Central Garden & Pet (NASDAQ: CENT) outlines 2026 annual meeting, pay and 2025 results
Central Garden & Pet Company has issued a revised definitive proxy statement for its virtual 2026 Annual Meeting of Shareholders, updating prior materials and superseding the version filed on December 22, 2025. The meeting will be held online on February 11, 2026 at 10:30 a.m. Pacific Time.
Shareholders of record of Common Stock and Class B Stock as of December 15, 2025 may vote on electing nine directors, ratifying Deloitte & Touche LLP as auditor for the year ending September 26, 2026, and approving on an advisory basis the compensation of named executive officers. The Board recommends voting FOR all three proposals.
The proxy details strong recent performance: fiscal 2025 net sales decreased 2.2%, but net income rose 50.8%, with diluted EPS of $2.55 versus $1.62 in the prior year, and non-GAAP net income of $174.2 million, or $2.73 per diluted share. It also outlines pay-for-performance executive compensation, including CEO Nicholas Lahanas’s $900,000 base salary, target bonus equal to 100% of salary, and equity awards tied to multi-year financial and total shareholder return goals.
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Filed by the Registrant ☒ | Filed by a Party other than the Registrant ☐ | ||
☐ | 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 | ||
![]() |
(Name of Registrant as Specified In Its Charter) |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
☒ | No fee required. | ||
☐ | Fee paid previously with preliminary materials. | ||
☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1)0-11. | ||
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CENTRAL GARDEN & PET COMPANY 1340 Treat Blvd., Suite 600 Walnut Creek, California 94597 | ![]() | ||
![]() | Time and Date Wednesday, February 11, 2026 at 10:30 A.M. Pacific Time | ![]() | Location virtual meeting conducted exclusively via live webcast at www.virtualshareholder meeting.com/CENT2026 | ![]() | Record Date Only holders of record of Common Stock and Class B Stock on the books of the Company as of 5:00 P.M. Pacific Time, December 15, 2025, will be entitled to vote at the Annual Meeting and any adjournment thereof. | |||||||||||
1. | To elect nine directors; | ||||
2. | To ratify the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on September 26, 2026; | ||||
3. | To hold an advisory vote on the compensation of the Company’s named executive officers as described in the accompanying Proxy Statement; and | ||||
4. | To transact such other business as may properly come before the Meeting. |
The Board of Directors recommends that you vote: | ||
Proposal No. 1: | FOR the election of the nine directors; | ||||
Proposal No. 2: | FOR the ratification of the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on September 26, 2026; and | ||||
Proposal No. 3: | FOR the approval of the compensation of the Company’s named executive officers as described in the accompanying Proxy Statement. | ||||
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Page | |||
Proxy Statement | 1 | ||
Voting Securities | 2 | ||
PROPOSAL ONE - Election of Directors | 4 | ||
Further Information Concerning the Board of Directors | 8 | ||
Director Compensation Table | 13 | ||
PROPOSAL TWO - Ratification of Selection of Independent Registered Public Accounting Firm | 15 | ||
Audit Committee Report on Audited Financial Statements | 16 | ||
PROPOSAL THREE – Advisory Vote on the Compensation of Named Executive Officers | 17 | ||
Executive Compensation | 18 | ||
Summary Compensation Table | 26 | ||
Grants of Plan-Based Awards | 28 | ||
Outstanding Equity Awards at Fiscal Year-End | 29 | ||
Option Exercises and Stock Vested | 31 | ||
Stock Ownership of Management and Principal Shareholders | 39 | ||
Delinquent Section (16)(a) Reports | 41 | ||
Code of Ethics | 41 | ||
Other Matters | 41 | ||
Shareholder Proposals | 41 | ||
Manner and Cost of Solicitation | 42 | ||
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• | Via the Internet. Class B or Common shareholders may vote through the Internet at www.proxyvote.com by following the instructions provided in the Notice. |
• | By Telephone. If a Class B or Common shareholder received proxy materials or requested printed copies by mail, such Class B or Common shareholder located in the United States may vote by calling the toll-free number found on the proxy card. |
• | By Mail. If a Class B or Common shareholder received proxy materials or requested printed copies by mail, such Class B or Common shareholder may vote by mail by marking, dating, signing and mailing the proxy card in the envelope provided. |
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![]() William E. Brown(1)(2) | William E. Brown, 84, has served as Director since 1980. Mr. Brown has been Chairman of the Board of the Company since September 2019 and previously served as Chairman from 1980 until February 2018. He was Chief Executive Officer from 1980 to 2003 and from 2007 until 2013. | |||
Mr. Brown founded the Company and has extensive management and leadership experience and a deep knowledge of the lawn & garden and pet supplies industries and the financial and operational issues faced by the Company. | ||||
![]() Courtnee Chun(2)(3) | Courtnee Chun, 51, has served as Director since 2021. Ms. Chun served as Senior Advisor to Liberty Media Corporation until January 2024. Until January 2023, she was Chief Portfolio Officer for Liberty Media Corporation, Qurate Retail. Inc., Liberty TripAdvisor Holdings, Inc., Liberty Broadband Corporation and GCI Liberty, having joined Liberty Media in February 2008. Previously, Ms. Chun served as VP Opportunity Development at Level 3, Chief Financial Officer at New Global Telecom and prior to these roles received extensive transaction experience through corporate development work at FirstWorld Communications and investment banking at JP Morgan. Ms. Chun has been a member of the Board of Directors of J.Jill, Inc. since September 2024. She previously was a director of HSN, Inc., Expedia Group, Inc., and LendingTree, Inc. | |||
Ms. Chun has broad based experience in a number of industries including eCommerce, media, technology and direct-to-consumer marketing and a strong background in M&A, portfolio management and investor relations. | ||||
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![]() Brendan P. Dougher(3) | Brendan P. Dougher, 63, has served as Director since 2020. Mr. Dougher served in executive roles at PricewaterhouseCoopers LLP (“PwC”) for 36 years, including as Managing Partner of the NY Metro Region of PwC from July 2006 until June 2019 and most recently as Managing Partner of the US Cyber Security & Privacy Practice from January 2019 to September 2019. | |||
As a former senior partner of one of the Big Four audit firms, Mr. Dougher has strong leadership experience in a wide variety of financial matters including reporting, governance, strategy and regulatory matters. | ||||
![]() Nicholas Lahanas(1) | Nicholas Lahanas, 57, has served as Director and Chief Executive Officer of the Company since September 2024. From May 2017 until his appointment as Chief Executive Officer, he served as the Company’s Chief Financial Officer. Mr. Lahanas served as Senior Vice President of Finance and Chief Financial Officer of the Company’s Pet Segment from April 2014 to May 2017 and Vice President of Corporate Financial Planning & Analysis from October 2011 to March 2014. Mr. Lahanas was the Director of Business Performance from March 2008 to October 2011, where his primary focus was on business unit profitability, and was a Finance Manager from October 2006 to March 2008 in the Company’s Garden Segment. Prior to joining Central, he worked in private equity and investment banking. | |||
Mr. Lahanas has strong financial expertise, having served as the Company’s Chief Financial Officer, where he helped drive the company’s strategy and financial performance. He also has extensive knowledge of the pet and lawn & garden supplies industries, having worked in various other roles throughout the Company, including in its Pet and Garden Segments. Mr. Lahanas has deep M&A experience, helping lead acquisitions at the Company and from his time in investment banking and private equity before joining the Company. | ||||
