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MEETING INFORMATION:
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DATE: [Friday June 28], 2024
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TIME: 10:00 A.M., Eastern Time
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PLACE: [The meeting will be held at the Company’s Corporate Headquarters, 321 Farmington Road, Mocksville, North Carolina 27028.]
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HOW TO VOTE:
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Your vote is important. You are eligible to vote if you were a stockholder of record at the close of business on [April , 2024].
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BY INTERNET
www.proxyvote.com |
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BY PHONE
Call 1.800.690.6903 |
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BY MAIL
Complete, sign and return by free post
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IN PERSON
Attend the Annual Meeting |
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2024 PROXY STATEMENT | ii
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2024 PROXY STATEMENT | iii
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2024 PROXY STATEMENT | iv
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Annual Meeting of Stockholders
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Time and Date:
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10:00 A.M., Eastern Time, [June, 2024]
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Place:
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The meeting will be held at the Company’s Corporate Headquarters, 321 Farmington Road, Mocksville, NC 26027.
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Record Date:
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[April, 2024]
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PROPOSAL
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BOARD’S VOTING
RECOMMENDATION |
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PAGE
REFERENCE |
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Proposal 1:
Approval of an amendment to the Company’s Amended and Restated Articles of Incorporation to declassify the Board of Directors (the “Charter Amendment”).
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FOR
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Proposal 2:
If the Charter Amendment is approved, election of [four] directors to the Board of Directors to serve until the 2025 Annual Meeting.
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FOR each nominee
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Proposal 3:
If the Charter Amendment is not approved, election of one director to the Board of Directors to serve until the 2027 Annual Meeting.
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FOR each nominee
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Proposal 4:
Advisory Approval on the Company’s 2023 Executive Compensation. |
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FOR
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Proposal 5:
Approval of the Amendment and Restatement of the 2021 Omnibus Incentive Plan to increase the number of shares authorized by five million (5,000,000).
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FOR
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Proposal 6:
Approval of the Warrants dated April 9, 2024 and the shares issuable upon exercise of the warrants pursuant to Rule 5635(d) of the Nasdaq Stock Market.
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FOR
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Proposal 7:
Approval of the Voluntary Conversion Option in the Debentures dated March 3, 2023, as amended December 22, 2023, pursuant to Rules 5635(b) and 5635(d) of the Nasdaq Stock Market.
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FOR
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Proposal 8:
Ratification of Appointment of Freed Maxick CPAs, P.C. as the Company’s Independent Registered Public Accounting Firm for 2024.
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FOR
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Proposal 9:
Adjournment of the meeting, if necessary or advisable, to solicit additional proxies in favor of the Charter Amendment (Proposal 1), the amendment and restatement of our 2021 Omnibus Incentive Plan (Proposal 5), the approval of the Warrants (Proposal 6) or the approval of the Voluntary Conversion Option (Proposal 7).
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FOR
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2024 PROXY STATEMENT | 1
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2024 PROXY STATEMENT | 2
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2024 PROXY STATEMENT | 3
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2024 PROXY STATEMENT | 4
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2024 PROXY STATEMENT | 5
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2024 PROXY STATEMENT | 6
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2024 PROXY STATEMENT | 7
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2024 PROXY STATEMENT | 8
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2024 PROXY STATEMENT | 9
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2024 PROXY STATEMENT | 10
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2024 PROXY STATEMENT | 11
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2023
(as of April 25, 2023) |
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| | Total Number of Directors | | | |
6
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Female
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Male
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| | Part I: Gender Identity | | | ||||||||
| | Directors | | | |
2
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4
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| | Part II: Demographic Background | | | ||||||||
| | African American or Black | | | |
0
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1
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| | White | | | |
2
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3
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| | LGBTQ | | | |
None
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2024
(as of April 29, 2024) |
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| | Total Number of Directors | | | |
4
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Female
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Male
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| | Part I: Gender Identity | | | ||||||||
| | Directors | | | |
1
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3
