Village Super Market Inc 10-K for FY2021

Village Super Market Inc (VLGEA)

10-K 2021-10-14 For: 2021-07-31

Added on April 04, 2026

About this 10-K

Village Super Market Inc filed this 10-K on October 14, 2021, covering the fiscal year ended July 31, 2021 (FY2021).

Headline figures

Fiscal year ended July 31, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.03B; up 12.5% from $1.8B a year earlier
Net income: $19.99M; down 19.8% from net income of $24.94M a year earlier

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New Jersey		22-1576170
(State or other jurisdiction of incorporation or organization)		(I. R. S. Employer Identification No.)

733 Mountain Avenue, Springfield, New Jersey 07081
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (973) 467-2200

Securities registered pursuant to Section 12(b) of the Act:

Class A common stock, no par value	VLGEA	The NASDAQ Stock Market
(Title of Class)	(Trading Symbol)	(Name of exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act: None


Large accelerated filer ☐						Accelerated filer ☒

Non-accelerated filer ☐ (Do not check if a smaller reporting company)						Smaller reporting company ☒
						Emerging growth company ☐


			Outstanding at
Class			October 14, 2021

Class A common stock, no par value			10,260,906 Shares
Class B common stock, no par value			4,293,748 Shares


Total Square Feet			Number of Stores

Greater than 60,000			16
50,001 to 60,000			9
40,001 to 50,000			5
20,000 to 40,000			4
Less than 20,000			3
Total			37


Product Categories
	2021		2020
Groceries	34.7	%	35.9	%
Dairy and Frozen	17.2		17.1
Produce	13.2		11.9
Meats	9.8		9.9
Non-Foods	7.0		7.9
Deli and Prepared Food	7.7		7.4
Pharmacy	3.3		3.8
Seafood	3.2		2.9
Bakery	2.4		2.1
Liquor	1.1		0.7
Other	0.4		0.4
	100	%	100	%


2021	High	Low
4th Quarter	$25.46	$22.55
3rd Quarter	$26.19	$21.07
2nd Quarter	$23.89	$21.56
1st Quarter	$26.41	$23.19
2020	High	Low
4th Quarter	$27.72	$22.43
3rd Quarter	$24.58	$17.10
2nd Quarter	$28.40	$22.46
1st Quarter	$26.73	$24.26


For year	July 31, 2021				July 25, 2020				July 27, 2019				July 28, 2018				July 29, 2017
Sales	$	2,030,330			$	1,804,594			$	1,643,502			$	1,612,015			$	1,604,574
Net income	19,994			(1)	24,939			(2)	25,539			(3)	25,080			(4)	22,921
Net income as a % of sales	0.98		%		1.38		%		1.55		%		1.56		%		1.43		%
Net income per share:
Class A common stock:
Basic	$	1.53			$	1.93			$	1.98			$	1.95			$	1.80
Diluted	1.37				1.72				1.77				1.74				1.60
Class B common stock:
Basic	1.00				1.25				1.29				1.27				1.16
Diluted	1.00				1.25				1.29				1.27				1.16
Cash dividends per share:
Class A	1.00				1.00				1.00				1.00				1.00
Class B	0.65				0.65				0.65				0.65				0.65

At year-end
Total assets (5)	$	889,004			$	915,546			$	502,289			$	481,590			$	455,225
Long-term debt (5)	370,078				396,181				47,725				48,186				42,646
Working capital	44,023				34,522				56,307				89,201				85,279
Shareholders’ equity	341,473				332,320				318,672				303,145				286,820
Book value per share	23.48				22.84				22.15				21.08				19.93

Other data
Same store sales trend (6)	2.3		%		5.3		%		(0.5)		%		0.2		%		0.0		%
Total square feet	2,026,000				2,091,000				1,804,000				1,770,000				1,717,000
Average total sq. ft. per store	55,000				55,000				55,000				59,000				59,000
Selling square feet	1,481,000				1,529,000				1,401,000				1,384,000				1,353,000
Sales per average square foot of selling space (7)	$	1,349			$	1,275			$	1,186			$	1,188			$	1,186
Number of stores	37				38				33				30				29
Sales per average number of stores (7)	$	52,713			$	53,284			$	54,715			$	55,450			$	55,330
Capital expenditures and acquisitions	25,233				54,495				27,988				35,464				27,726


