension Plan after one year of service.

 

 

 

Vacation and Other Paid Time Off:

 

Our vacation year is the calendar year. You will receive 20 days of paid vacation per year. Unused vacation days are forfeited at year end and do not carry over to the next year. In addition, you are eligible for 10 days of sick time. During 2018, the number of vacation days and sick time will be prorated based on the portion of the calendar year you have been employed by B&G Foods. You will also be eligible for paid holidays. Please see the Company’s employee guide for our annual holiday calendar.

 


 

Mr. Michael D. Adasczik

October 19, 2018

Page 3

 

Medical and Other Benefits

 

You will be eligible to participate in the same benefit programs, and medical, dental, vision, prescription, life and disability coverages (as in effect from time to time and on terms and conditions consistent with those) provided to the Company’s other similarly situated employees.

 

 

 

Documentation:

 

Upon commencement of your employment, you will be required to provide appropriate documents as defined by the U.S. Department of Homeland Security/U.S. Citizenship and Immigration Services to verify that you are authorized to work in the United Sates.  You will also be required to complete the appropriate tax withholding forms.

 

 

 

No Conflicting Agreements; Other Restrictions:

 

You have advised us that you are not a party to or restricted by an agreement with a previous employer that would interfere with or impair in any way your ability to perform the duties of your position with B&G Foods. Based on that representation, we have extended this offer of employment to you. Further you agree that you will not bring any documents or information with you from any of your prior employers that contain confidential, proprietary or trade secret information, and it is a condition of your employment with B&G Foods that you refrain from using or disclosing any confidential, proprietary or trade secret information of any previous employer in the course of your employment with B&G Foods. If any previous employer asserts a claim that you have committed a breach of any contractual or other material duty to such previous employer, B&G Foods may immediately terminate your employment. In the event of such a claim, B&G Foods is not obligated to indemnify you for any damages or to provide a defense against such claims.

 

 

 

Non-Competition; Confidentiality; Other Restrictive Covenants:

 

As a condition of employment, you will be required to sign the enclosed confidentiality, proprietary rights and restrictive covenants agreement.

 

 

 

Not an Employment Agreement; Contingencies

 

This offer letter is an offer of employment and not an employment contract. The employment relationship between the Company and you is at-will. This means that the employment relationship: (1) is terminable at the will of either party, (2) is terminable with or without cause, and (3) is terminable without prior notice. Notwithstanding any contrary statements contained herein, B&G Foods remains free to change wages and all other working conditions, including benefits and contribution levels, without having to consult you and without your agreement.

 

The offer and terms of employment are subject to, among other things:

 

(1)              confirmation that you are not a party to any non-compete, non-solicit, or restrictive-covenant agreement that would interfere with or restrict your ability to perform duties for the Company and that you have provided the Company with any non-confidential sections of such agreements;

 

(2)              successful completion of a drug test, background check, and verification of your ability to work in the United States; and

 

(3)              our receipt of the enclosed confidentiality, proprietary rights and restrictive covenants agreement signed by you.

 


 

Mr. Michael D. Adasczik

October 19, 2018

Page 4

 

It is our sincere hope that you will accept our employment offer. We are confident that you will find your experience with B&G Foods to be personally and professionally rewarding. We look forward to hearing from you.  To confirm your acceptance of our offer, please sign below and return by October 26, 2018.  Please know that by doing so, you acknowledge that you understand your employment will be at-will.

 

Sincerely,

 

 

 

 

 

/s/ Eric H. Hart

 

 

Eric H. Hart

 

 

Executive Vice President of Human Resources and Chief Human Resources Officer

 

 

 

 

 

 

 

 

Accepted:

 

 

 

 

 

 

 

 

/s/ Michael D. Adasczik

 

Date:

10/19/18

Michael D. Adasczik