Senior Vice President-Operations
Mr. Cranmer was paid base salary at a rate of $285,000 per annum for the first few months
of fiscal year 2023, and $320,000 per annum for the remainder of the fiscal year beginning in January 2023. Based on our performance for 2023, both quantitative and qualitative as discussed above, Mr. Cranmer received a 2023 non-equity incentive
payment of $165,510, approximately one hundred twenty-nine percent (129%) of the target amount.
On November 16, 2022, Mr. Cranmer was granted 495 time-vesting restricted stock units and
990 performance-vesting restricted stock units. The time-vesting restricted stock units vest in equal one-third annual installments over a three-year service period. The performance-vesting restricted stock units vest at the target level based on
our achievement of $396.57 million in cumulative adjusted EBITDA over a two-year performance period, provided Mr. Cranmer remains employed for an additional year thereafter. Our Compensation Committee believes that the combination of these grants
will have a retentive influence over Mr. Cranmer and, at the same time, incentivize him to achieve our goals.
Chief Operating Officer – ICEE Company
Mr. Every was paid base salary at a rate of $320,000 per annum for the first few months of
fiscal year 2023, and $334,400 per annum for the remainder of the fiscal year beginning in January 2023. Based on our performance for 2023, both quantitative and qualitative as discussed above, Mr. Every received a 2023 non-equity incentive
payment of $171,270, approximately one hundred twenty-eight percent (128%) of the target amount.
On November 16, 2022, Mr. Every was granted 495 time-vesting restricted stock units and 990
performance-vesting restricted stock units. The time-vesting restricted stock units vest in equal one-third annual installments over a three-year service period. The performance-vesting restricted stock units vest at the target level based on our
achievement of $396.57 million in cumulative adjusted EBITDA over a two-year performance period, provided Mr. Every remains employed for an additional year thereafter. Our Compensation Committee believes that the combination of these grants will
have a retentive influence over Mr. Every and, at the same time, incentivize him to achieve our goals.
Senior Vice President and Chief Marketing Officer
Mr. Mallard was paid base salary at a rate of $285,000 per annum for the first few months
of fiscal year 2023, and $320,000 per annum for the remainder of the fiscal year beginning in January 2023. Based on our performance for 2023, both quantitative and qualitative as discussed above, Mr. Mallard received a 2023 non-equity incentive
payment of $165,510, approximately one hundred twenty-nine percent (129%) of the target amount.
On November 16, 2022, Mr. Mallard was granted 495 time-vesting restricted stock units and
990 performance-vesting restricted stock units. The time vesting restricted stock units vest in equal one-third annual installments over a three-year service period. The performance-vesting restricted stock units vest at the target level based on
our achievement of $396.57 million in cumulative adjusted EBITDA over a two-year performance period, provided Mr. Mallard remains employed for an additional year thereafter. Our Compensation Committee believes that the combination of these grants
will have a retentive influence over Mr. Mallard and, at the same time, incentivize him to achieve our goals.
November 2023 Equity Grant
After the conclusion of the 2023 fiscal year, we granted an aggregate of
6,980 time-vesting units and 6,976 performance-vesting units on November 17, 2023 to our named executive officers in the following amounts: Mr. Fachner (4,454 time-vesting units and 4,454 performance-vesting units), Mr. Plunk (1,188 time-vesting
units and 1,187 performance-vesting units), Mr. Cranmer (446 time-vesting units and 445 performance-vesting units), Mr. Every (446 time-vesting units and 445 performance-vesting units) and Mr. Mallard (446 time-vesting units and 445
performance-vesting units). The time-vesting units vest in equal one third annual installments on the anniversary of the grant date over a three-year service period. The performance-vesting units vest upon our achievement of a cumulative two-year
adjusted EBITDA target, provided that the executive officer remains employed for an additional year thereafter. As explained above, our Compensation Committee determined the specific level of each of these awards by applying its discretion as to
what is appropriate in light of all of the circumstances, including our strategic objectives and the responsibilities of our executive officers and their outstanding equity awards.
