Archer-Daniels-Midland Co DEFA14A, filed Apr 30, 2024
Archer-Daniels-Midland Co (ADM)
| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☐ | Definitive Proxy Statement |
| ☑ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant to §240.14a-12 |
☑ |
No fee required. |
☐ |
Fee paid previously with preliminary materials. |
☐ |
Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) 0-11. |
ADM Proxy Statement Supplement 2024 | 1 |
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reproducing the Summary Compensation Table, set forth on page 58 of the Proxy Statement, with changes for fiscal year 2023 information for Mr. Luthar in the columns titled “Non-Equity |
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reproducing the Outstanding Equity Awards at Fiscal Year 2023 Year-End |
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reproducing the Option Exercises and Stock Vested During Fiscal Year 2023 table, set forth on page 63 of the Proxy Statement, with changes to Mr. Luthar’s amounts in the columns titled “Number of Shares Acquired on Vesting” and “Value Realized on Vesting” and the removal of a sentence in footnote (2), in each case to reflect the number of Mr. Luthar’s 2021 PSUs that have been determined to have been earned since the filing date of the Proxy Statement; and |
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reproducing the Pay Versus Performance section beginning on page 71 of the Proxy Statement, to update the information regarding the Non-PEO |
2 | |
Summary Compensation Table
The following table summarizes the compensation for the fiscal years noted of our named executive officers.
| Name and Principal Position |
Year | Salary ($) | Bonus ($)(1) | Stock ($)(2) |
Non-Equity Incentive Plan Compensation ($)(3) |
Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) |
All Other ($)(5) |
Total ($) | ||||||||||||||||||||||||||||||||
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J. R. LUCIANO Board Chair, CEO and |
2023 | 1,482,918 | — | 17,919,686 | 3,609,611 | 117,551 | 1,284,902 | 24,414,668 | ||||||||||||||||||||||||||||||||
| 2022 | 1,429,174 | — | 17,727,259 | 4,712,540 | — | 880,205 | 24,749,178 | |||||||||||||||||||||||||||||||||
| 2021 | 1,400,004 | — | 15,939,571 | 5,320,000 | 59,843 | 789,423 | 23,508,841 | |||||||||||||||||||||||||||||||||
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V. LUTHAR(6) Former Senior Vice President |
2023 | 770,840 | — | 3,492,888 | 743,419 | 93,909 | 158,604 | 5,259,660 | ||||||||||||||||||||||||||||||||
| 2022 | 704,798 | — | 2,411,505 | 1,231,500 | — | 90,624 | 4,438,428 | |||||||||||||||||||||||||||||||||
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R. B. JONES(7) Senior Vice President, |
2023 | 236,091 | 630,000 | 5,620,122 | 292,237 | 7,047 | 248,340 | 7,033,837 | ||||||||||||||||||||||||||||||||
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G. A. MORRIS Senior Vice President |
2023 | 714,000 | — | 3,239,765 | 863,405 | 214,426 | 241,841 | 5,273,437 | ||||||||||||||||||||||||||||||||
| 2022 | 711,668 | — | 3,223,194 | 1,172,388 | — | 204,083 | 5,311,334 | |||||||||||||||||||||||||||||||||
| 2021 | 695,840 | — | 3,187,979 | 1,330,000 | — | 203,404 | 5,417,223 | |||||||||||||||||||||||||||||||||
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C. M. CUDDY(8) Senior Vice President |
2023 | 660,834 | — | 3,138,499 | 801,733 | 171,259 | 237,598 | 5,009,923 | ||||||||||||||||||||||||||||||||
| 2022 | 650,004 | — | 3,223,194 | 1,067,300 | — | 177,288 | 5,117,787 | |||||||||||||||||||||||||||||||||
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V. F. MACCIOCCHI(9) Former Senior Vice President, Chief Sales and Marketing |
2023 | 714,000 | — | 3,239,765 | 684,905 | 51,734 | 218,435 | 4,908,839 | ||||||||||||||||||||||||||||||||
| 2022 | 711,668 | — | 5,245,225 | 1,100,988 | — | 196,351 | 7,254,232 | |||||||||||||||||||||||||||||||||
