BG STAFFING, INC.
10-Ks and 10-Qs
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(RULE 14a-101)
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
Exchange Act of 1934
Filed by the Registrant
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Filed by a Party other than the Registrant
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Check the appropriate box:
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Preliminary Proxy Statement
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CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(E)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to § 240.14a-12
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Payment of Filing Fee (Check the appropriate box):
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No fee required.
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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Title of each class of securities to which transaction applies:
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| (2) |
Aggregate number of securities to which transaction applies:
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| (3) |
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11
(set forth the amount on which the filing fee is calculated and state how it was determined): |
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| (4) |
Proposed maximum aggregate value of transaction:
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| (5) |
Total fee paid:
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
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BGSF
Notice of 2025 Annual Meeting of Stockholders
Wednesday, November 5, 2025
12:00 PM CST
BGSF, Inc. (
“
BGSF
”)
5830 Granite Parkway, Suite 140B
Plano, Texas 75024
Plano, Texas 75024
The 2025 Annual Meeting of Stockholders of BGSF will be held on Wednesday, November 5, 2025, at
12:00 PM CST
, on the first floor, Suite 140B, located at 5830 Granite Parkway, Plano, TX, 75024, for the following purposes:
1.
To elect the Class II directors nominated by the Board of Directors;
2.
To ratify the Audit Committee’s appointment of Whitley Penn LLP as our independent registered public accounting firm for the 2025 fiscal year ending December 28, 2025;
3.
To amend BGSF's 2013 Long-Term Incentive Plan to add an additional 250,000 shares of common stock available for issuance;
4.
To amend BGSF's 2020 Employee Stock Purchase Plan to add an additional 250,000 shares of common stock available for issuance;
5.
To conduct an advisory vote to approve named executive officer compensation (“Say-on-Pay Vote”).
6.
To conduct an advisory vote on how frequently shareholders will be provided a “Say-on-Pay” Vote; and
7.
To transact other business that properly comes before the meeting.
Only stockholders of record at the close of business on September 12, 2025, are entitled to receive notice of and to vote at the annual meeting and at any and all adjournments or postponements thereof.
The Notice of 2025 Annual Meeting of Stockholders and Proxy Statement for the annual meeting is being made available to our stockholders on or about September 26, 2025 on the Internet or, upon request, in printed form by mail. Instructions on how to access and review the proxy materials on the Internet can be found on the proxy card and on the Notice of Internet Availability of Proxy Materials (the “Notice”). The Notice will also include instructions for stockholders on how to access the proxy card to vote over the Internet.
Your vote is important, and whether or not you plan to attend the annual meeting, please vote as promptly as possible. We encourage you to vote via the Internet, as it is the most convenient and cost-effective method of voting. You may also vote by mail (if you received paper copies of the proxy materials). Instructions regarding both methods of voting are included in the Notice, the proxy card and the Proxy Statement.
Thank you in advance for voting and for your support of BGSF.
By order of the Board of Directors,
|
/s/
Keith Schroeder
|
|||||
Keith Schroeder
Interim Co-Chief Executive Officer, Chief Financial Officer, and Secretary
September 16, 2025
Plano, Texas
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Table of Contents
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||||||||
| QUESTIONS AND ANSWERS ABOUT THE 2025 ANNUAL MEETING AND VOTING PROCEDURES | ||||||||
| PROPOSAL ONE: | ELECTION OF DIRECTORS | |||||||
| BOARD INFORMATION | ||||||||
| DIRECTOR COMPENSATION | ||||||||
| CORPORATE GOVERNANCE | ||||||||
| PROPOSAL TWO: |
RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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|||||||
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AUDIT COMMITTEE REPORT
|
||||||||
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E
XECUTIVE OFFICERS
|
||||||||
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PROPOSAL THREE:
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AMENDMENT TO THE 2013 BGSF LONG-TERM INCENTIVE PLAN
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|||||||
| 2013 LONG-TERM INCENTIVE PLAN | ||||||||
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PROPOSAL FOUR:
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AMENDMENT TO THE 2020 BGSF EMPLOYEE STOCK PURCHASE PLAN
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|||||||
| 2020 EMPLOYEE STOCK PURCHASE PLAN | ||||||||
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PROPOSAL FIVE:
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ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION (
“
SAY-ON-PAY VOTE
”
)
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|||||||
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PROPOSAL SIX:
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ADVISORY VOTE ON HOW FREQUENTLY SHAREHOLDERS WILL BE PROVIDED A
“
SAY-ON-PAY
”
VOTE
|
|||||||
| RELATED PERSON TRANSACTIONS | ||||||||
| SECTION 16(a) REPORTS | ||||||||
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | ||||||||
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SUBMISSION OF STOCKHOLDER PROPOSALS
|
||||||||
| OTHER BUSINESS | ||||||||
| ANNEX A - 2013 LONG-TERM INCENTIVE PLAN (WITH PROPOSED AMENDMENT) | ||||||||
| ANNEX B - 2020 EMPLOYEE STOCK PURCHASE PLAN (WITH PROPOSED AMENDMENT) | ||||||||
BGSF
5850 Granite Parkway, Suite 730
Plano, Texas 75024
(Principal Executive Offices)
PROXY STATEMENT
_____________________________________
This Proxy Statement is furnished in connection with the solicitation of proxies by BGSF, Inc. (“BGSF”, “we”, “us”, or “our”), on behalf of its Board of Directors (the “Board”), for the 2025 Annual Meeting of Stockholders. This Proxy Statement and related proxy materials are being made available to our stockholders on the Internet or, upon request, mailed to our stockholders on or about September 26, 2025.