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Fiscal Year
2021
Sales	$	490,136	$	522,818	$	481,093	$	536,283	$	2,030,330
Gross profit	137,963		141,845		133,422		151,814		565,044
Net income	3,360		4,555		2,574		9,500		19,994
Net income per share:
Class A common stock:
Basic	0.26		0.35		0.20		0.73		1.53
Diluted	0.23		0.31		0.18		0.65		1.37
Class B common stock:
Basic	0.17		0.23		0.13		0.47		1.00
Diluted	0.17		0.23		0.13		0.47		1.00

2020
Sales	$	407,402	$	437,422	$	458,292	$	501,478	$	1,804,594
Gross profit	113,546		117,947		129,901		145,081		506,475
Net income	2,567		2,005		11,138		9,229		24,939
Net income per share:
Class A common stock:
Basic	0.20		0.16		0.86		0.71		1.93
Diluted	0.18		0.14		0.77		0.63		1.72
Class B common stock:
Basic	0.13		0.10		0.56		0.46		1.25
Diluted	0.13		0.10		0.56		0.46		1.25


	53 Weeks Ended			52 Weeks Ended
	July 31, 2021			July 25, 2020

Net Income	$	19,994		$	24,938

Adjustments to Gross Profit:
Amortization of acquisition related inventory step up	—			507

Adjustments to Operating and administrative expense:
Gain on sale of assets (1)	(4,768)			(1,220)
Non-cash pension termination and settlement charges	587			1,604
Store closure costs (2)	325			799
New store pre-opening costs (3)	—			1,274
Gain on Superstorm Sandy insurance proceeds	—			(2,733)
Fairway acquisition transaction costs	—			2,701
Break-up fee income (4)	—			(2,035)

Other adjustments:
Impairment of assets (5)	2,900			—
Estimated income from 53rd week (6)	(602)			—

Adjustments to Income taxes:
Tax impact of adjustments to gross profit and operating expenses	478			(236)
Tax gain on federal net operating loss carryback	—			(2,512)

Adjusted net income	$	18,914		$	23,087

Operating and administrative expense	498,786			444,833
Total adjustments to operating administrative expense	3,856			(390)
Adjusted operating and administrative expense	502,642			444,443
Adjusted operating and administrative expense as a % of sales	24.76		%	24.63		%


	Percentage point change	Projected benefit obligation decrease (increase)				Expense decrease (increase)
Discount rate	+ / - 1.0 %	$	9,693	$	(12,211)	$	376	$	(436)
Expected return on assets	+ / - 1.0 %	$	—	—		$	589	$	(589)


VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands)
	July 31, 2021		July 25, 2020
ASSETS
Current Assets
Cash and cash equivalents	$	116,314	$	111,681
Merchandise inventories	42,633		42,135
Patronage dividend receivable	11,860		11,204

Income taxes receivable	5,111		12,801
Other current assets	20,398		19,499
Total current assets	196,316		197,320
Property, equipment and fixtures, net	256,154		269,741
Operating lease assets	289,461		309,756
Notes receivable from Wakefern	55,295		53,008
Investment in Wakefern	33,004		29,462
Goodwill	24,190		24,190
Other assets	34,584		32,069