| 2021 | 695,840 | — | 3,187,979 | 1,295,000 | 24,191 | 206,514 | 5,409,524 | |||||||||||||||||||||||||||||||||
| (1) | The amount reported in this column represents a one-time sign-on bonus for Ms. Jones, intended to replace the prorated 2023 annual cash incentive that she forfeited from her prior employer to join the Company, which amount was paid in early 2024. |
| (2) | Stock awards in 2023 consisted of RSU awards and PSU awards. The amounts reported in this column represent the aggregate grant date fair value of the RSU awards for fiscal years 2023, 2022, and 2021 and of the target level of the PSU awards for fiscal years 2023, 2022 and 2021. We calculated these amounts in accordance with the provisions of |
| ADM Proxy Statement Supplement 2024 | 3 |
| FASB ASC Topic 718 utilizing the assumptions discussed in Note 11 to our financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The grant date fair value of the 2023 RSUs and the grant date fair value of the 2023 PSUs if target performance and maximum performance is achieved are as follows: |
| PSUs | |||||||||||||||
| Name |
RSUs | Target | Maximum | ||||||||||||
| J. R. Luciano |
$ | 7,167,907 | $ | 10,751,779 | $ | 21,503,558 | |||||||||
| V. Luthar |
$ | 1,397,155 | $ | 2,095,733 | $ | 4,191,466 | |||||||||
| R. B. Jones |
$ | 4,240,116 | $ | 1,380,006 | $ | 2,760,012 | |||||||||
| G. A. Morris |
$ | 1,295,890 | $ | 1,943,875 | $ | 3,887,750 | |||||||||
| C. M. Cuddy |
$ | 1,255,416 | $ | 1,883,083 | $ | 3,766,166 | |||||||||
| V. F. Macciocchi |
$ | 1,295,890 | $ | 1,943,875 | $ | 3,887,750 | |||||||||
| (3) | The amounts reported in this column represent amounts earned under our annual incentive plan during each of the respective fiscal periods shown. In each case, the amounts were paid after the close of the applicable fiscal period. |
| (4) | The amounts reported in this column for 2023 represent the aggregate change in actuarial present value of each named executive officer’s accumulated benefit under all defined benefit and actuarial pension plans from December 31, 2022 to December 31, 2023, using the same assumptions used for financial reporting purposes except that retirement age is assumed to be the normal retirement age (65) specified in the plans. No NEO received above market or preferential earnings on deferred compensation. To derive the change in pension value for financial reporting purposes, the assumptions used to value pension liabilities on December 31, 2023 were an interest rate of 4.96% for the ADM Retirement Plan, an interest rate of 4.84% for the ADM Supplemental Retirement Plan, and mortality was determined using the PRI-2012 mortality table, with a white collar adjustment, projected generationally using Scale MP-2021. The assumptions used to value pension liabilities on December 31, 2022 were an interest rate of 5.14% for the ADM Retirement Plan, an interest rate of 5.02% for the ADM Supplemental Retirement Plan, and mortality was determined using the PRI-2012 mortality table, with a white collar adjustment, projected generationally using Scale MP-2021. |
| (5) | The amounts reported in this column for 2023 include costs for use of company-leased aircraft and spousal travel, relocation stipend, value of company-provided life insurance, imputed value of company-provided life insurance, the value of health insurance company-paid premiums, costs for executive healthcare services, dividend equivalents paid on unvested RSUs, accrued dividends for unvested 2023 PSUs (dividends were credited starting with the 2023 PSUs), company contributions under the 401(k) and ESOP, and charitable gifts pursuant to the Company’s matching charitable gift program. In 2023, we began making personal financial planning services available to our executive officers, but because such services are provided by the provider of other services to the Company, and such provider does not charge any additional amounts for the individual financial planning services to our executive officers, there is no incremental cost to the Company for such services. Specific perquisites and other items applicable to each NEO listed are identified below by an “X”. Where a perquisite exceeded $10,000 for an individual, the dollar amount is given. |