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| | African American or Black | | | |
0
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1
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| | White | | | |
1
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2
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| | LGBTQ | | | |
None
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2024 PROXY STATEMENT | 12
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2023 Director Compensation (non-employee)1
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| | Annual cash retainer: | | | |
$75,000
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| | Additional Board Fees: | | | | | | |
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Chair of the Board
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$50,000
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Chair of a Board Committee
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$20,000
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Member of a Board Committee
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$10,000
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| | Annual RSU award value: | | | |
$135,000
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2024 Director Compensation (non-employee)2
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| | Annual cash retainer: | | | |
$20,000
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Chair of the Board or Lead Independent Director
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$20,000
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Chair of Audit Committee
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$10,000
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Chair of Compensation or Corporate Governance & Nominating Committee
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$5,000
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Member of a Board Committee
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$5,000
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| | Annual RSU award value: | | | |
$0
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2024 PROXY STATEMENT | 13
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Name
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Fees
earned or paid in cash(1) |
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Option
Awards |
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Restricted
Stock Unit Awards(2) |
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All Other
Compensation |
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Total
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Clifford B. Fleet(6) | | | | $ | 37,500 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 37,500 | | |
Anthony Johnson | | | | $ | 81,250 | | | | | $ | — | | | | | $ | 106,406 | | | | | $ | — | | | | | $ | 187,656 | | |
Michael Koganov | | | | $ | 81,250 | | | | | $ | — | | | | | $ | 106,406 | | | | | $ | — | | | | | $ | 187,656 | | |
Roger D. O’Brien(6) | | | | $ | 47,500 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 47,500 | | |
Richard M. Sanders | | | | $ | 83,750 | | | | | $ | — | | | | | $ | 106,406 | | | | | $ | — | | | | | $ | 190,156 | | |
Lucille S. Salhany | | | | $ | 68,750 | | | | | $ | — | | | | | $ | 106,406 | | | | | $ | — | | | | | $ | 175,156 | | |
Nora B. Sullivan(3)(6) | | | | $ | 388,750 | | | | | $ | — | | | | | $ | 106,406 | | | | | $ | — | | | | | $ | 495,156 | | |
James Mish(4)(6) | | | | $ | 7,083 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 7,083 | | |
Andrew Arno(5) | | | | $ | 19,103 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 19,103 | | |
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2024 PROXY STATEMENT | 14
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2024 PROXY STATEMENT | 15
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2024 PROXY STATEMENT | 16
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2024 PROXY STATEMENT | 17
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2024 PROXY STATEMENT | 18
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Name
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2023
Base Salary |
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Percent
Change vs. 2022 Base Salary |
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2024
Base Salary |
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Percent
Change vs. 2023 Base Salary |
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Lawrence D. Firestone(1)
Chief Executive Officer |
| | | | $ | 425,000 | | | | | | | N/A | | | | | | $ | 425,000 | | | | | | | 0% | | | |
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James A. Mish(2)
Former Chief Executive Officer |
| | | | $ | 486,675 | | | | | | | 3% | | | | | | | N/A | | | | | | | N/A | | | |
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R. Hugh Kinsman(3)
Former Chief Financial Officer |
| | | | $ | 370,000 | | | | | | | 28% | | | | | | $ | 296,000 | | | | | | | (20)% | | | |
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John J. Miller
President of Tobacco |
| | | | $ | 425,000 | | | | | | | 0% | | | | | | $ | 212,500 | | | | | | | (50)% | | | |
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Peter Ferola(4)
Former Chief Legal Officer |
| | | | $ | 422,000 | | | | | | | 30% | | | | | | | N/A | | | | | | | N/A | | | |
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2024 PROXY STATEMENT | 19
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Name
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RSU
Grant Value |
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Number
of Shares |
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| | Lawrence D. Firestone(1) | | | | | | N/A | | | | | | | N/A | | | |
| | James A. Mish(2) | | | | | $ | 357,904 | | | | | | | 1,799 | | | |
| | R. Hugh Kinsman | | | | | $ | 228,555 | | | | | | | 1,149 | | | |
| | John Miller(3) | | | | | | N/A | | | | | | | N/A | | | |
| | Peter Ferola(4) | | | | | $ | 256,149 | | | | | | | 1,288 | | | |
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2024 PROXY STATEMENT | 20
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2024 PROXY STATEMENT | 21
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Name and Principal Position
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Year
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Salary
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Bonus(1)
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Option
Awards |
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Restricted
Stock Unit Awards(2) |
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Non-Equity
Incentive Compensation |
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All Other
Compensation(3) |
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Total