![]() Randal D. Lewis(4) | Randal D. Lewis, 59, has served as a Director since December 2024. He is currently the principal of L&C Management, a provider of management consulting services. Mr. Lewis served as the Chief Operating Officer of Spectrum Brands Holdings, Inc. (“Spectrum”) from October 2018 to December 2022 and Executive Vice President from September 2019 to December 2022, with direct responsibility for all of Spectrum’s operating divisions. Mr. Lewis was previously the President of Spectrum’s Global Consumer Division from March 2018, which included its Global Auto Care, Global Pet Care and Home & Garden business units. Prior to that, he was President of Spectrum’s Pet, Home & Garden business unit from November 2014. | |||
Mr. Lewis has extensive operational management experience and deep knowledge of the industries in which we operate, having worked in various senior roles at Spectrum, including in its pet and home & garden supplies businesses. Mr. Lewis also has substantial M&A experience. | ||||
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![]() Christopher T. Metz | Christopher T. Metz, 60, has served as Director since 2019. Mr. Metz has served as President and Chief Executive Officer and a director of Solo Brands, Inc. since January 2024. Prior to that, Mr. Metz served as a director and Chief Executive Officer of Vista Outdoor Inc. from October 2017 through January 2023. Prior to joining Vista Outdoor Inc., he served as President and Chief Executive Officer of Arctic Cat Inc., a manufacturer of all-terrain vehicles, recreational off-road vehicles and snowmobiles, from December 2014 to March 2017. Mr. Metz served as a Managing Director of Sun Capital Partners, Inc., a global private equity firm, from 2005 to July 2014. Prior to joining Sun Capital, he worked for Black & Decker, a manufacturer of power tools, accessories, hardware, home improvement products, and technology based fastening systems, for over 13 years, serving in a variety of capacities, including President of its Hardware and Home Improvement Group from 1999 to 2005. Mr. Metz also served as a director of Acushnet Holdings Corp., a performance-driven golf company, from 2015 to 2017. | |||
Mr. Metz has extensive experience leading global consumer products companies and proven leadership, strategic decision making, and business performance skills and a background in private equity. | ||||
![]() Brooks M. Pennington III(1)(2)(5) | Brooks M. Pennington III, 71, has served as Director since 1998. Mr. Pennington is co-owner of Pennington & Pennington, LLC, which provides management services for family entities involved in real estate development, student housing, timber production, farming, market investments and other businesses. He served as the Company’s Chairman from February 2018 to September 2019 and was Director of Special Projects for the Company from October 2006 through March 2023. From 1994 through September 2006, he was the President and Chief Executive Officer of Pennington Seed, Inc., a business which was acquired by the Company in 1998. Mr. Pennington also serves on the boards of several private companies and was a member of the Board of Trustees of the University of North Georgia from July 2005 through June 2023. | |||
Mr. Pennington has over 45 years of work experience in the lawn & garden supplies industry, including 12 years as the former Chief Executive Officer of Pennington Seed, Inc. | ||||
![]() John R. Ranelli(2)(5) | John R. Ranelli, 79, has served as Director since 2010. Mr. Ranelli served as the Company’s Chief Executive Officer from February 2013 to May 2016 and as Acting Principal Financial Officer from February 2016 to September 2016. He served as Chairman of the Board of Woolrich, Inc., a global apparel and accessories company, from 2011 until November 2016, and also served as Chief Executive Officer from March 2012 until October 2012. From 2008 to 2012, Mr. Ranelli was engaged in pursuing corporate acquisition opportunities while advising companies and private equity firms. From 2007 to 2008, he was Chief Executive Officer and President of Mikasa, Inc., a global dinnerware, crystal and home accessories company. From 1999 to 2006, Mr. Ranelli served as Chairman, Chief Executive Officer and President of FGX International, an optical and jewelry company. Previously, he served in senior executive capacities with Stride Rite Corporation, Deckers Outdoor Corporation, TLC Beatrice and The Timberland Company. Mr. Ranelli serves on the Board of OrthoLite Holdings, LLC and is a member of the Massachusetts General Hospital Cancer Center Advisory Board. He was a member of the Trilantic Capital Partners Advisory Board from 2017 to 2020. | |||
As a former Chief Executive Officer of the Company and an experienced chief executive officer of consumer products companies and a chairman and director of public and private equity owned companies, Mr. Ranelli has deep knowledge about the Company and extensive experience leading and managing all aspects of mid-sized to large consumer products companies. | ||||
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![]() Mary Beth Springer(4)(5) | Mary Beth Springer, 61, has served as Director since 2013. Ms. Springer served as the Interim Chief Executive Officer of the Company from October 2023 to September 2024. From October 2020 to October 2023 and beginning again in October 2024, she has served as the Company’s lead independent director. From 2009 to 2011, Ms. Springer served as Executive Vice President and General Manager of the Clorox Company. She served as Clorox’s Group Vice President – Strategy and Growth from 2007 until 2009. Ms. Springer was Group Vice President and General Manager, Specialty Division from 2005 to 2007 and Vice President and General Manager, Glad Products Business Unit from 2002 through 2004. She joined Clorox in 1990 as associate marketing manager for household products and subsequently held marketing positions of increasing responsibility. Ms. Springer also serves as an independent director of Amy’s Kitchen, a privately held organic food company and previously served as a director of Nature’s Sunshine Products, Inc., a natural health and wellness company. | |||
As a former senior executive of one of the country’s leading consumer products companies, Ms. Springer brings significant experience in general management, marketing, sales and branding and many other aspects of the operations of a public consumer products company. | ||||
(1) | Member of Executive Committee. |
(2) | Member of Investment Committee. |
(3) | Member of Audit Committee. |
(4) | Member of Compensation Committee. |
(5) | Member of Talent, Capabilities & Succession Committee. |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” EACH OF THE DIRECTOR NOMINEES LISTED ABOVE. | ||
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• | A majority of the Company’s directors are independent. |
• | Having a lead independent director to serve as a liaison between the Chairman and the independent directors. |
• | During most regularly scheduled Board meetings, the independent directors meet in executive session without the presence of any management directors. The lead independent director leads these executive sessions. |
• | The charters for the audit and compensation committees require that all of the members of those committees be independent. |
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(1) | Includes Board nominees only. |
• | recommending to the Board the engagement or discharge of the Company’s independent registered public accounting firm; |
• | reviewing with the independent registered public accounting firm the plan and results of the audit engagement; |
• | reviewing the Company’s system of internal financial and accounting controls; |
• | reviewing the financial statements of the Company; |
• | discussing with management and the independent auditors the Company’s accounting policies; |
• | approving the Company’s filing of reports with the SEC; |
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• | overseeing cybersecurity risk; and |
• | inquiring into matters within the scope of its functions. |
• | reviewing and making recommendations to the Board concerning the compensation of officers, directors and key management employees of the Company; |
• | administering the Company’s equity incentive plans; |
• | evaluating the performance of management and related matters; |
• | evaluating the mixture of base salary, cash bonus and equity compensation in each executive officer’s total compensation package; |