| Name |
Personal Aircraft Use and Spousal Travel ($) |
Relocation Stipend ($) |
Imputed Income |
Health Insurance Company Paid Premiums & Company- Provided Life Insurance ($) |
Executive Healthcare Services |
Dividend Equivalents Paid on Unvested RSUs and Accrued on Unvested 2023 PSUs ($) |
Matching Charitable Gifts |
401(k) Company Contributions ($) |
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| J. R. Luciano |
340,716 | — | X | 15,714 | X | 902,498 | X | 16,500 | ||||||||||||||||||||||
| V. Luthar |
— | — | X | 21,595 | X | 114,847 | X | 16,500 | ||||||||||||||||||||||
| R. B. Jones |
— | 200,000 | X | X | — | 32,062 | — | 8,633 | ||||||||||||||||||||||
| G. A. Morris |
— | — | X | 21,510 | X | 175,149 | 25,000 | 16,500 | ||||||||||||||||||||||
| C. M. Cuddy |
— | — | X | 13,801 | X | 167,672 | 36,116 | 16,500 | ||||||||||||||||||||||
| V. F. Macciocchi |
— | — | X | 21,510 | X | 175,149 | — | 16,500 | ||||||||||||||||||||||
Aggregate incremental cost to our Company of perquisites and personal benefits is determined as follows. In the case of payment of expenses related to items such as executive healthcare services, incremental cost is determined by the amounts paid to third-party providers. In the case of personal use of company-leased aircraft, incremental cost is based solely on variable costs under the agreements with the lessor of the aircraft, and does not include fixed or other costs.
| (6) | Mr. Luthar was appointed Senior Vice President and Chief Financial Officer on April 7, 2022. As permitted by SEC rules, because 2022 was Mr. Luthar’s first year as an NEO, the compensation paid to him prior to 2022 is not included in this table. Mr. Luthar was no longer an executive officer of the Company as of April 19, 2024. |
| (7) | Ms. Jones joined the Company as Senior Vice President, General Counsel and Secretary on September 5, 2023. |
| (8) | Mr. Cuddy was not an NEO in 2021. |
| (9) | Mr. Macciocchi was no longer an executive officer of the Company as of November 13, 2023, but remained employed by the Company in a transition support role until his retirement from the Company on December 31, 2023. |
| 4 | ADM Proxy Statement Supplement 2024 |
Outstanding Equity Awards at Fiscal Year 2023 Year-End
The following table summarizes information regarding unexercised stock options, unvested RSUs, and unearned PSUs and PRSUs for the named executive officers as of December 31, 2023.
| OPTION AWARDS | STOCK AWARDS | |||||||||||||||||||||||||||||||||||||||||||||||||
| Name |
Grant Date |
Number of Securities Underlying Unexercised Options (#) Exercisable |
Number of Securities Underlying Unexercised Options (#) Unexercisable(1) |
Option Exercise Price ($) |
Option Expiration Date |
Number of Shares or Units of Stock That Have Not Vested (#)(2) |
Market Value Stock that |
Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(4) |
Equity That Have Not | |||||||||||||||||||||||||||||||||||||||||
| J. R. LUCIANO |
2-11-2016 | 581,099 | — | 33.18 | 2-11-2026 |
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| 2-12-2015 | 324,821 | — | 46.92 | 2-12-2025 |
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325,940 | 23,539,387 | 269,396 | 19,455,779 | |||||||||||||||||||||||||||||
| V. LUTHAR |
2-11-2016 | 28,366 | — | 33.18 | 2-11-2026 |
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35,354 | 2,553,266 | 42,054 | 3,037,140 | ||||||||||||||||||||||||||||
| R. B. JONES |
— | — | — | — | — |
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53,754 | 3,882,114 | 17,495 | 1,263,489 | ||||||||||||||||||||||||||||||||||||||
| G.A. MORRIS |