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Lawrence D. Firestone(4)
Chief Executive Officer |
| | | | 2023 | | | | | $ | 32,692 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 32,692 | | |
R. Hugh Kinsman(5)
Former Chief Financial Officer |
| | | | 2023 | | | | | $ | 358,600 | | | | | $ | 185,000 | | | | | $ | — | | | | | $ | 228,555 | | | | | $ | — | | | | | $ | 19,432 | | | | | $ | 791,497 | | |
| | | 2022 | | | | | $ | 160,033 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 90,575 | | | | | $ | 4,646 | | | | | $ | 255,254 | | | ||
John J. Miller(6)
President of Tobacco |
| | | | 2023 | | | | | $ | 422,515 | | | | | $ | 185,000 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 24,016 | | | | | $ | 631,531 | | |
| | | 2022 | | | | | $ | 277,836 | | | | | $ | — | | | | | $ | — | | | | | $ | 982,500 | | | | | $ | 160,000 | | | | | $ | 19,625 | | | | | $ | 1,439,961 | | | ||
James A. Mish(7)
Former Chief Executive Officer |
| | | | 2023 | | | | | $ | 320,281 | | | | | $ | — | | | | | $ | — | | | | | $ | 357,904 | | | | | $ | — | | | | | $ | 28,593 | | | | | $ | 706,778 | | |
| | | 2022 | | | | | $ | 470,976 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,025,989 | | | | | $ | 481,950 | | | | | $ | 32,179 | | | | | $ | 4,011,094 | | | ||
| | | 2021 | | | | | $ | 452,763 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,440,000 | | | | | $ | 608,000 | | | | | $ | 33,721 | | | | | $ | 2,534,484 | | | ||
Peter Ferola(8)
Former Chief Legal Officer |
| | | | 2023 | | | | | $ | 388,140 | | | | | $ | 250,000 | | | | | $ | — | | | | | $ | 256,149 | | | | | $ | — | | | | | $ | 25,647 | | | | | $ | 919,936 | | |
Name
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Year
|
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Fringe
Benefits* |
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Severance
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Employer
Contributions to Company 401(k) Plan |
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All Other
Compensation Total |
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Lawrence D. Firestone | | | | | 2023 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
R. Hugh Kinsman | | | | | 2023 | | | | | $ | 9,038 | | | | | $ | — | | | | | $ | 10,304 | | | | | $ | 19,342 | | |
John J. Miller | | | | | 2023 | | | | | $ | 16,349 | | | | | $ | — | | | | | $ | 7,667 | | | | | $ | 24,016 | | |
James A. Mish | | | | | 2023 | | | | | $ | 18,455 | | | | | $ | — | | | | | $ | 10,138 | | | | | $ | 28,593 | | |
Peter Ferola | | | | | 2023 | | | | | $ | 16,882 | | | | | $ | — | | | | | $ | 8,765 | | | | | $ | 25,647 | | |
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2024 PROXY STATEMENT | 22
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Name
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Grant Date
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Date of Board
Action |
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Restricted
Stock Unit Awards: Number of Shares of Stock (#)(1) |
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Stock
Option Awards: Number of Shares (#) |
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Exercise
Price of Option Awards ($) |
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Grant Date
Fair Value Restricted Stock Units, Stock Awards and Option Awards ($)(3) |
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Lawrence D. Firestone | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
R. Hugh Kinsman | | | | | 3/14/2023 | | | | | | 3/14/2023 | | | | | | 1,149(2) | | | | | | — | | | | | | — | | | | | $ | 228,555 | | |
John J. Miller | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
James A. Mish | | | | | 3/14/2023 | | | | | | 3/14/2023 | | | | | | 1,799(2)(4) | | | | | | — | | | | | | — | | | | | $ | 357,904 | | |
Peter Ferola | | | | | 3/14/2023 | | | | | | 3/14/2023 | | | | | | 1,288(2)(5) | | | | | | — | | | | | | — | | | | | $ | 256,149 | | |
Name
|
| |
Number of
Securities Underlying Unexercised Options Exercisable (#) |
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Number of
Securities Underlying Unexercised Options Unexercisable (#) |
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Option
Exercise Price |
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Option
Expiration Date |
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Equity Incentive Plan
Awards: Number of Unearned Shares, Restricted Stock Units or Other Rights That Have Not Vested (#) |
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Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Restricted Stock Units or Other Rights That Have Not Vested ($)(3) |
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Lawrence D. Firestone | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
R. Hugh Kinsman | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,149(1) | | | | | $ | 3,419 | | |
John J. Miller | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,500(2) | | | | | $ | 7,440 | | |
James A. Mish | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
Peter Ferola | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | — | | |
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2024 PROXY STATEMENT | 23
|
|
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Option Awards
|
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Stock Awards
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Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value
Realized on Exercise ($) |
| |
Number of
Shares Acquired on Vesting (#) |
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Value
Realized on Vesting ($)(1) |
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Lawrence D. Firestone | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
R. Hugh Kinsman | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
John J. Miller | | | | | — | | | | | $ | — | | | | | | 625 | | | | | $ | 124,350 | | |
James A. Mish | | | | | — | | | | | $ | — | | | | | | 3,204 | | | | | $ | 670,494 | | |
Peter Ferola | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
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Summary Compensation Table Total
for Principal Executive Officer (PEO)(1) |
| |
Compensation Actually Paid to PEO(2)
|
| |
Average
Summary Compensation Table Total for Non-PEO NEOs(1) |
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Average
Compensation Actually Paid to Non-PEO NEOs(3) |
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Value of Initial
Fixed $100 Investment Based on Total Shareholder Return(4) |
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Net
Income (Loss) ($000’s)(5) |
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Year
|
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James A
Mish |
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John J.