• | awarding equity as a means of linking executives’ long-term compensation to the stock price appreciation experienced by shareholders; |
• | considering the possible tax consequences to the Company and to the executives when determining executive compensation; |
• | reviewing and discussing with management the annual Compensation Discussion and Analysis disclosure regarding named executive officer compensation and, based on this review and discussions, recommending whether the Company include the Compensation Discussion and Analysis in its Proxy Statement and incorporate it by reference in its Annual Report on Form 10-K; and |
• | creating and approving an annual Compensation Committee Report to be included in the Company’s Proxy Statement and incorporated by reference in its Annual Report on Form 10-K. |
• | oversight responsibility for determining how to deploy excess available equity and debt capital to maximize shareholder value; |
• | recommending to the Board investments that it believes will achieve that goal including: |
• | acquisitions outside our core business; |
• | acquisitions with a purchase price in excess of $100 million; |
• | stock repurchases; |
• | investments in other public companies; |
• | investments in bonds; and |
• | other investments with appropriate risk, reward and returns; and |
• | responsibility for organization, staffing and oversight of personnel – external and internal – who are engaged in the deployment of excess capital. |
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Name | Fees Earned or Paid in Cash ($) | Stock Awards(1)(2) ($) | Option Awards(3) ($) | All Other Compensation ($) | Total ($) | ||||||||||||
Courtnee Chun | 86,500 | 119,986 | — | — | 206,486 | ||||||||||||
Lisa Coleman | 104,500 | 119,986 | — | — | 224,486 | ||||||||||||
Brendan P. Dougher | 106,500 | 119,986 | — | — | 226,486 | ||||||||||||
Michael J. Griffith | 11,500 | — | — | — | 11,500 | ||||||||||||
Randal L. Lewis | 99,000 | 119,986 | — | 41,355(4) | 260,341 | ||||||||||||
Christopher T. Metz | 77,000 | 119,986 | — | — | 196,986 | ||||||||||||
Brooks M. Pennington III | 82,500 | 119,986 | — | — | 202,486 | ||||||||||||
John R. Ranelli | 94,500 | 119,986 | — | — | 214,486 | ||||||||||||
Mary Beth Springer | 122,000 | 119,986 | — | — | 241,986 | ||||||||||||
(1) | This column reflects the aggregate grant date fair value computed in accordance with the FASB Accounting Standards Codification 718 Compensation—Stock Compensation (“ASC 718”). Please refer to Note 14, “Stock-Based Compensation”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025 for the relevant assumptions used to determine the valuation of our stock and option awards. |
(2) | In fiscal 2025, the grant date fair values were determined using the closing stock price of Class A Common Stock on the date of grant. |
(3) | As of the end of fiscal 2025, Mses. Chun, Coleman and Springer and Messrs. Dougher, Griffith, Lewis, Metz, Pennington and Ranelli held the following options to purchase shares of Class A Common Stock (all shares of restricted stock had fully vested by the end of fiscal 2025): |
Options | ||||||||
Vested | Unvested | |||||||
Courtnee Chun | 11,643 | — | ||||||
Lisa Coleman | 8,100 | — | ||||||
Brendan P. Dougher | 6,668 | — | ||||||
Michael J. Griffith | 11,643 | — | ||||||
Randal L. Lewis | — | — | ||||||
Christopher T. Metz | 11,643 | — | ||||||
Brooks M. Pennington III | 11,643 | — | ||||||
John R. Ranelli | 20,446 | — | ||||||
Mary Beth Springer | 20,446 | — | ||||||
(4) | Consulting fees. |
• | shares owned outright; |
• | shares held in a 401(k) plan; |
• | shares beneficially owned (e.g., in family trust); |
• | unvested restricted stock/units subject only to service vesting criteria; |
• | deferred shares; and |
• | 20% of the exercisable “in-the-money” value of stock options. |
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THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” THE SELECTION OF DELOITTE & TOUCHE LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM. | ||
Fiscal Year Ended | ||||||||
September 28, 2024 | September 27, 2025 | |||||||
Audit fees | $5,183,755 | $5,058,355 | ||||||
Audit-related fees | $68,995 | $92,500 | ||||||
Tax fees | $5,671 | $16,371 | ||||||
All other fees | — | — | ||||||
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• | A significant portion (ranging from approximately 47% to 80% in fiscal 2025) of the Company’s executives’ total potential target compensation is considered to be “at risk.” |
• | The executive officers receive long-term equity awards subject to long-term time-based vesting requirements, in the case of restricted stock, and achievement of long-term performance targets, in the case of performance share units. These long-term incentive awards ranged from approximately 22% to 71% of the named executives’ total potential target compensation in fiscal 2025. The Compensation Committee believes these awards ensure that a significant portion of the executives’ compensation is tied to long-term financial performance. |
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “FOR” THE APPROVAL OF THE COMPENSATION OF THE COMPANY’S NAMED EXECUTIVE OFFICERS AS DESCRIBED IN THIS PROXY STATEMENT. | ||
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• | Salary –The Compensation Committee approved an increase of 62% in Mr. Lahanas’s base salary to $900,000 and an increase of 22% in Mr. Smith’s base salary to $450,000 in recognition of their new roles as Chief Executive Officer and Chief Financial Officer, respectively. The increases were effective as of September 29, 2024. The Compensation Committee also approved an increase of 5.1% in Mr. Hanson’s base salary to $568,000; an increase of 2.4% in Mr. Walker’s base salary to $567,000; and an increase in Mr. Brown’s salary of 3% to $309,000. The increases were effective as of January 1, 2025. |
• | Bonus – Fiscal 2025 bonuses for the named executive officers have not yet been determined. Fiscal 2024 bonuses for the named executive officers, which were determined in February 2025, ranged from $132,000 to $341,000. |
• | Equity awards – In fiscal 2025, the Compensation Committee issued a combination of restricted stock and performance share units (“PSUs”) to the named executive officers, as follows: |
• | Annual Equity Grants. Mr. Lahanas received a grant of 14,868 restricted shares vesting over a three-year period, with 50% of the shares vesting on each of February 11, 2027 and 2028, and a grant of 14,868 PSUs subject to the achievement of performance goals over a four-year performance period. Each of Messrs. Smith, Hanson, and Walker received a grant of 3,717 restricted shares vesting over a three-year period, with 50% of the shares vesting on each of February 11, 2027 and 2028, and a grant of 3,717 PSUs subject to the achievement of performance goals over a four-year performance period. Mr. Brown received a grant of 13,381 restricted shares vesting over a five-year period, with one-third of the shares vesting on each of February 11, 2028, 2029 and 2030. |
• | Special Equity Grants. Mr. Hanson also received a special retention grant of 35,682 restricted shares vesting over a five-year period, with 25% of the shares vesting on each of February 11, 2027, 2028, 2029, and 2030. Additionally, for his expected assistance to Mr. Lahanas as the Company’s new Chief Executive Officer, Mr. Brown also received a special grant of 22,302 restricted shares, which vests over a four-year period, with 25% of the shares vesting at the end of years two and three, and 50% of the shares vesting at the end of year four. |
• | Alignment with Shareholders – A significant portion (which is expected to range from approximately 47% to 80% in fiscal 2025) of the current named executive officers’ total potential target compensation is paid in the form of bonuses or long-term equity awards rather than base salary in order to tie the executives’ compensation to both annual financial performance and long-term stock price performance and to align their interests with those of the Company’s shareholders. |
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Executive Officer | BASE SALARY | |||||||||||||
Fiscal 2024 | Fiscal 2025 | Increase | % Change | |||||||||||
Nicholas Lahanas | $555,000 | $900,000 | $345,000 | 62.2 | ||||||||||
Bradley G. Smith | $368,616 | $450,000 | $81,384 | 22.1 | ||||||||||
John Hanson | $540,638 | $568,000 | $27,362 | 5.1 | ||||||||||