— | — | — | — | — |
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61,833 | 4,465,579 | 48,847 | 3,527,730 | ||||||||||||||||||||||||||||||||||||||
| C. M. CUDDY |
— | — | — | — | — |
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61,337 | 4,429,758 | 48,102 | 3,473,926 | ||||||||||||||||||||||||||||||||||||||
| V. F. MACCIOCCHI |
— | — | — | — | — |
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61,833 | 4,465,579 | 75,012 | 5,417,367 | ||||||||||||||||||||||||||||||||||||||
| (1) | Stock option awards vest at a rate of 20% of the subject shares per year on each of the first five anniversaries of the grant date. |
| (2) | The RSUs reported in this column vest on the dates and in the amounts set forth below. |
| Restricted Stock Units Vesting On: | ||||||||||||||||||||||||||||||||||||
| Name |
2/9/24 | 2/11/24 | 9/5/24 | 2/9/25 | 2/10/25 | 4/11/25 | 9/5/25 | 2/9/26 | 9/5/26 | |||||||||||||||||||||||||||
| J. R. Luciano |
29,867 | 146,342 | — | 28,988 | 91,756 | — | — | 28,987 | — | |||||||||||||||||||||||||||
| V. Luthar |
5,822 | 7,318 | — | 5,650 | 4,171 | 6,743 | — | 5,650 | — | |||||||||||||||||||||||||||
| R. B. Jones |
— | — | 25,011 | — | — | — | 24,894 | — | 3,849 | |||||||||||||||||||||||||||
| G. A. Morris |
5,400 | 29,269 | — | 5,241 | 16,683 | — | — | 5,240 | — | |||||||||||||||||||||||||||
| C. M. Cuddy |
5,231 | 29,269 | — | 5,077 | 16,683 | — | — | 5,077 | — | |||||||||||||||||||||||||||
| V. F. Macciocchi |
5,400 | 29,269 | — | 5,241 | 16,683 | — | — | 5,240 | — | |||||||||||||||||||||||||||
| ADM Proxy Statement Supplement 2024 | 5 |
| (3) | Based on the closing market price of a share of our common stock on the New York Stock Exchange on December 29, 2023, the last trading day of 2023, which was $72.22. |
| (4) | The awards reported in this column represent 2022 PSU, 2022 PRSU and 2023 PSU awards that each will vest at the end of the three-year performance period. The number of PSUs that the executive officer will receive is dependent upon the achievement of certain financial metrics approved by the Compensation and Succession Committee measuring: in the case of the 2022 PSUs and the 2023 PSUs, Adjusted ROIC, Adjusted EPS and a two-goal ESG modifier; and in the case of the PRSUs, metrics related to the Company’s Nutrition segment. The amount of PSUs and PRSUs shown is the target number of units that could be earned and paid out in shares. |
| This table does not include the 2021 PSU awards that were earned for the 2021-2023 performance period, because those earned PSUs were not subject to an additional service-based vesting period and instead vested upon the Compensation and Succession Committee’s determination of the number of PSUs earned. The earned 2021 PSUs are reported in the “Option Exercises and Stock Vested During Fiscal Year 2023” table. |
| The PSUs and PRSUs reported in this column have the following performance periods in the following amounts. |
| Performance Share Units/PRSUs: | ||||||||||
| Name |
Performance Period 1/1/22 to 12/31/24 |
Performance Period 1/1/23 to 12/31/25 | ||||||||
| J. R. Luciano |
137,634 | 131,762 | ||||||||
| V. Luthar |
16,371 | 25,683 | ||||||||
| R. B. Jones |
— | 17,495 | ||||||||
| G. A. Morris |
25,025 | 23,822 | ||||||||
| C. M. Cuddy |
25,025 | 23,077 | ||||||||
| V. F. Macciocchi |
51,190 | (a) | 23,822 | |||||||
| (a) | Of this amount, 26,165 represent PRSUs that Mr. Macciocchi forfeited upon his retirement from the Company on December 31, 2023. All other equity awards held by Mr. Macciocchi as of December 31, 2023 continue to vest in accordance with their original vesting schedule. |
Option Exercises and Stock Vested During Fiscal Year 2023
The following table summarizes information regarding stock options exercised by the named executive officers during the fiscal year ended December 31, 2023 and RSU and PSU awards to the named executive officers that vested during that same period.