Total assets	$	889,004	$	915,546
LIABILITIES and SHAREHOLDERS’ EQUITY
Current Liabilities
Operating lease obligations	$	21,627	$	19,121
Finance lease obligations	531		466
Notes payable to Wakefern	632		303
Current portion of debt	6,976		6,421
Accounts payable to Wakefern	70,792		83,045
Accounts payable and accrued expenses	25,098		29,793
Accrued wages and benefits	25,036		23,649
Income taxes payable	1,601		—
Total current liabilities	152,293		162,798
Long-term debt
Operating lease obligations	278,135		298,027
Finance lease obligations	22,325		23,078
Notes payable to Wakefern	2,791		882
Long-term debt	66,827		74,194
Total long-term debt	370,078		396,181
Pension liabilities	10,182		6,166
Other liabilities	14,978		18,081
Commitments and Contingencies (Notes 3, 4, 5, 6, 7, 9 and 11)
Shareholders' Equity
Preferred stock, no par value: Authorized 10,000 shares, none issued	—		—
Class A common stock, no par value: Authorized 20,000 shares; issued 10,978 shares at July 31, 2021 and 10,985 shares at July 25, 2020	70,594		68,072
Class B common stock, no par value: Authorized 20,000 shares; issued and outstanding 4,294 shares at July 31, 2021 and July 25, 2020	697		697
Retained earnings	293,185		286,241
Accumulated other comprehensive loss	(9,064)		(8,751)
Less treasury stock, Class A, at cost: 726 shares at July 31, 2021 and July 25, 2020	(13,939)		(13,939)
Total shareholders’ equity	341,473		332,320
Total liabilities and shareholders' equity	$	889,004	$	915,546


VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts)
	Years ended
	July 31, 2021		July 25, 2020
	(53 Weeks)		(52 Weeks)

Sales	$	2,030,330	$	1,804,594
Cost of sales	1,465,286		1,298,119

Gross profit	565,044		506,475

Operating and administrative expense	498,786		444,833
Depreciation and amortization	34,195		31,358
Impairment of assets	2,900		—

Operating income	29,163		30,284

Interest expense	(3,943)		(2,611)
Interest income	3,633		4,060

Income before income taxes	28,853		31,733
Income taxes	8,859		6,794

Net income	$	19,994	$	24,939

Net income per share:
Class A common stock:
Basic	$	1.53	$	1.93
Diluted	$	1.37	$	1.72

Class B common stock:
Basic	$	1.00	$	1.25
Diluted	$	1.00	$	1.25


VILLAGE SUPER MARKET, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In thousands)

Years ended July 31, 2021 and July 25, 2020
									Accumulated Other Comprehensive Loss					Total Shareholders' Equity
	Class A Common Stock			Class B Common Stock							Treasury Stock Class A
	Shares Issued	Amount		Shares Issued	Amount		Retained Earnings				Shares	Amount










Balance, July 27, 2019	10,593	$	65,114	4,294	$	697	$	270,753	$	(8,342)	502	$	(9,550)	$	318,672
Net income	—	—		—	—		24,939		—		—	—		24,939
Other comprehensive loss, net of tax of $196	—	—		—	—		—		(409)		—	—		(409)
Dividends	—	—		—	—		(12,965)		—		—	—		(12,965)

Treasury stock purchases	—	—		—	—		—		—		224	(4,389)		(4,389)
Restricted shares forfeited	(20)	(208)		—	—		—		—		—	—		(208)
Share-based compensation expense	412	3,166		—	—		—		—		—	—		3,166

Adjustment due to the adoption of ASU 2016-02, net of tax of $1,358	—	—		—	—		3,514		—		—	—		3,514
Balance, July 25, 2020	10,985	$	68,072	4,294	$	697	$	286,241	$	(8,751)	726	$	(13,939)	$	332,320
Net income	—	—		—	—		19,994		—		—	—		19,994
Other comprehensive loss, net of tax of $523	—	—		—	—		—		(313)		—	—		(313)
Dividends	—	—		—	—		(13,050)		—		—	—		(13,050)


Restricted shares forfeited	(15)	(71)		—	—		—		—		—	—		(71)
Share-based compensation expense	8	2,593		—	—		—		—		—	—		2,593



Balance, July 31, 2021	10,978	$	70,594	4,294	$	697	$	293,185	$	(9,064)	726	$	(13,939)	$	341,473


	July 31, 2021		July 25, 2020
Land and buildings	$	105,325	$	101,099
Store fixtures and equipment	329,454		321,746
Leasehold improvements	178,062		174,198
Leased property under finance leases	25,211		25,211
Construction in progress	5,535		4,777
Vehicles	3,494		4,369

Total property, equipment and fixtures	647,081		631,400
Accumulated depreciation	(378,522)		(350,201)
Accumulated amortization of property under finance leases	(12,405)		(11,458)