John D. Walker | $553,924 | $567,000 | $13,076 | 2.4 | ||||||||||
William E. Brown | $300,000 | $309,000 | $9,000 | 3.0 | ||||||||||
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Executive Officer | % OF FISCAL 2024 BASE SALARY | BONUS FOR FISCAL 2024 | |||||||||
TARGET | ACTUAL | ||||||||||
Nicholas Lahanas | 50% | 47% | $245,000 | ||||||||
John Hanson | 50% | 63% | $341,000 | ||||||||
John D. Walker | 50% | 30% | $167,000 | ||||||||
William E. Brown | 50% | 44% | $132,000 | ||||||||
Executive Officer | % OF FISCAL 2025 BASE SALARY | BONUS FOR FISCAL 2025 | |||||||||
TARGET | ACTUAL | ||||||||||
Nicholas Lahanas | 100% | (1) | (1) | ||||||||
Bradley G. Smith | 50% | (1) | (1) | ||||||||
John Hanson | 50% | (1) | (1) | ||||||||
John D. Walker | 50% | (1) | (1) | ||||||||
William E. Brown | 50% | (1) | (1) | ||||||||
(1) | Annual bonuses to be determined. |
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Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(2) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | ||||||||||||||||||
Nicholas Lahanas | 2025 | 893,365 | — | 1,000,022 | — | 12,375 | 1,905,762 | |||||||||||||||||||
Chief Executive Officer and Former Chief Financial Officer(1) | 2024 | 522,568 | — | 396,971 | — | 245,000 | 11,746 | 1,176,285 | ||||||||||||||||||
2023 | 508,669 | — | 249,998 | — | 222,000 | 11,685 | 992,352 | |||||||||||||||||||
Bradley G. Smith | 2025 | 448,435 | — | 250,006 | — | 37,596 | 736,037 | |||||||||||||||||||
Chief Financial Officer(1) | ||||||||||||||||||||||||||
John Hanson | 2025 | 560,423 | — | 1,449,992 | — | 49,332 | 2,059,747 | |||||||||||||||||||
President, Pet Consumer Products | 2024 | 537,505 | — | 246,966 | — | 341,000 | 45,893 | 1,171,364 | ||||||||||||||||||
2023 | 545,838 | — | 249,998 | — | 328,000 | 48,113 | 1,171,949 | |||||||||||||||||||
John D. Walker | 2025 | 563,379 | — | 250,006 | — | 45,550 | 858,935 | |||||||||||||||||||
President, Garden Consumer Products | 2024 | 550,714 | — | 246,966 | — | 167,000 | 42,745 | 1,007,425 | ||||||||||||||||||
2023 | 559,000 | — | 249,998 | — | 136,000 | 43,735 | 988,733 | |||||||||||||||||||
William E. Brown | 2025 | 306,508 | — | 1,200,019 | — | 28,771 | 1,535,298 | |||||||||||||||||||
Chairman of the Board of Directors | 2024 | 300,000 | — | 444,592 | — | 132,000 | 26,359 | 902,951 | ||||||||||||||||||
2023 | 311,538 | — | 449,996 | — | 99,000 | 22,671 | 883,205 | |||||||||||||||||||
(1) | Mr. Lahanas resigned as our Chief Financial Officer effective September 28, 2024, and was appointed as Chief Executive Officer effective as of September 29, 2024. Upon Mr. Lahanas’s resignation as Chief Financial Officer, Mr. Smith was appointed as Chief Financial Officer effective as of September 29, 2024, the first day of the 2025 fiscal year. |
(2) | This column represents the grant date fair value in accordance with ASC 718 of restricted stock and PSUs awarded the named executive officers. The amounts shown include the aggregate grant date fair value of the shares issuable for PSUs awarded during fiscal 2025 at target achievement. These amounts do not represent the actual value that may be realized by the named executive officers. Please refer to Note 14, “Stock-Based Compensation,” in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed on November 26, 2025 for information on the valuation assumptions used in our computations. |
Name | Probable Outcome of Performance Conditions Grant Date ($) | Maximum Outcome of Performance Conditions Grant Date ($) | ||||||
Nicholas Lahanas | 500,011 | 1,125,024 | ||||||
Bradley G. Smith | 125,003 | 281,256 | ||||||
John Hanson | 125,003 | 281,256 | ||||||
John D. Walker | 125,003 | 281,256 | ||||||
William E. Brown | — | — | ||||||
(3) | Bonuses under the Management Incentive Plan for fiscal 2025 have not yet been determined. The Company will file a Form 8-K under Item 5.02(f) to report the bonuses once the amounts have been determined. |
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(4) | The components of the “All Other Compensation” column for fiscal 2025 are detailed in the following table: |
Description | Nicholas Lahanas | Bradley G. Smith | John Hanson | John D. Walker | William E. Brown | ||||||||||||
Company matching contribution to 401(k) plan | 10,500 | 11,164 | 10,500 | 10,500 | 9,122 | ||||||||||||
Medical insurance premiums and medical reimbursement | 585 | 24,344 | 23,931 | 24,150 | 19,328 | ||||||||||||
Group term life insurance | 1,290 | 1,290 | 1,821 | 1,300 | 321 | ||||||||||||
Car allowance or lease | — | — | 12,000 | 9,600 | — | ||||||||||||
Mobile device | — | 650 | 1,080 | — | — | ||||||||||||
Gift Card | — | 147 | — | — | — | ||||||||||||
Total | $12,375 | $37,596 | $49,332 | $45,550 | $28,771 | ||||||||||||
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Name | Award Type | Grant Date | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All other Stock Awards: Number of shares of stock or units | All Other Option Awards: Number of Securities Underlying Options | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($)(3) | ||||||||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (# shares) | Target (# shares) | Maximum (# shares) | |||||||||||||||||||||||||||||||||
Nicholas Lahanas | PSUs | 2/11/2025 | — | — | — | 9,664 | 14,868 | 33,453 | — | — | — | 500,011 | ||||||||||||||||||||||||||
RSAs(4) | 2/11/2025 | — | — | — | — | — | — | 14,868 | — | — | 500,011 | |||||||||||||||||||||||||||
Annual Bonus Plan | — | 900,000 | 1,800,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Bradley G. Smith | PSUs | 2/11/2025 | — | — | — | 2,416 | 3,717 | 8,363 | — | — | — | 125,003 | ||||||||||||||||||||||||||
RSAs(4) | 2/11/2025 | — | — | — | — | — | — | 3,717 | — | — | 125,003 | |||||||||||||||||||||||||||
Annual Bonus Plan | — | 225,000 | 450,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
John Hanson | PSUs | 2/11/2025 | — | — | — | 2,416 | 3,717 | 8,363 | — | — | — | 125,003 | ||||||||||||||||||||||||||
RSAs(4) | 2/11/2025 | — | — | — | — | — | — | 3,717 | — | — | 125,003 | |||||||||||||||||||||||||||
RSAs(5) | 2/11/2025 | — | — | — | — | — | — | 35,682 | — | — | 1,199,986 | |||||||||||||||||||||||||||
Annual Bonus Plan | — | 284,000 | 568,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
John D. Walker | PSUs | 2/11/2025 | — | — | — | 2,416 | 3,717 | 8,363 | — | — | — | 125,003 | ||||||||||||||||||||||||||
RSAs(4) | 2/11/2025 | — | — | — | — | — | — | 3,717 | — | — | 125,003 | |||||||||||||||||||||||||||
Annual Bonus Plan | — | 283,500 | 567,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
William E. Brown | RSAs(6) | 2/11/2025 | — | — | — | — | — | — | 13,381 | — | — | 450,003 | ||||||||||||||||||||||||||
RSAs | 2/11/2025 | — | — | — | — | — | — | 22,302 | — | — | 750,016 | |||||||||||||||||||||||||||
Annual Bonus Plan | — | 154,500 | 309,000 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
(1) | These amounts reflect the potential threshold, target and maximum annual incentive bonus awards payable to our named executive officers as annual incentive bonuses for fiscal 2025 under our Management Incentive Plan (the “MIP”). Target bonuses under the MIP are expressed as a percentage of the executive’s actual annual salary. Amounts are initially calculated based on a pre-determined formula based on actual performance against target net sales, gross margin and EBIT, but the Compensation Committee retains full discretion to determine annual bonuses. While there is no minimum performance threshold to earn a bonus, in no instance will an executive earn a bonus that is more than 200% of the target. See the discussion and analysis regarding the MIP in the CD&A section titled “Annual Bonus Plan” for further information. |
(2) | These amounts are based on the achievement of certain performance goals and targets over a four-year performance period. The actual number of PSUs earned may vary from the target number and will be determined at the end of the four-year performance period. The vesting percentage for the PSUs ranges from 65% to 225% of target. See the discussion and analysis regarding PSU awards in the CD&A section titled “Performance Share Units” for further information. |
(3) | The value of a stock award, PSU or stock option is based on the fair value as of the grant date of such award determined pursuant to ASC 718. Please refer to Note 14, “Stock-Based Compensation”, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K filed on November 26, 2025 for the relevant assumptions used to determine the compensation cost of our stock awards. These amounts do not represent the actual value, if any, that may be realized by the named executive officers. |