Miller |
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Lawrence D.
Firestone |
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James A.
Mish |
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John J.
Miller |
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Lawrence D.
Firestone |
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2023 | | | | $ | 706,778 | | | | | $ | 221,468 | | | | | $ | 32,692 | | | | | $ | (529,515) | | | | | $ | 25,450 | | | | | $ | 32,692 | | | | | $ | 707,165 | | | | | $ | 425,756 | | | | | $ | 0.56 | | | | | $ | (140,775) | | |
2022 | | | | $ | 4,011,094 | | | | | $ | N/A | | | | | $ | N/A | | | | | $ | 1,495,978 | | | | | $ | N/A | | | | | $ | N/A | | | | | $ | 888,087 | | | | | $ | 411,232 | | | | | $ | 42 | | | | | $ | (59,801) | | |
2021 | | | | $ | 2,534,464 | | | | | $ | N/A | | | | | $ | N/A | | | | | $ | 2,829,984 | | | | | $ | N/A | | | | | $ | N/A | | | | | $ | 1,301,446 | | | | | $ | 1,492,488 | | | | | $ | 140 | | | | | $ | (32,609) | | |
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2024 PROXY STATEMENT | 24
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Year
|
| |
PEO
|
| |
Less:
Total Equity Compensation |
| |
Plus:
Value Of Awards Granted During Current Year |
| |
Plus (Less):
Year over Year Change in Fair Value Of Unvested Awards |
| |
Plus (Less):
Vesting Date Value Of Awards that Vested During Current Year |
| |
Less: Value
of Awards Forfeited During Current Year |
| |
Total
Adjustments |
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2023 | | | James A. Mish | | | | $ | (357,904) | | | | | $ | — | | | | | $ | — | | | | | $ | (37,677) | | | | | $ | (840,712) | | | | | $ | (1,236,293) | | |
2023 | | | John. J. Miller | | | | $ | — | | | | | $ | — | | | | | $ | (191,179) | | | | | $ | (4,839) | | | | | $ | — | | | | | $ | (196,019) | | |
2023 | | |
Lawrence D. Firestone
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
2022 | | | James A. Mish | | | | $ | (3,025,989) | | | | | $ | 1,272,573 | | | | | $ | (650,700) | | | | | $ | (111,000) | | | | | $ | — | | | | | $ | (2,515,116) | | |
2021 | | | James A. Mish | | | | $ | (1,440,000) | | | | | $ | 1,390,500 | | | | | $ | — | | | | | $ | 345,000 | | | | | $ | — | | | | | $ | 295,500 | | |
Year
|
| |
Less:
Total Equity Compensation |
| |
Plus:
Value Of Awards Granted During Current Year |
| |
Plus (Less):
Year over Year Change in Fair Value Of Unvested Awards |
| |
Plus (Less):
Vesting Date Value Of Awards that Vested During Current Year |
| |
Plus: Value
of Award Granted and Vested During Current Year |
| |
Total
Adjustments |
| ||||||||||||||||||
2023 | | | | $ | (161,568) | | | | | $ | 1,140 | | | | | $ | (117,994) | | | | | $ | (2,987) | | | | | $ | — | | | | | $ | (281,409) | | |
2022 | | | | $ | (396,380) | | | | | $ | 160,417 | | | | | $ | (52,056) | | | | | $ | (227,908) | | | | | $ | 39,072 | | | | | $ | (476,855) | | |
2021 | | | | $ | (736,317) | | | | | $ | 648,900 | | | | | $ | 159,275 | | | | | $ | 119,184 | | | | | $ | — | | | | | $ | 191,042 | | |
| | | |
2024 PROXY STATEMENT | 25
|
|
| | | |
2024 PROXY STATEMENT | 26
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|
| | | |
2024 PROXY STATEMENT | 27
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|
| | | |
2024 PROXY STATEMENT | 28
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|
| | | |