Property, equipment and fixtures, net	$	256,154	$	269,741


	July 31, 2021			July 25, 2020
Unsecured revolving line of credit	$	—		$	50,000
Secured term loan	47,025		$0	—
Unsecured term loan	21,104			24,694
New Market Tax Credit Financing	5,674			5,921

Total debt, excluding obligations under leases	73,803			80,615
Less current portion	6,976			6,421

Total long-term debt, excluding obligations under leases	$	66,827		$	74,194


	2021		2020
Federal:
Current	$	7,172	$	(8,023)
Deferred	(2,037)		10,846

State:
Current	4,229		3,627
Deferred	(505)		344

	$	8,859	$	6,794


	July 31, 2021		July 25, 2020
Deferred tax assets:
Lease liabilities	$	106,615	$	98,149
Tax credit carryforward	—		508
Compensation related costs	4,377		2,945
Pension costs	3,248		1,881
Other	552		752

Total deferred tax assets	114,792		104,235

Deferred tax liabilities:
Tax over book depreciation	22,653		23,626
Lease assets	98,994		92,021
Patronage dividend receivable	4,162		3,133
Investment in partnerships	1,162		1,076
Other	611		178

Total deferred tax liabilities	127,582		120,034

Net deferred tax liability	$	(12,790)	$	(15,799)


	Operating leases		Finance leases		Total
2022	$	32,984	$	2,470	$	35,454
2023	35,988		2,689		38,677
2024	34,005		2,689		36,694
2025	32,563		2,820		35,383
2026	31,758		2,893		34,651
Thereafter	214,944		26,187		241,131
Total lease payments	382,242		39,748		421,990
Less amount representing interest	82,480		16,892		99,372

Present value of lease liabilities	$	299,762	$	22,856	$	322,618


	2021			2020
	Shares	Weighted-average exercise price		Shares	Weighted-average exercise price
Outstanding at beginning of year	156	$	28.43	245	$	28.43

Exercised	—	—		—	—
Forfeited	(54)	27.40		(89)	28.42
Expired	—	$	—	—	$	—

Outstanding at end of year	102	$	28.98	156	$	28.43

Options exercisable at end of year	102	$	28.98	156	$	28.43


	2021		2020
Statutory federal income tax rate	21.0	%	21.0	%
State income taxes, net of federal tax benefit	10.3	%	9.9	%



Federal net operating loss carryback	—	%	(7.9)	%
Other	(0.6)	%	(1.6)	%

Effective income tax rate	30.7	%	21.4	%


		Years ended
	Consolidated Statement of Operations Classification	July 31, 2021		July 25, 2020
Operating lease cost	Operating and administrative expense	$	37,677	$	22,911
Finance lease cost
Amortization of leased assets	Depreciation and amortization	947		947
Interest on lease liabilities	Interest expense	2,000		2,059
Variable lease cost	Operating and administrative expense	19,479		16,473

Total lease cost		$	60,103	$	42,390


	July 31, 2021		July 25, 2020
Weighted-average remaining lease term (years)
Operating leases	12.5		13.3
Finance leases	14.4		15.4
Weighted-average discount rate
Operating leases	3.9	%	3.9	%
Finance leases	8.5	%	8.5	%



	2021		2020
Cash paid for amounts in the measurement of lease liabilities
Operating cash flows from operating leases	$	34,768	$	21,287
Operating cash flows from finance leases	2,000		2,059
Financing cash flows from finance leases	689		572


	2021		2020
Per share:
Class A common stock	$	1.00	$	1.00
Class B common stock	0.65		0.65

Aggregate:
Class A common stock	$	10,259	$	10,174
Class B common stock	2,791		2,791

	$	13,050	$	12,965


	2021		2020
Service cost	$	216	$	202
Interest cost on projected benefit obligation	1,689		2,154
Expected return on plan assets	(1,932)		(2,792)
Loss on settlement	587		1,604
Amortization of gains and losses	588		555

Net periodic pension cost	$	1,148	$	1,723


	2021		2020
Changes in Benefit Obligation:
Benefit obligation at beginning of year	$	76,849	$	69,932
Service cost	216		202
Interest cost	1,689		2,154
Benefits paid	(796)		(887)

Settlement	(2,563)		(6,733)
Actuarial loss	(2,166)		12,181
Benefit obligation at end of year	$	73,229	$	76,849