(4) | 50% of the restricted shares of Class A Common Stock subject to this award vest on February 11, 2027, and the remaining 50% vest on February 11, 2028, subject to continued service on each applicable vesting date. |
(5) | This award of restricted shares of Class A Common Stock vests over a five-year period, with 25% of the shares vesting on each of February 11, 2027, 2028, 2029, and 2030, subject to continued service on each applicable vesting date. |
(6) | This award of restricted shares of Class A Common Stock vests over a five-year period, with one-third of the shares vesting on each of February 11, 2028, 2029 and 2030, subject to continued service on each vesting date. |
TABLE OF CONTENTS
Name | OPTION AWARDS | STOCK AWARDS | |||||||||||||||||||||||||||
Number of Shares Underlying Unexercised Option Exercisable | Number of Shares Underlying Unexercised Options Unexercisable | Equity Incentive Plan Awards: Number of Shares Underlying Unexercised Unearned Options | Option Exercise Price(1) ($/Sh) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested | Market Value of Shares or Units of Stock That Have Not Vested(2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) ($) | |||||||||||||||||||||
Nicholas Lahanas | 2,129(4) | — | — | 35.22 | 2/9/2027 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 21,930(5) | 658,119 | — | — | |||||||||||||||||||||
— | — | — | — | — | 1,922(6) | 57,679 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,759(7) | 112,808 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,788(8) | 113,678 | — | — | |||||||||||||||||||||
— | — | — | — | — | 14,868(9) | 446,189 | — | — | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,751(10) | 112,568 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,844(11) | 115,358 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,759(12) | 112,808 | |||||||||||||||||||||
— | — | — | — | — | — | — | 14,868 | 446,189 | |||||||||||||||||||||
Bradley G. Smith | 658(4) | — | — | 35.22 | 2/9/2027 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 576(6) | 17,286 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,007(14) | 90,240 | — | — | |||||||||||||||||||||
— | — | — | — | — | 1,127(7) | 33,821 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,717(9) | 111,547 | — | — | |||||||||||||||||||||
— | — | — | — | — | — | — | 1,125(10) | 33,761 | |||||||||||||||||||||
— | — | — | — | — | — | — | 1,153(11) | 34,602 | |||||||||||||||||||||
— | — | — | — | — | — | — | 1,127(12) | 33,821 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,717(13) | 111,547 | |||||||||||||||||||||
John Hanson | 8,518(4) | — | — | 35.22 | 2/9/2027 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 1,922(6) | 57,679 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,759(7) | 112,808 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,717(9) | 111,547 | — | — | |||||||||||||||||||||
— | — | — | — | — | 35,682(15) | 1,070,817 | — | — | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,751(10) | 112,568 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,844(11) | 115,358 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,759(12) | 112,808 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,717(13) | 111,547 | |||||||||||||||||||||
John D. Walker | 8,518(4) | — | — | 35.22 | 2/9/2027 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 21,930(5) | 658,119 | — | — | |||||||||||||||||||||
— | — | — | — | — | 1,922(6) | 57,679 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,759(7) | 112,808 | — | — | |||||||||||||||||||||
— | — | — | — | — | 3,717(9) | 111,547 | — | — | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,751(10) | 112,568 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,844(11) | 115,358 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,759(12) | 112,808 | |||||||||||||||||||||
— | — | — | — | — | — | — | 3,717(13) | 111,547 | |||||||||||||||||||||
TABLE OF CONTENTS
Name | OPTION AWARDS | STOCK AWARDS | |||||||||||||||||||||||||||
Number of Shares Underlying Unexercised Option Exercisable | Number of Shares Underlying Unexercised Options Unexercisable | Equity Incentive Plan Awards: Number of Shares Underlying Unexercised Unearned Options | Option Exercise Price(1) ($/Sh) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested | Market Value of Shares or Units of Stock That Have Not Vested(2) ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested(2) ($) | |||||||||||||||||||||
William E. Brown | 127,942(16) | — | — | 31.18 | 08/11/2026 | — | — | — | — | ||||||||||||||||||||
— | — | — | — | — | 3,786(17) | 113,618 | — | — | |||||||||||||||||||||
— | — | — | — | — | 9,005(18) | 270,240 | — | — | |||||||||||||||||||||
— | — | — | — | — | 13,837(19) | 415,248 | — | — | |||||||||||||||||||||
— | — | — | — | — | 13,534(20) | 406,155 | — | — | |||||||||||||||||||||
— | — | — | — | — | 13,381(21) | 401,563 | — | — | |||||||||||||||||||||
— | — | — | — | — | 22,302(22) | 669,283 | — | — | |||||||||||||||||||||
(1) | All options were granted at the closing market price on the date of grant. |
(2) | Market value was calculated based on the closing price of $30.01 per share for the Class A Common Stock on September 26, 2025, the last trading day in fiscal 2025. |
(3) | PSU awards vest based on the achievement of certain performance goals over a four-year performance period. The number of PSUs in this column is based on the target level of achievement. The actual number of PSUs earned may vary from the target number and will be determined at the end of the four-year performance period. The vesting percentage for the PSUs ranges from 50% to 225% of target for PSUs granted in fiscal year 2022, and 65% to 225% of target for PSUs granted in fiscal years 2023, 2024, and 2025. The number of shares issuable pursuant to the PSUs may be increased or decreased by up to 25% based on a relative total shareholder return multiplier. |
(4) | This option was fully vested on February 9, 2025. |
(5) | The restricted stock award vests in increments of 50% on each of February 10, 2025, and 2026. |
(6) | This restricted stock award vests in increments of 50% on each of February 6, 2025 and 2026. |
(7) | This restricted stock award vests in increments of 50% on each of February 6, 2026 and 2027. |
(8) | This restricted stock award vests in increments of 25% on May 16, 2026 and 2027, and 50% on May 16, 2028. |
(9) | This restricted stock award vests in increments of 50% on each of February 11, 2027 and 2028. |
(10) | The actual number of shares to be earned under the PSU awards to the named executive officers shall be determined by the Compensation Committee based on the extent to which performance goals have been achieved over the four-year performance period, from fiscal years 2022 through 2025. To the extent earned, the PSUs will vest at the end of the four-year performance period on February 9, 2026, subject to the executive being continuously employed by the Company or by one of its affiliates from the grant date through the last day of the performance period. |
(11) | The actual number of shares to be earned under the PSU awards to the named executive officers shall be determined by the Compensation Committee based on the extent to which performance goals have been achieved over the four-year performance period, from fiscal years 2023 through 2026. To the extent earned, the PSUs will vest at the end of the four-year performance period on February 6, 2027, subject to the executive being continuously employed by the Company or by one of its affiliates from the grant date through the last day of the performance period. |
(12) | The actual number of shares to be earned under the PSU awards to the named executive officers shall be determined by the Compensation Committee based on the extent to which performance goals have been achieved over the four-year performance period, from fiscal years 2024 through 2027. To the extent earned, the PSUs will vest at the end of the four-year performance period on February 6, 2028, subject to the executive being continuously employed by the Company or by one of its affiliates from the grant date through the last day of the performance period. |
