<SEC-DOCUMENT>0000919788-19-000014.txt : 20191213
<SEC-HEADER>0000919788-19-000014.hdr.sgml : 20191213
<ACCEPTANCE-DATETIME>20191213134104
ACCESSION NUMBER:		0000919788-19-000014
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191213
DATE AS OF CHANGE:		20191213
EFFECTIVENESS DATE:		20191213

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNITED NATURAL FOODS INC
		CENTRAL INDEX KEY:			0001020859
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & GENERAL LINE [5141]
		IRS NUMBER:				050376157
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0801

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15723
		FILM NUMBER:		191284190

	BUSINESS ADDRESS:	
		STREET 1:		313 IRON HORSE WAY
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02908
		BUSINESS PHONE:		401-528-8634

	MAIL ADDRESS:	
		STREET 1:		313 IRON HORSE WAY
		CITY:			PROVIDENCE
		STATE:			RI
		ZIP:			02908

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERNATIONAL BROTHERHOOD OF TEAMSTERS
		CENTRAL INDEX KEY:			0000919788
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				530215427
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		25 LOUISIANA AVENUE, NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20010
		BUSINESS PHONE:		2026246800
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>unfiletter.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>unfiletter.htm - sixteen</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

&nbsp; <A name="page_1"></A>

<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt; LINE-HEIGHT: 107%" face="times new roman">SECURITIES &amp; EXCHANGE COMMISSION</FONT></B></P><FONT style="FONT-SIZE: 14pt"></FONT><FONT style="FONT-SIZE: 14pt"><FONT style="FONT-SIZE: 12pt"><FONT style="FONT-SIZE: 14pt"></FONT>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman">WASHINGTON, D.C.&nbsp;&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 8pt" align=center><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman">NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman">NAME OF REGISTRANT:</FONT></B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman"> United Natural Foods, Inc.</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman">NAME OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman"> International Brotherhood of Teamsters</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman">ADDRESS OF PERSON RELYING ON EXEMPTION:</FONT></B><FONT lang=EN-US style="LINE-HEIGHT: 107%" face="times new roman"> 25 Louisiana Avenue, N.W., Washington, D.C.&nbsp;&nbsp; 20001</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" color=#1a1a1a face="times new roman">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:</FONT></B></P>

<P style="MARGIN: 0in 0in 8pt"><B><FONT lang=EN-US style="LINE-HEIGHT: 107%" color=#1a1a1a face="times new roman">_____________________________________________________________________________________________________________________________________________________________________</FONT></B></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>[The letter below was circulated to shareholders by the International Brotherhood of Teamsters.]</FONT></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>Dec. 12, 2019.</FONT></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>&nbsp;Dear Shareholder:</FONT></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>United Natural Foods Inc. (NYSE:UNFI) reported yet another earnings miss yesterday triggering a 28% stock collapse. Since the announcement of the company&#8217;s acquisition of Supervalu in July 2018, UNFI shareholders have suffered an 82% loss in stock value as of yesterday&#8217;s close, and seen more than $700 million in goodwill written down. Shares are down 91% and 73% over the past 5, and 10 year periods, respectively.</FONT></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>&nbsp;Surprisingly, ISS is recommending a vote for both Heffernan and the company&#8217;s &#8220;Say-on-Pay&#8221;. Critically, the proxy advisory firm&#8217;s analysis fails to get to grips with this disastrous performance and inexplicably gives the board a free pass on lucrative pay raises for executives and use of positive discretion to increase bonus payouts.</FONT></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>For investors, the salient point is that while UNFI paid $1.3 billion &#8211; representing a 67% premium - to Supervalu shareholders (plus $1.6 billion in assumed liabilities), to go from a $2.2 billion market cap company to one with a current trading value of less than $0.4 billion, the board has taken numerous steps to cushion the financial blow to top executives. As we detailed in our earlier shareholder letter, available at&nbsp;</FONT><U><FONT lang=EN-US color=purple face=new>https://www.sec.gov/Archives/edgar/data/919788/000091978819000012/unfiltr.htm</FONT></U><FONT lang=EN-US color=#1d2228 face=new>, these measures included:</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt 38pt"><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=symbol>&#183;</FONT><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=new>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=new>Adjusting the metrics used to determine the CEO&#8217;s bonus in a way that doubled the payout </FONT><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=new>for CEO Spinner;</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt 38pt"><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=symbol>&#183;</FONT><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=new>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increasing the CEO and COO&#8217;s target pay by 63% and 144% respectively; and</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt 38pt"><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=symbol>&#183;</FONT><FONT lang=EN-US style="LINE-HEIGHT: 12.65pt" color=#1d2228 face=new>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eliminating the gateway EPS requirement from the vesting of the CEO&#8217;s Special 2017 PSU award of which almost half would have otherwise been forfeited.</FONT></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>Please send a message to the board that this is unacceptable by&nbsp;</FONT><B><FONT lang=EN-US color=#1d2228 face=new>voting AGAINST UNFI&#8217;s Say on Pay proposal and the reelection of Compensation Committee chair and former lead&nbsp;<B><FONT lang=EN-US color=#1d2228 face=new>director, Heffernan.&nbsp;</FONT></B><FONT lang=EN-US color=#1d2228 face=new>The company&#8217;s shareholder meeting is next Wednesday, December 18, 2019.</FONT></FONT></B></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT lang=EN-US color=#1d2228 face=new>For more information, please contact Carin Zelenko at&nbsp;</FONT><U><FONT lang=EN-US color=purple face=new>czelenko@teamster.org</FONT></U><FONT lang=EN-US color=#1d2228 face=new>&nbsp;or 202-624-6899.</FONT></P></FONT>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><I><FONT lang=EN-US color=#1d2228 face=new>This is not a solicitation of your authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</FONT></I></B></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT lang=EN-US color=#1d2228 face=new></FONT></B></P>

<P style="BACKGROUND: white; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in">
</P></FONT></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