Changes in Plan Assets:
Fair value of plan assets at beginning of year	$	70,683	$	65,173
Actual return on plan assets	(4,277)		13,130
Employer contributions	—		—
Benefits paid	(796)		(887)
Settlements paid	(2,563)		(6,733)
Fair value of plan assets at end of year	63,047		70,683

Funded status at end of year	$	10,182	$	6,166

Amounts recognized in the consolidated balance sheets:

Pension liabilities	10,182		6,166
Accumulated other comprehensive loss, net of income taxes	9,833		8,092

Amounts included in Accumulated other comprehensive loss (pre-tax):
Net actuarial loss	$	14,167	$	11,299


	2021		2020
Projected benefit obligation	$	73,229	$	11,465
Accumulated benefit obligation	71,931		11,465
Fair value of plan assets	63,047		4,068


	2021		2020
Assumed discount rate — net periodic pension cost	2.26	%	3.41	%
Assumed discount rate — benefit obligation	2.44	%	2.26	%
Assumed rate of increase in compensation levels	4.50	%	4.50	%
Expected rate of return on plan assets	3.36	%	4.82	%


	July 31, 2021						July 25, 2020
Asset Category	Level 1		Assets Measured at NAV		Total		Level 1		Assets Measured at NAV		Total
Cash	$	83	$	—	$	83	$	61	$	—	$	61

Equity securities:
Company stock	512		—		512		573		—		573
Mutual/Collective Trust Funds - U.S. (1)	—		1,174		1,174		—		1,214		1,214
Mutual/Collective Trust Funds - International (1)	—		387		387		—		396		396





Fixed income securities:
Mutual/Collective Trust Funds - Fixed Income (1)	—		60,891		60,891		—		68,439		68,439




Total	$	595	$	62,452	$	63,047	$	634	$	70,049	$	70,683


Fiscal Year
2022	$	63,114
2023	180
2024	220
2025	170
2026	7,410
2027 - 2030	1,010


		Pension Protection Act Zone Status		FIP/RP Status Pending / Implemented	Contributions for the year ended (5)				Expiration date of Collective- Bargaining Agreement
Pension Fund	EIN / Pension Plan Number	2020	2019		July 31, 2021		July 25, 2020			Surcharge Imposed (6)
Pension Plan of Local 464A (1)	22-6051600-001	Green	Green	N/A	$	874	$	886	N/A	August 2025
UFCW Local 1262 & Employers Pension Fund (2), (4)	22-6074414-001	Red	Red	Implemented	2,721		2,789		No	October 2023
UFCW Regional Pension Plan (3), (4)	16-6062287-074	Red	Red	Implemented	$	1,260	$	1,231	No	June 2024
Total Contributions					$	4,855	$	4,906


	May 14, 2020
ASSETS
Current Assets
Cash and cash equivalents	$	257
Merchandise inventories	5,390
Other current assets	247
Total current assets	$	5,894

Property, equipment and fixtures, net	$	37,006
Operating lease assets	218,326
Trade name intangible asset	14,200
Other assets	271
Total assets	$	275,697
LIABILITIES
Accrued wages and benefits	$	623
Operating lease obligations	212,735
Total liabilities	$	213,358

Total Net Assets Acquired	$	62,339
Goodwill	11,540
Total Purchase Price	$	73,879


Robert P. Sumas			John L. Van Orden
Chief Executive Officer			Chief Financial Officer


Plan category	Number of securities to be issued upon exercise of outstanding options	Weighted-average exercise price of outstanding options		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)	(b)		(c)
Equity compensation plans approved by security holders	102,000	$	28.98	1,077,593