(13) | The actual number of shares to be earned under the PSU awards to the named executive officers shall be determined by the Compensation Committee based on the extent to which performance goals have been achieved over the four-year performance period, from fiscal years 2025 through 2028. To the extent earned, the PSUs will vest at the end of the four-year performance period on February 11, 2029, subject to the executive being continuously employed by the Company or by one of its affiliates from the grant date through the last day of the performance period. |
(14) | This restricted stock award vests in increments of 25% on February 6, 2026, 2027, 2028, and 2029. |
(15) | This restricted stock award vests in increments of 25% on February 11, 2027, 2028, 2029, and 2030. |
(16) | This option was fully vested on August 11, 2024. |
(17) | The restricted stock award vests in increments of 50% on each of February 9, 2025, and 2026. |
(18) | The restricted stock award vests in increments of one-third on each of February 9, 2025, 2026, and 2027. |
(19) | The restricted stock award vests in increments of one-third on each of February 6, 2026, 2027, and 2028. |
(20) | The restricted stock award vests in increments of one-third on each of February 6, 2027, 2028, and 2029. |
(21) | The restricted stock award vests in increments of one-third on each of February 6, 2028, 2029, and 2030. |
(22) | The restricted stock award vests in increments of 25% on each of February 11, 2027 and 2028, and 50% on February 11, 2029. |
TABLE OF CONTENTS
NAME | Option Awards(1) | Stock Awards(1) | ||||||||||||
Number of Shares Acquired on Exercise | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting | Value Realized on Vesting ($) | |||||||||||
Nicholas Lahanas | — | — | 1,921 | 65,391 | ||||||||||
— | — | 1,876 | 61,514 | |||||||||||
— | — | 710 | 23,281 | |||||||||||
— | — | 21,930 | 719,085 | |||||||||||
Bradley G. Smith | — | — | 576 | 19,607 | ||||||||||
— | — | 562 | 18,428 | |||||||||||
— | — | 1,217 | 38,871 | |||||||||||
— | — | 218 | 7,148 | |||||||||||
John Hanson | — | — | 1,921 | 65,391 | ||||||||||
— | — | 1,876 | 61,514 | |||||||||||
— | — | 710 | 23,281 | |||||||||||
— | — | 8,775 | 272,113 | |||||||||||
John D. Walker | — | — | 1,921 | 65,391 | ||||||||||
— | — | 1,876 | 61,514 | |||||||||||
— | — | 710 | 23,281 | |||||||||||
— | — | 21,930 | 719,085 | |||||||||||
William E. Brown | — | — | 4,501 | 147,588 | ||||||||||
— | — | 3,786 | 124,143 | |||||||||||
— | — | 4,386 | 143,817 | |||||||||||
(1) | Company Class A Common Stock. |
TABLE OF CONTENTS
Name | Executive Contributions in Last Fiscal Year ($) | Registrant Contributions in Last Fiscal Year ($) | Aggregate Earnings (Loss) in Last Fiscal Year(1) ($) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last Fiscal Year End ($) | ||||||||||||
Nicholas Lahanas | 123,952 | — | 93,641 | — | 643,809 | ||||||||||||
Bradley G. Smith | 65,729 | — | 13,863 | — | 156,278 | ||||||||||||
John Hanson | 96,540 | — | 32,943 | — | 565,726 | ||||||||||||
John D. Walker | 78,115 | — | 45,877 | — | 505,423 | ||||||||||||
William E. Brown | — | — | — | — | — | ||||||||||||
(1) | None of the earnings in this column are included in the Summary Compensation Table because they were not preferential or above market. |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | 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 | 560,815 | $30.74 | 15,573,302(2) | ||||||||
Equity compensation plans not approved by security holders | — | — | — | ||||||||
Total | 560,815(1) | $30.74 | 15,573,302(2) | ||||||||
(1) | Includes 451,917 shares of Class A Common Stock issuable upon exercise of options granted under the 2003 Omnibus Equity Incentive Plan and 108,898 shares of Class A Common Stock issuable upon exercise of options granted under the Nonemployee Director Equity Incentive Plan. |
(2) | Includes 4,458,492 shares of Common Stock and 10,363,393 shares of Class A Common Stock available for issuance under the 2003 Omnibus Equity Incentive Plan and 109,728 shares of Common Stock and 641,689 shares of Class A Common Stock available for issuance under the Nonemployee Director Equity Incentive Plan. |
TABLE OF CONTENTS
Name | Salary Continuation | Post- Employment Consulting Payments | PAY IN LIEU OF NOTICE | Health and Employee Benefits | Equity Vesting(1) | Total | ||||||||||||||
Nicholas Lahanas(2) | — | $84,864 | — | — | — | $84,864 | ||||||||||||||
Bradley G. Smith(3) | — | $60,000 | — | — | — | $60,000 | ||||||||||||||
John Hanson(4) | $426,000 | $105,800 | $47,333 | $18,000 | $1,805,132 | $2,402,265 | ||||||||||||||
John D. Walker(5) | $425,250 | $60,000 | — | — | — | $485,250 | ||||||||||||||
William E. Brown(6) | — | — | — | — | — | — | ||||||||||||||
(1) | The value of PSUs, restricted stock and options issued for which vesting would be extended in connection with a termination is calculated based on the closing price for Class A Common Stock on September 26, 2025, the last trading day in fiscal 2025, of $30.01. |
(2) | The Company and Mr. Lahanas are party to a Post-Employment Consulting Agreement, pursuant to which Mr. Lahanas will provide consulting services for 24 months upon termination of his employment with the Company. For these services, Mr. Lahanas would be entitled to receive $3,501 on a monthly basis in fiscal 2025 and $3,571 on a monthly basis in fiscal 2026, subject to a 2% increase each year of the agreement, subject to certain confidentiality and non-competition provisions. |
(3) | The Company and Mr. Smith are party to a Post-Employment Consulting Agreement, pursuant to which Mr. Smith will provide consulting services for 24 months upon termination of his employment with the Company. For these services, Mr. Smith will be entitled to receive $2,500 on a monthly basis, subject to certain confidentiality and non-competition provisions. |
(4) | Pursuant to Mr. Hanson’s employment agreement, if the Company terminates Mr. Hanson without cause, he will continue to receive his base salary and health insurance benefits (estimated to be $2,000 per month) for nine months and will be entitled to continued vesting of previously granted stock options and restricted stock, subject to the execution of a general release of claims. The Company is required to provide Mr. Hanson with 30 days’ notice before a termination without cause. At its option, the Company may pay Mr. Hanson 30 days’ additional salary and benefits, or approximately $47,333 in lieu of giving 30 days’ notice. In addition, Mr. Hanson is a party to a Post-Employment Consulting Agreement pursuant to which he has committed to making himself available to the Company for consulting services for 10 hours per month for the two years after termination of employment with the Company. Mr. Hanson will receive approximately $4,408 per month for such consulting services, subject to certain confidentiality and non-competition provisions. |
(5) | Pursuant to Mr. Walker’s employment agreement, if the Company terminates Mr. Walker without cause, he will continue to receive his base salary for nine months, subject to the execution of a general release of claims. In addition, Mr. Walker is a party to a Post-Employment Consulting Agreement pursuant to which he has committed to making himself available to the Company for consulting services for 10 hours per month for the two years after termination of employment with the Company. Mr. Walker will receive $2,500 per month for such consulting services, subject to certain confidentiality and non-competition provisions. |
(6) | Mr. Brown is not entitled to any potential payments upon a termination or change-in-control. |
• | The Company selected September 27, 2025, which is within the last three months of fiscal 2025, to identify its employee population. |
• | As permitted by SEC rules, in identifying our employee population, the Company also excluded a total of 216 employees located in the following international jurisdictions representing in the aggregate less than 2.9% of its employee population as a whole: Canada (147 employees); and Mexico (69 employees). |
• | The employee population, prior to taking into consideration these exclusions, consisted of approximately 6,192 individuals. The employee population, after taking into consideration these exclusions, consisted of approximately 5,956 individuals. |
• | To identify the median employee from its employee population, the Company selected total taxable cash compensation as the measure of compensation. |