| OPTION AWARDS | STOCK AWARDS | ||||||||||||||||||||||||
| Name |
Number of Shares Acquired on Exercise (#) |
Value Realized on Exercise ($)(1) |
Number of Shares Acquired On Vesting (#)(2) |
Value Realized on Vesting ($)(3) | |||||||||||||||||||||
| J. R. LUCIANO |
— | — |
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321,086 | 23,024,279 | ||||||||||||||||||
| V. LUTHAR |
— | — |
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18,386 | 1,348,384 | ||||||||||||||||||
| R. B. JONES |
— | — |
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— | — | ||||||||||||||||||
| G. A. MORRIS |
— | — |
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75,868 | 5,561,256 | ||||||||||||||||||
| C. M. CUDDY |
— | — |
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64,218 | 4,604,907 | ||||||||||||||||||
| V. F. MACCIOCCHI |
— | — |
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75,868 | 5,561,256 | ||||||||||||||||||
| (1) | Represents the difference between the market value of the shares acquired upon exercise (calculated using the closing sale price of the shares on the NYSE on the date preceding the exercise date) and the aggregate exercise price of the shares acquired. |
| (2) | Reflects vesting of the 2020 RSUs during 2023, and the number of 2021 PSUs that were earned for the 2021-2023 performance period and vested upon the effectiveness of the Compensation and Succession Committee’s determination of the number of PSUs earned. |
| (3) | Represents the market value of the shares issued in settlement of 2020 RSU and 2021 PSU awards on the date the awards vested, calculated using the closing sale price reported on the NYSE on the trading date immediately prior to the vesting date, before shares were withheld for taxes. |
| 6 | ADM Proxy Statement Supplement 2024 |
Fiscal Year |
Summary Compensation Table (SCT) Total For PEO 1 ($) |
Compensation Actually Paid (CAP) to PEO 2 ($) |
Average Summary Compensation Table Total for Non-PEO NEOs 1 ($) |
Average Compensation Actually Paid to Non-PEO NEOs 2 ($) |
Value of Initial Fixed $100 Investment Based On: |
Net Income ($) |
Company Selected Measure: Adjusted ROIC 4 | |||||||||||||||||||||||||||||||||
Total Shareholder Return (TSR) 3 ($) |
Peer Group TSR 3 ($) | |||||||||||||||||||||||||||||||||||||||
2023 |
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2022 |
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2021 |
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2020 |
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(1) |
Non-PEO NEOs were Ray Young, Vincent Macciocchi, Gregory Morris, and Joseph Taets. For 2022, the Non-PEO NEOs included the same NEOs as in 2021 and 2020, as well as Vikram Luthar and Christopher Cuddy. For 2023, the Non-PEO NEOs were Vikram Luthar, Regina Jones, Gregory Morris, Christopher Cuddy and Vincent Macciocchi. |
(2) |
The dollar amounts reported represent the Compensation Actually Paid (“CAP”) to Mr. Luciano and the Non-PEO NEOs in accordance with, and using the adjustments set forth in, Item 402(v) of Regulation S-K. The following adjustments related to pension plans and equity awards were made to their total compensation each year as reported in the SCT to determine the CAP: |
Reconciliation of PEO Summary Compensation Table Total to Compensation Actually Paid |
Fiscal Year |
Reported SCT Total ($) |
Reported Value of Equity Awards ($) |
Equity Award Adjustments ($) |
Dividends Paid or Accrued on Unvested Shares and Stock Options ($) |
Reported Change in the Actuarial Present Value of Pension Benefits ($) |
Pension Benefit Adjustments ($) |
Compensation Actually Paid ($) | ||||||||||||||||||||||||||||
2023 |
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ADM Proxy Statement Supplement 2024 | 7 |
Reconciliation of Non-PEO NEOs Summary Compensation Table Total to Compensation Actually Paid |
Fiscal Year |
Reported SCT Total ($) |
Reported Value of Equity Awards ($) |
Equity Award Adjustments ($) |
Dividends Paid or Accrued on Unvested Shares and Stock Options ($) |
Reported Change in the Actuarial Present Value of Pension Benefits ($) |
Pension Benefit Adjustments ($) |