Equity compensation plans not approved by security holders	—	—		—


(a)(1)	Financial Statements:
	Consolidated Balance Sheets – July 31, 2021 and July 25, 2020
	Consolidated Statements of Operations - years ended July 31, 2021 and July 25, 2020
	Consolidated Statements of Comprehensive Income - years ended July 31, 2021 and July 25, 2020
	Consolidated Statements of Shareholders' Equity – years ended July 31, 2021 and July 25, 2020
	Consolidated Statements of Cash Flows - years ended July 31, 2021 and July 25, 2020
	Notes to consolidated financial statements
	Report of Independent Registered Public Accounting Firm
(a)(2)	Financial Statement Schedules:
	All schedules are omitted because they are not applicable, or not required, or because the required information is included in the consolidated financial statements or the notes hereto.
(a)(3)	Exhibits
	3.1	Certificate of Incorporation*
	3.2	By-laws*
	4.1	Credit Agreement dated May 6, 2020*
	4.2	First Amendment to Credit Agreement dated September 1, 2020*
	4.3	Revolving Credit Note dated May 6, 2020*
	4.4	Revolving Amended and Restated Revolving Credit Note dated September 1, 2020*
	4.5	Term Loan Note dated May 6, 2020*
	4.6	Converted Term Loan Note dated September 1, 2020*
	10.1	Wakefern By-Laws*
	10.2	Stockholders Agreement dated February 20, 1992 between the Company and Wakefern Food Corp.*
	10.7	Supplemental Executive Retirement Plan*
	10.8	2004 Stock Plan*
	10.9	2010 Stock Plan*
	10.10	2016 Stock Plan*
	10.11	42-Month Adjustable Rate Promissory Note*
	10.12	42-Month Adjustable Rate Promissory Note*
	10.13	60-Month Adjustable Rate Promissory Note*
	10.14	60-Month Adjustable Rate Promissory Note*
	10.15	60-Month Adjustable Rate Promissory Note*
	10.16	60-Month Adjustable Rate Promissory Note*
	10.17	60-Month Adjustable Rate Promissory Note*
	14	Code of Ethics*
	21	Subsidiaries of Registrant
	23	Consent of Consent of Consent of KPMG LLP
	31.1	Certification
	31.2	Certification
	32.1	Certification (furnished, not filed)
	32.2	Certification (furnished, not filed)
	99.1	Press Release
	101 INS	XBRL Instance Document*
	101 SCH	XBRL Schema Document*


			101 CAL			XBRL Calculation Linkbase Document*
			101 DEF			XBRL Definition Linkbase Document*
			101 LAB			XBRL Labels Linkbase Document*
			101 PRE			XBRL Presentation Linkbase Document*
						The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.


			* The following exhibits are incorporated by reference from the following previous filings:

			Form 8-K filed on May 13, 2020: 4.1, 4.3, 4.5
			Form 8-K filed on September 8, 2020: 4.2, 4.4, 4.6
			Form 10-K for 2017: 3.1, 10.2, 10.15, 10.16, 10.17, 14
			DEF 14A Proxy Statement filed October 31, 2016: 10.10
			Form 10-K for 2014: 10.7
			Form 10-Q for April 2014: 10.11, 10.12, 10.13, 10.14
			Form 10-Q for April 2013: 10.1
			DEF 14A Proxy Statement filed November 1, 2010: 10.9
			Form 10-K for 2004: 3.2
			DEF 14A proxy statement filed October 25, 2004: 10.8


		VILLAGE SUPER MARKET, INC.

	By:	/s/ Robert P. Sumas	/s/ John Van Orden
		Robert P. Sumas	John Van Orden
		Chief Executive Officer	Chief Financial Officer


Date: October 14, 2021


			/s/ Robert P. Sumas			/s/ Steven Crystal
			Robert P. Sumas, Director			Steven Crystal, Director
			October 14, 2021			October 14, 2021

			/s/ William Sumas			/s/ Peter Lavoy
			William Sumas, Director			Peter Lavoy, Director
			October 14, 2021			October 14, 2021

			/s/ John P. Sumas			/s/ Stephen Rooney
			John P. Sumas, Director			Stephen Rooney, Director
			October 14, 2021			October 14, 2021

			/s/ John J. Sumas			/s/ John L. Van Orden
			John J. Sumas, Director			John L. Van Orden, Chief Financial Officer
			October 14, 2021			October 14, 2021

			/s/ Nicholas J. Sumas			/s/ Luigi Perri
			Nicholas J. Sumas, Director			Luigi Perri, Controller (Principal Accounting Officer)
			October 14, 2021			October 14, 2021

			/s/ Kevin Begley
			Kevin Begley, Director
			October 14, 2021