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BNNY > SEC Filings for BNNY > Form 8-K on 4-Jun-2013All Recent SEC Filings

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Form 8-K for ANNIE'S, INC.


4-Jun-2013

Change in Directors or Principal Officers


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

On May 30, 2013, the Compensation Committee of the Board of Directors (the "Committee") of Annie's, Inc. (the "Company") approved a fiscal 2014 annual cash incentive program under which each of the Company's current executive officers and other current employees (including named executive officers) is eligible to earn a cash bonus payable in early fiscal 2015. Consistent with past practice, the amount of each eligible participant's fiscal 2014 cash incentive payment will be a percentage of the participant's salary paid in fiscal 2014. The exact percentage (within a specified range of percentages) will be determined by the Committee based on the Company's fiscal 2014 performance with respect to pre-established financial performance criteria, subject to discretionary reduction as described below.

For fiscal 2014, cash incentive amounts will be based on the Company's performance with respect to two criteria: adjusted net sales and adjusted operating income. Each of the two performance criteria represents one-half of each participant's total potential incentive payment. The Committee established "target" levels of adjusted net sales and adjusted operating income for pay-out determination purposes, as well as lower "threshold" levels and higher "maximum" levels for these two criteria. For each of these criteria, if the Company's performance is below the threshold level, no payments will be earned for that component; and if the Company's performance is at or above the maximum level, the maximum payment will be earned for that component, subject to discretionary reduction. The total potential incentive payment based on adjusted net sales and adjusted operating income is subject to discretionary reduction by up to 40% based on the participant's performance against his or her individual goals, as determined by the Committee.

Our chief executive officer will be eligible to receive a fiscal 2014 cash incentive payment equal to 60% of his salary paid in fiscal 2014 if 1) the Company's adjusted net sales and adjusted operating income are both at the target level and 2) he achieves 100% performance against his individual goals. The minimum payment our chief executive officer is eligible to receive, if any payment is made to him under the fiscal 2014 annual cash incentive program, is 1.8% of his salary paid in fiscal 2014 (which correlates to Company performance at threshold for adjusted net sales, below threshold for adjusted operating income and no achievement against individual goals); the maximum payment is 120% (which correlates to Company performance at or above maximum for both financial performance criteria as well as 100% performance against individual goals).

Each of our executive vice presidents will be eligible to receive a fiscal 2014 cash incentive payment equal to 50% of his or her salary paid in fiscal 2014 if
1) the Company's adjusted net sales and adjusted operating income are both at the target level and 2) such officer achieves 100% performance against his or her individual goals. The minimum payment an executive vice president is eligible to receive, if any payment is made to such officer under the fiscal 2014 annual cash incentive program, is 1.5% of his or her salary paid in fiscal 2014 (which correlates to Company performance at threshold for adjusted net sales, below threshold for adjusted operating income and no achievement against individual goals); the maximum payment is 100% (which correlates to Company performance at or above maximum for both financial performance criteria as well as 100% performance against individual goals).

Each of our chief financial officer and our general counsel and secretary will be eligible to receive a fiscal 2014 cash incentive payment equal to 35% of her salary paid in fiscal 2014 if 1) the Company's adjusted net sales and adjusted operating income are both at the target level and 2) such officer achieves 100% performance against her individual goals. The minimum payment our chief financial officer or our general counsel and secretary is eligible to receive, if any payment is made to such officer under the fiscal 2014 annual cash incentive program, is 1.05% of her salary paid in fiscal 2014 (which correlates to Company performance at threshold for adjusted net sales, below threshold for adjusted operating income and no achievement against individual goals); the maximum payment is 70% (which correlates to Company performance at or above maximum for both financial performance criteria as well as 100% performance against individual goals).


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