Compensation Actually Paid ($) | ||||||||||||||||||||||||||||
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(4) |
Our company selected measure, which we believe represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link CAP to the NEOs for 2023 to company performance, is non-GAAP financial measure. Annex A to the Proxy Statement provides a more detailed definition of this term, a reconciliation to the most directly comparable GAAP financial measure, and related disclosures about the use of this non-GAAP financial measure. |
In order to calculate CAP, the following amounts were excluded from or added to the SCT total compensation: |
Reconciliation of the Pension and Equity Award Adjustments for the PEO’s Compensation Actually Paid |
Fiscal Year |
Reported SCT Total ($) |
Pension & Equity amounts reported in SCT ($) |
Pension value attributable to covered years’ service and any change in pension value attributable to plan amendments made in covered year ($) |
Dividends paid or accrued on unvested shares and stock options ($) |
Change in fair value related to equity awards a,b ($) |
CAP ($) | ||||||||||||||||||||||||
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Reconciliation of the Pension and Equity Award Adjustments for the Average of Non-PEO NEO’s Compensation Actually Paid |
Fiscal Year |
Reported SCT Total ($) |
Pension & Equity amounts reported in SCT ($) |
Pension value attributable to covered years’ service and any change in pension value attributable to plan amendments made in covered year ($) |
Dividends paid or accrued on unvested shares and stock options ($) |
Change in fair value related to equity awards a,b ($) |
CAP ($) | ||||||||||||||||||||||||
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(a) |
With respect to performance-based equity awards, change in fair value is based on the probable outcome of the related performance metrics. |
(b) |
The amounts deducted or added are as follows to determine the equity award adjustments for year-over-year change in fair value: |
8 | |
Fiscal Year |
Fair Value at Covered Year- End of Equity Awards Granted in Covered Year |
Year-over-Year Change in Fair Value of Awards Granted in Prior Years that are Unvested at End of Covered Year |
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year |
Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Year |
Fair Value at End of the Prior Year of Prior Year Equity Awards that Failed to Meet Vesting Conditions in the Covered Year |
Value of Dividends or other Earnings Paid or Accrued on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation |
Total Equity Award Adjustments | ||||||||||||||||||||||||||||
2023 |
( |
) |
— |
( |
) |
— |
— |
( |
) | ||||||||||||||||||||||||||
2022 |
— |
— |
— |
||||||||||||||||||||||||||||||||
2021 |
— |
— |
— |
||||||||||||||||||||||||||||||||
2020 |
— |
( |
) |
— |
— |
||||||||||||||||||||||||||||||
Fiscal Year |
Fair Value at Covered Year- End of Equity Awards Granted in Covered Year |
Year-over-Year Change in Fair Value of Awards Granted in Prior Years that are Unvested at End of Covered Year |
Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Covered Year |
Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Year |
Fair Value at End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Covered Year |
Value of Dividends or other Earnings Paid or Accrued on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation |
Total Equity Award Adjustments | ||||||||||||||||||||||||||||
2023 |
( |
) |
— |
( |
) |
— |
— |
||||||||||||||||||||||||||||
2022 |
— |
— |
— |
||||||||||||||||||||||||||||||||
2021 |
— |
— |
— |
||||||||||||||||||||||||||||||||
2020 |
— |
( |
) |
— |
— |
||||||||||||||||||||||||||||||
• |
• |
• |
ADM Proxy Statement Supplement 2024 | 9 |
* |
TSR valuations are based upon a fixed value initial investment of $100 as of December 31, 2019 for determination of both peer group and Company TSR from 2020 through 2023. |
10 | |
* |
Adjusted ROIC is a non-GAAP financial measure. See Annex A to the Proxy Statement for a reconciliation to the most directly comparable GAAP financial measure. |
ADM Proxy Statement Supplement 2024 | 11 |