• | The Company then determined its median employee and calculated the annual total compensation of this employee for fiscal 2025 based on the Summary Compensation Table rules. |
TABLE OF CONTENTS
Value of Initial Fixed $100 Investment Based On: | ||||||||||||||||||||||||||||||||||||||
Year (a)(1) | Summary Compensation Table Total for PEO 1 (b) | Compensation Actually Paid to PEO 1 (C)(2)(3) | Summary Compensation Table Total for PEO 2 (D) | Compensation Actually Paid to PEO 2 (E)(2) | Summary Compensation Table Total for PEO 3 (F) | Compensation Actually Paid to PEO 3 (G)(2) | Average Summary Compensation Table Total for Non- PEO NEOs (H) | Average Compensation Actually Paid to Non- PEO NEOs (I)(2)(4) | Total Shareholder Return (J) | Peer Group Total Shareholder Return (K)(5) | Net Income (in thousands) (L) | EBIT (in thousands) (M)(6) | ||||||||||||||||||||||||||
2025 | $ | $ | N/A | N/A | N/A | N/A | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
2024 | N/A | N/A | $ | ($ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
2023 | N/A | N/A | $ | $ | N/A | N/A | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
2022 | N/A | N/A | $ | $ | N/A | N/A | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
2021 | N/A | N/A | $ | $ | N/A | N/A | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
(1) | The following table lists the PEO and non-PEO NEOs for each of fiscal years 2021, 2022, 2023, 2024, and 2025. |
Year | PEO | Non-PEO NEOs | ||||||
2025 | Bradley G. Smith, John Hanson, John D. Walker, and William E. Brown | |||||||
2024 | Nicholas Lahanas, John Hanson, John D. Walker, and William E. Brown | |||||||
2023 | Nicholas Lahanas, John D. Walker, Joyce M. McCarthy, and John Hanson | |||||||
2022 | Nicholas Lahanas, William E. Brown, John D. Walker, and John Hanson | |||||||
2021 | Nicholas Lahanas, William E. Brown, John D. Walker, and John Hanson | |||||||
(2) | The dollar amounts reported represent the amount of “compensation actually paid,” as calculated in accordance with the Pay Versus Performance Rules. These dollar amounts do not reflect the actual amounts of compensation earned by or paid to our NEOs during the applicable year. For purposes of calculating “compensation actually paid,” the fair value of equity awards is calculated in accordance with ASC Topic 718 using the same assumption methodologies used to calculate the grant date fair value of awards for purposes of the Summary Compensation Table (please refer to Note 2 in “Executive Compensation of Executive Officers – Summary Compensation Table” for additional information). |
(3) | The following table shows the amounts deducted from and added to the Summary Compensation Table total to calculate “compensation actually paid” to Mr. Lahanas in accordance with the Pay Versus Performance Rules: |
Pension Plan Adjustments | Equity Award Adjustments | ||||||||||||||||||||||||||||||||||
Year | Summary Compensation Table Total for PEO 1 | Change in Pension Value | Pension Service Cost | Reported Value of Equity Awards | Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year | Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years | Fair Value at Vesting of Equity Awards Granted and Vested in the Fiscal Year | Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year | Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year | Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected in Total Compensation | Compensation Actually Paid to PEO 1 | ||||||||||||||||||||||||
2025 | $ | N/A | N/A | ($ | $ | ($ | $ | ($ | $ | $ | $ | ||||||||||||||||||||||||
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(4) | The following table shows the amounts deducted from and added to the average Summary Compensation Table total compensation to calculate the average “compensation actually paid” to our non-PEO NEOs in accordance with the Pay Versus Performance Rules. |
Pension Plan Adjustments | Equity Award Adjustments | ||||||||||||||||||||||||||||||||||
Year | Average Summary Compensation Table Total for Non-PEO NEOs | Average Change in Pension Value | Average Pension Service Cost | Average Reported Value of Equity Awards | Average Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year | Average Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years | Average Fair Value at Vesting of Equity Awards Granted and Vested in the Fiscal Year | Average Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year | Average Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year | Average Value of Dividends or Other Earnings Paid on Equity Awards Not Otherwise Reflected in Total Compensation | Average Compensation Actually Paid to Non-PEO NEOs | ||||||||||||||||||||||||
2025 | $ | N/A | N/A | ($ | $ | ($ | $ | ($ | $ | $ | $ | ||||||||||||||||||||||||
(5) | In accordance with the Pay Versus Performance Rules, the Company and the Company’s peer group total shareholder return (the “Peer Group TSR”) is determined based on the value of an initial fixed investment of $100 on September 28, 2019, through the end of the listed fiscal year. The Peer Group TSR set forth in this table was determined using Dow Jones U.S. Non-durable Household Products Index, which we also use in preparing the stock performance graph required by Item 201(e) of Regulation S-K for our Annual Report for the fiscal year ended September 27, 2025. |
(6) | We have determined that |
Most Important Performance Measures | |||||
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Beneficial Owner(1) | Number of Class B Shares | Number of Common Shares | Number of Class A Common Shares | Percent(2) | Percent of Total Voting Power(3) | ||||||||||||
Named Executive Officers: | |||||||||||||||||
William E. Brown | 1,600,459 | 1,386,792(4) | 1,432,565(5) | 7.1 | 56.3 | ||||||||||||
Nicholas Lahanas | — | — | 88,721(6) | — | — | ||||||||||||
John Hanson | — | — | 62,582(7) | — | — | ||||||||||||
Bradley G. Smith | — | — | 10,667(8) | — | — | ||||||||||||
John D. Walker | — | — | 75,846(9) | — | — | ||||||||||||
George A. Yuhas | — | — | 33,471(10) | — | — | ||||||||||||
Directors and Nominees: | |||||||||||||||||
Courtnee Chun | — | — | 26,322(11) | — | — | ||||||||||||
Lisa Coleman | — | — | 17,892(12) | — | — | ||||||||||||
Brendan P. Dougher | — | — | 22,763(13) | — | — | ||||||||||||
Randal D. Lewis | — | — | 4,255 | — | — | ||||||||||||
Christopher T. Metz | — | — | 23,364(14) | — | — | ||||||||||||
Brooks M. Pennington III(15) | — | 145,498(16) | 119,929(17) | * | * | ||||||||||||
John R. Ranelli | — | 7,039(18) | 21,873(19) | * | * | ||||||||||||
Mary Beth Springer | — | — | 40,638(20) | — | — | ||||||||||||
All directors and executive officers as a group (16 persons) | 1,600,459 | 1,539,329 | 1,980,888 | 8.2 | 57.1 | ||||||||||||
Five Percent Shareholders: | |||||||||||||||||
BlackRock, Inc.(21) | — | 1,485,825 | 7,525,829 | 14.5 | 7.9 | ||||||||||||
The Vanguard Group(22) | — | 1,100,839 | 5,770,441 | 11.0 | 5.8 | ||||||||||||
Dimensional Fund Advisors LP(23) | — | 773,566 | 3,308,241 | 6.6 | 4.1 | ||||||||||||
Allspring Global Investments Holdings, LLC(24) | — | 811,192 | 1,869,424 | 4.3 | 4.3 | ||||||||||||
(*) | Less than 1%. |
(1) | Unless otherwise indicated, the address of each beneficial owner listed below is 1340 Treat Blvd., Suite 600, Walnut Creek, California 94597. |
(2) | Represents the number of shares of Class B Stock, Common Stock and Class A Common Stock beneficially owned by each shareholder as a percentage of the total number of shares of Class B Stock, Common Stock and Class A Common Stock outstanding. As of December 15, 2025, there were 1,602,374 shares of Class B Stock, 9,650,221 shares of Common Stock and 50,981,561 shares of Class A Common Stock outstanding. |
(3) | Represents the percentage of the voting power of each shareholder after giving effect to the disparate voting rights among the Class B Stock, Common Stock and Class A Common Stock. The voting powers of the Common Stock and the Class B Stock are identical in all respects, except that the holders of Common Stock are entitled to one vote per share and the holders of Class B Stock are entitled to the lesser of 10 votes per share or 49% of the total votes cast. Shares of Class A Common Stock generally have no voting rights unless otherwise required by Delaware law. |
(4) | Includes 1,138,121 shares of Common Stock subject to a pledge. |
