J&J Snack Foods Corp Announces Approval of Nonqualified Deferred Compensation Plan

On November 18, 2024, J&J Snack Foods Corp (NASDAQ: JJSF) disclosed the approval and implementation of the J&J Snack Foods Corp NonQualified Deferred Compensation Plan (DCP), effective January 1, 2025. The DCP, approved by the Compensation Committee of the Board of Directors, is designed to comply with Section 409A of the Internal Revenue Code of 1986.

According to the plan details, participation in the DCP is voluntary and open to management or highly compensated employees, non-employee directors of the Board of Directors, and independent contractors identified by the plan administrator. Eligible participants can defer a portion of their annual base salary, short-term performance-based bonuses, and commissions.

The plan ensures that all participants are 100% vested in all deferred amounts at all times. Additionally, participants will have the choice to allocate their deferrals to various notional investment options provided under the plan.

Under the DCP, the company has the discretion to credit participant accounts with contributions, and participants will become fully vested in these contributions based on certain conditions, including staying employed for a specific period or reaching retirement age.

Payments from the plan accounts can be received in a lump sum or installments over one to ten years upon separation from service or in the event of a change in control of the company. Participants can also opt for in-service distributions in the form of a lump sum or annual installments over one to five years.

The plan’s administration will be overseen by the Compensation Committee or its designee. A rabbi trust has been established to hold certain amounts, ensuring an unfunded and unsecured promise to participants.

More detailed information about the J&J Snack Foods Corp NonQualified Deferred Compensation Plan can be found in the attached Exhibit 10.1 of the filing. This plan is integrated to provide future financial security to eligible employees, directors, and contractors of J&J Snack Foods Corp.

The Form 8-K filing provides an insight into the company’s commitment to its workforce and the structuring of compensation to enhance employee benefits and financial planning within the organization’s framework.

This article is based on the 8-K SEC filing submitted by J&J Snack Foods Corp on November 18, 2024, detailing the approval of the nonqualified deferred compensation plan for eligible participants.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read J&J Snack Foods’s 8K filing here.

About J&J Snack Foods

J&J Snack Foods Corp. manufactures, markets, and distributes nutritional snack foods and beverages to the food service and retail supermarket industries in the United States, Mexico, and Canada. It operates through three segments: Food Service, Retail Supermarkets, and Frozen Beverages. It offers soft pretzels under the SUPERPRETZEL, SUPERPRETZEL BAVARIAN, NEW YORK PRETZEL, BAVARIAN BAKERY, and BRAUHAUS brands, as well as under the private labels; frozen novelty under the DIPPIN'DOTS, LUIGI'S, WHOLE FRUIT, DOGSTERS, PHILLY SWIRL, ICEE, and MINUTE MAID brands; churros under the HOLA! and CALIFORNIA CHURROS brands; and handheld products under the SUPREME STUFFERS and SWEET STUFFERS brands.