Seneca Foods Corp 10-Q

Item 5. Other Information   On February 9, 2022 the Board of Directors of Seneca Foods Corporation (the "Company") amended and restated the Company's Executive Profit Sharing Bonus Plan and the Company's Manager Profit Sharing Bonus Plan (each a "Plan" and collectively, the "Plans").   As amended, the performance criteria established under each Plan requires the Company's pre-tax profits for a fiscal year, calculated on a FIFO basis and adjusted to account for non-operating items such as unusual non-recurring gains or losses on asset sales, impairments and restructuring charges (“Annual Adjusted Earnings”), to equal or exceed a specific bonus target. The bonus target under each Plan is expressed as a percentage of the average Annual Adjusted Earnings for the prior ten-year period (“Average Adjusted Earnings”). The bonus targets range from 0% to 200% of Average Adjusted Earnings with each bonus target corresponding to a potential bonus payment calculated as a percentage of the employee's base salary earned during the fiscal year. As amended, the potential bonus payments under the Executive Profit Sharing Bonus Plan range from 10% to 50% of base salary and the potential bonus payments under the Manager Profit Sharing Bonus Plan range from 2.5% to 12.5% of base salary.   The foregoing discussion is qualified in its entirety by the terms and provisions of the Company's Executive Profit Sharing Bonus Plan and the Company's Manager Profit Sharing Bonus Plan which are to be filed as exhibits to the Company’s Annual Report on Form 10-K for the year ending March 31, 2022, and are incorporated herein by reference.   21 Table of Contents   Item 6. Exhibits   31.1 Certification of Paul L. Palmby pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)   31.2 Certification of Timothy J. Benjamin pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)   32 Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)     101.INS Inline XBRL Instance Document (filed herewith). 101.1.SCH Inline XBRL Taxonomy Extension Calculation Schema Document (filed herewith). 101.2.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). 101.3.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). 101.4.LAB Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith). 101.5.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). 104 Cover page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*)   22 Table of Contents   SIGNATURES     Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.         Seneca Foods Corporation       (Company)                       /s/Paul L. Palmby       Paul L. Palmby       President and Chief Executive Officer               February 10, 2022           /s/ Timothy J. Benjamin       Timothy J. Benjamin       Chief Financial Officer               February 10, 2022       23