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(5) | Includes 127,942 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. Includes 419,596 shares of Class A Common Stock subject to a pledge. Includes 374,258 shares of Class A Common Stock held by various irrevocable family trusts. Mr. Brown and his spouse are co-trustees of the trusts, and the beneficiaries are immediate family members of Mr. Brown. Mr. Brown disclaims beneficial ownership of the shares held by the trusts. |
(6) | Includes 2,129 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. Excludes units held in the CENTA Stock Fund in the Company’s 401(k) plan. |
(7) | Includes 8,518 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. Excludes units held in the CENTA Stock Fund in the Company’s 401(k) plan. |
(8) | Includes 658 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. Excludes units held in the CENTA Stock Fund in the Company’s 401(k) plan. |
(9) | Includes 8,518 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. Excludes units held in the CENTA Stock Fund in the Company’s 401(k) plan. |
(10) | Includes 27,576 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. Excludes units held in the CENTA Stock Fund in the Company’s 401(k) plan. |
(11) | Includes 11,643 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. |
(12) | Includes 8,100 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. |
(13) | Includes 6,688 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. |
(14) | Includes 11,643 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. |
(15) | The address of Mr. Pennington is 169 South Main Street, P.O. Box 231, Madison, GA 30650. |
(16) | Includes 7,604 shares held by Pennington Management Company II, LLC, in which Mr. Pennington has an ownership interest and of which Mr. Pennington is the president; and 6,938 shares owned by his spouse. Mr. Pennington disclaims beneficial ownership of the 7,604 shares held by Pennington Management Company II, LLC, except to the extent of his pecuniary interest therein, and the 6,938 shares held by his spouse. |
(17) | Includes 11,643 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. Includes 43,750 shares held by BPCB Timber Company LLC, in which Mr. Pennington has an ownership interest and of which Mr. Pennington is the Chief Executive Officer, 20,911 shares held by Pennington Management Company II, LLC, in which Mr. Pennington has an ownership interest and of which Mr. Pennington is the president; and 6,579 shares owned by his spouse. Mr. Pennington disclaims beneficial ownership of the 43,750 shares held by BPCB Timber Company LLC and the 20,911 shares held by Pennington Management Company II, LLC, except, in each case, to the extent of his pecuniary interest therein, and the 6,579 shares held by his spouse. Excludes units held in the CENTA Stock Fund in the Company’s 401(k) plan. |
(18) | Includes 7,039 shares of Common Stock held in the John R. Ranelli Trust, as to which Mr. Ranelli disclaims beneficial ownership, except to the extent of his pecuniary interest therein. |
(19) | Includes 20,446 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025 and 1,427 shares of Class A Common Stock held in the John R. Ranelli Trust, as to which Mr. Ranelli disclaims beneficial ownership, except to the extent of his pecuniary interest therein. |
(20) | Includes 20,446 shares of Class A Common Stock issuable upon exercise of outstanding options exercisable within 60 days of December 15, 2025. |
(21) | The address of BlackRock, Inc. is 55 East 52nd Street, New York, New York 10055. The foregoing information is solely from a Schedule 13G/A reflecting beneficial holdings of the Company’s common stock filed on April 30, 2025 and a Schedule 13G/A reflecting beneficial holdings of the Company’s Class A common stock filed on April 30, 2025. |
(22) | The address of The Vanguard Group is 100 Vanguard Blvd. Malvern, Pennsylvania 19355. The foregoing information is solely from a Schedule 13G/A reflecting beneficial holdings of the Company’s common stock filed on October 30, 2025 and a Schedule 13F reflecting beneficial holdings of the Company’s Class A common stock filed on November 7, 2025. |
(23) | The address of Dimensional Fund Advisors LP is 6300 Bee Cave Road, Austin, Texas 78746. The foregoing information is solely from a Schedule 13G/A reflecting beneficial holdings of the Company’s common stock filed on February 9, 2024 and a Form 13F reflecting beneficial holdings of the Company’s Class A common stock filed on November 12, 2025. |
(24) | The address of Allspring Global Investments Holdings, LLC, Allspring Global Investments, LLC and Allspring Funds Management, LLC is 525 Market St., 10th Fl., San Francisco, CA 94105. The foregoing information is solely from a joint Schedule 13G/A reflecting shared beneficial holdings of the Company’s common stock by the three shareholders filed on January 13, 2025 and a Schedule 13F reflecting beneficial holdings of the Company’s Class A common stock filed on October 20, 2025. |
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Name of Reporting Person | Type of Report and Number Filed Late | No. of Transactions Reported Late | ||||||
John R. Ranelli | Form 4 | 1(1) | ||||||
(1) | Form 4 filed on 8/28/2025. |
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FAQ
What is Central Garden & Pet (CENT) asking shareholders to vote on at the 2026 annual meeting?
Shareholders are being asked to vote on three main proposals: (1) the election of nine directors, (2) ratification of Deloitte & Touche LLP as independent registered public accounting firm for the fiscal year ending September 26, 2026, and (3) an advisory vote to approve the compensation of the Company’s named executive officers.
When is the Central Garden & Pet 2026 annual meeting and who can vote?
The virtual Annual Meeting will be held on Wednesday, February 11, 2026 at 10:30 a.m. Pacific Time. Only holders of record of Common Stock and Class B Stock as of 5:00 p.m. Pacific Time on December 15, 2025 are entitled to vote. Holders of Class A Common Stock may participate but generally do not have voting rights unless required by Delaware law.
How did Central Garden & Pet (CENT) perform financially in fiscal 2025?
In fiscal 2025, net sales decreased 2.2%, but net income increased 50.8% from the prior year. Diluted earnings per share were $2.55 compared with $1.62 a year earlier. On a non-GAAP basis, net income was $174.2 million, or $2.73 per diluted share, versus $142.4 million, or $2.13 per diluted share, in fiscal 2024.
What executive compensation structure does Central Garden & Pet describe in this proxy?
The Company emphasizes a pay-for-performance approach using base salary, annual bonuses, and long-term equity. CEO Nicholas Lahanas has a base salary of $900,000, a target annual bonus equal to 100% of salary starting in fiscal 2025, and a target annual equity grant of $1,000,000, subject to Company and individual performance. Executives receive restricted stock and performance share units tied to multi-year metrics such as organic EBIT and net sales CAGR and a relative total shareholder return modifier.
What did prior say-on-pay votes show about shareholder support for CENT’s executive pay?
At the February 2023 Annual Meeting, approximately 97% of the shares voting approved the compensation paid to the Company’s named executive officers. In the same meeting, 60% of shares voting recommended holding say-on-pay votes every three years, and the Board decided to continue that frequency, leading to Proposal 3 in this proxy.
How can Central Garden & Pet shareholders access proxy materials and vote?
Most shareholders receive a Notice of Internet Availability of Proxy Materials, mailed or emailed on or about December 22, 2025, explaining how to access the proxy statement and 2025 Form 10-K online and how to vote via the Internet. Shareholders can request printed materials via www.proxyvote.com, by calling 1-800-579-1639, or by emailing sendmaterial@proxyvote.com. Validated shareholders can also participate and vote electronically during the virtual meeting at www.virtualshareholdermeeting.com/CENT2026 using their 16-digit control number.
What auditor fees did Deloitte & Touche LLP receive from Central Garden & Pet?
For the fiscal year ended September 27, 2025, Deloitte & Touche LLP billed $5,058,355 in audit fees, $92,500 in audit-related fees, and $16,371 in tax fees. For the year ended September 28, 2024, audit fees were $5,183,755, audit-related fees $68,995, and tax fees $5,671. There were no “all other fees” in either year.