2024 PROXY STATEMENT | 29
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|
| | | |
2024 PROXY STATEMENT | 30
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|
| | | |
2024 PROXY STATEMENT | 31
|
|
| | | |
2024 PROXY STATEMENT | 32
|
|
| | | |
2024 PROXY STATEMENT | 33
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|
| | | |
2024 PROXY STATEMENT | 34
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|
| | | |
2024 PROXY STATEMENT | 35
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| | | |
2024 PROXY STATEMENT | 36
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|
| | | |
2024 PROXY STATEMENT | 37
|
|
| | |
Number of securities to
be issued upon exercise of outstanding options, and restricted stock units, (a) |
| |
Weighted average
exercise price of outstanding options (b) |
| |
Number of securities
remaining available for issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
| |||||||||
Equity compensation plans approved by security holders
|
| | | | 23,410(1) | | | | | $ | 421.51 | | | | | | 606,406 | | |
Equity compensation plans not approved by security holders
|
| | | | — | | | | | | N/A | | | | | | — | | |
Total
|
| | | | 23,410 | | | | | | — | | | | | | 606,406(2) | | |
| | | |
2024 PROXY STATEMENT | 38
|
|
| | | |
2024 PROXY STATEMENT | 39
|
|
| | | |
2024 PROXY STATEMENT | 40
|
|
| | | |
2024 PROXY STATEMENT | 41
|
|
| |
Common Stock Ownership after full conversion of Debentures
|
| | ||||||||||||||
| | | | | |
Number of Common Stock Shares
|
| | |
% Ownership of Common Stock
|
| | ||||||
| | Number of Shares issued to JGB | | | | | | 6,895,312 | | | | | | | 53% | | | |
| | Number of Shares held by all other Shareholders | | | | | | 6,046,560 | | | | | | | 47% | | | |
| |
Common Stock Ownership after 50% conversion of Debentures
|
| | ||||||||||||||
| | | | | |
Number of Common Stock Shares
|
| | |
% Ownership of Common Stock
|
| | ||||||
| | Number of Shares issued to JGB | | | | | | 3,447,656 | | | | | | | 36% | | | |
| | Number of Shares held by all other Shareholders | | | | | | 6,046,560 | | | | | | | 64% | | | |
| | | |
2024 PROXY STATEMENT | 42
|
|
| | | |
2024 PROXY STATEMENT | 43
|
|
| | |
2023
|
| |
2022
|
| ||||||
Audit fees | | | | $ | 570,000 | | | | | $ | 430,100 | | |
Audit-related fees | | | | | — | | | | | | — | | |
Tax fees | | | | | — | | | | | | — | | |
All other fees | | | | | — | | | | | | — | | |
| | | | $ | 570,000 | | | | | $ | 430,100 | | |
| | | |
2024 PROXY STATEMENT | 44
|
|
| | | |
2024 PROXY STATEMENT | 45
|
|
Name of Beneficial Owner
|
| |
Number of
Shares Beneficially Owned |
| |
Percentage
Beneficially Owned(1) |
| ||||||
Management and Directors: | | | | | | | | | | | | | |
Lawrence D. Firestone | | | | | 6,250 | | | | | | * | | |
John Miller(2) | | | | | 938 | | | | | | * | | |
R. Hugh Kinsman(3) | | | | | 601 | | | | | | * | | |
Andrew Arno | | | | | 6,250 | | | | | | * | | |
Richard M. Sanders | | | | | 2,387 | | | | | | * | | |
Michael Koganov | | | | | 1,283 | | | | | | * | | |
Anthony Johnson | | | | | 918 | | | | | | * | | |
Lucille Salhany | | | | | 650 | | | | | | * | | |
All directors and executive officers as a group (8 persons)(2) – (3)
|
| | | | 19,277 | | | | | | 0.3% | | |
| | | |
2024 PROXY STATEMENT | 46
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| | | |
2024 PROXY STATEMENT | 47
|
|
| | | |
2024 PROXY STATEMENT | 48
|
|