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Insider Trading Arrangements | 12 Months Ended
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Dec. 28, 2024 shares
Trading Arrangements, by Individual [Table] |
Material Terms of Trading Arrangement [Text Block] |
ITEM 9B. | OTHER INFORMATION
(a) Form 8-K Disclosure On March 12, 2025, the Company and Mr. Vizi entered into an amendment and restatement of his Executive Severance Agreement dated June 1, 2018, which was filed as an exhibit to the Company’s Current Report on Form 8-K dated June 7, 2018 (the "Severance Agreement"). The amended and restated agreement modified:
| ● | the amount that Mr. Vizi would receive if either (a) he is involuntarily terminated by the Company for any reason other than "Cause" (as defined in the Severance Agreement), "Disability" (as defined in the Severance Agreement) or death, or (b) he resigns for "Good Reason" (as defined in the Severance Agreement), and, in each case, the termination is not a "Termination Related to a Change in Control" (as defined in the Severance Agreement). Mr. Vizi will receive, among other amounts, the following severance payments in such event (the changes made by the amendment and restatement are noted):
| o | an amount equal to 2.0 times (modified by the amendment and restatement from 1.5 times) the sum of (a) Mr. Vizi's annual base salary as in effect immediately prior to the termination date (before taking into account any reduction that constitutes Good Reason) ("Annual Base Salary") and (b) highest annual bonus paid to Mr. Vizi in any of the five fiscal years immediately preceding Mr. Vizi's termination date or the amount that would be granted to him for the subsequent year, at target (modified by the amendment and restatement to increase the measurement period from three to five years and to add the subsequent year at target), which for all purposes under the Severance Agreement shall be deemed to include the grant date fair value of any restricted stock units granted subject to time-based or performance-based vesting (modified by the amendment and restatement to add performance-based equity, rather than only time-based) only to time-based vesting ("Bonus"), to be paid in installments over the twelve-month period following Mr. Vizi's termination date; and
| ● | the multiplier applicable to the amount that Mr. Vizi would receive, if a Change in Control occurs and he experiences a qualifying termination, from 2.0 times, as set forth in the original Severance Agreement, to 2.99 times, with the definition of Bonus for the purpose of such calculation modified as described above.
The foregoing description of the amendment and restatement to the Severance Agreement is qualified in its entirety by the full text of the Amended and Restated Executive Severance Agreement, a copy of which is filed herewith as Exhibit 10(m). (b) Rule 10b5-1 Trading Plans As disclosed in the table below, during the three months ended December 28, 2024, certain of the Company’s directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K):
Name | Position | Action | Adoption Date | Expiration Date | Aggregate Numbers of Common Stock to be Purchased/Sold |
Bradley S. Vizi | Executive Chairman & President | Adopted | December 7, 2023 | March 7, 2026 |  | 650,000 | (1)
Michael Saks | Division President, Health Care Services | Adopted | December 5, 2023 | December 1, 2024 |  | 18,000 | (1)
Kevin D. Miller | Chief Financial Officer | Adopted | January 1, 2025 | December 31, 2026 |  | 183,600 | (1)
___________________ (1) The aggregate number of shares that can be sold under the plan is allocated into a series of tranches that would be sold at laddered prices as outlined in the plan. Other than as disclosed above, no other officer or director of the Company adopted, terminated, or modified a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K).
Rule 10b5-1 Arrangement Terminated [Flag] | false
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false
Michael Saks [Member] |
Trading Arrangements, by Individual [Table] |
Rule 10b5-1 Arrangement Terminated [Flag] | true
Trading Arrangement, Individual Name | Michael Saks
Trading Arrangement, Individual Title | Division President, Health Care Services
Rule 10b5-1 Arrangement Adopted [Flag] | true
Trading Arrangement Adoption Date | December 5, 2023
Trading Arrangement Termination Date | December 1, 2024
Trading Arrangement, Securities Aggregate Available Amount | 18,000
Bradley S. Vizi [Member] |
Trading Arrangements, by Individual [Table] |
Trading Arrangement, Individual Name | Bradley S. Vizi
Trading Arrangement, Individual Title | Executive Chairman & President
Rule 10b5-1 Arrangement Adopted [Flag] | true
Trading Arrangement Adoption Date | December 7, 2023
Trading Arrangement Termination Date | March 7, 2026
Trading Arrangement, Securities Aggregate Available Amount | 650,000
Kevin D. Miller [Member] |
Trading Arrangements, by Individual [Table] |
Trading Arrangement, Individual Name | Kevin D. Miller
Trading Arrangement, Individual Title | Chief Financial Officer
Rule 10b5-1 Arrangement Adopted [Flag] | true
Trading Arrangement Adoption Date | January 1, 2025
Trading Arrangement Termination Date | December 31, 2026
Trading Arrangement, Securities Aggregate Available Amount | 183,600

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