QUESTIONS AND ANSWERS ABOUT THE
2025
ANNUAL MEETING AND VOTING PROCEDURES
Why did I receive a notice in the mail regarding the Internet availability of proxy materials instead of a full set of proxy materials?
In accordance with rules adopted by the Securities and Exchange Commission (“SEC”), we are making this Proxy Statement and our Annual Report on Form 10-K for the fiscal year ended December 29, 2024 (the “Form 10-K”) available on the Internet. If you received the Notice by mail and would prefer to receive a printed copy of our proxy materials, please follow the instructions for requesting printed copies included in the Notice. The Notice also contains instructions on how to access and review all of the important information contained in the proxy materials provided on the Internet, including how you may submit your proxy over the Internet.
Who may vote?
Stockholders of record as of the close of business on September 12, 2025, the record date for the annual meeting, may vote at the meeting. Each share of common stock entitles the holder to one vote per share. As of September 12, 2025 there were 11,172,258 shares of our common stock outstanding.
What constitutes a quorum?
The holders of a majority of our outstanding shares of common stock entitled to vote at the annual meeting must be represented at the annual meeting in person or by proxy to have a quorum. Any stockholder present at the annual meeting, either in person or by proxy, but who abstains from voting, will be counted for purposes of determining whether a quorum exists.
BGSF
– 2024 Proxy Statement –
1
How do I vote?
You cannot vote your shares of common stock unless you are present at the meeting or you have previously given your proxy. You can vote by proxy in one of the following two convenient ways:
•
If you received your proxy materials by mail, you can vote by mail by completing, signing, dating and returning the proxy card in the enclosed envelope; or
•
on the Internet, by visiting the website shown on the Notice or the proxy card and following the instructions.
How will the proxies be voted?
All properly executed proxies, unless revoked as described below, will be voted at the meeting in accordance with your directions on the proxy. If a properly executed proxy does not provide instructions, the shares of common stock represented by your proxy will be voted:
•
“
FOR
” the election of Richard L. Baum, Jr. and Paul A. Seid, as Class II directors;
•
“
FOR
” the ratification of the Audit Committee’s appointment of Whitley Penn LLP as our independent registered public accounting firm for the 2025 fiscal year ending December 28, 2025;
•
“
FOR
” the amendment to add an additional 250,000 shares of common stock available for issuance to the 2013 Long-Term Incentive Plan;
•
“
FOR
” the amendment to add an additional 250,000 shares of common stock available for issuance to the 2020 Employee Stock Purchase Plan;
•
“
FOR
”
the non-binding advisory resolution to approve the compensation of our named executive officers (“Say-on-Pay Vote”).
•
“
EVERY THREE YEARS
”
the proposal on the frequency shareholders will be provided a “Say-on-Pay” Vote.
The proxy holders will use their discretion on any other matters that properly come before the meeting. Unless otherwise stated, all shares represented by your completed, returned, and signed proxy will be voted as described above. If you are voting on the Internet, the proxies will be voted in accordance with your voting instructions. If you are voting on the Internet, your voting instructions must be received by 11:59 p.m., Eastern Standard Time, on November 4, 2025.
How may I revoke my proxy?
You may revoke your proxy at any time before or at the annual meeting (in each case, before the vote at the annual meeting) by:
•
Delivering a signed, written revocation letter, dated later than the proxy, to Keith Schroeder, Interim Co-Chief Executive Officer, Chief Financial Officer, and Secretary, at 5850 Granite Parkway, Suite 730, Plano, Texas 75024;
•
Voting at a later time on the Internet, if you previously voted on the Internet; or
•
Attending the meeting and voting in person or by proxy (if your shares are held in street name, you will need a proper legal proxy from the stockholder of record in order to vote your shares in person at the meeting). Attending the meeting alone will not revoke your proxy.
BGSF
– 2024 Proxy Statement –
2
How many votes must each proposal receive to be adopted?
The election of our Class II directors require the affirmative vote of a plurality of the shares of common stock cast at the meeting. You may only vote “FOR” or “WITHHELD” with respect to election of directors, and as a result, there will not be any abstentions on this proposal. Broker non-votes will have no effect on the outcome of this proposal.
The affirmative vote of a majority of shares present in person or represented by proxy is required to ratify Whitley Penn LLP as our independent registered public accounting firm. Abstentions will have the same effect as a vote against, and brokers are permitted to exercise their discretion to vote uninstructed shares on this proposal.
The affirmative vote of a majority of shares present virtually in person or represented by proxy is required to ratify the amendment to the 2013 Long-Term Incentive Plan to add an additional 250,000 shares of common stock available for issuance. Broker non-votes will have no effect on the outcome of this proposal, and abstentions will count against the vote to ratify such amendment.
The affirmative vote of a majority of shares present virtually in person or represented by proxy is required to ratify the amendment to the 2020 Employee Stock Purchase Plan to add an additional 250,000 shares of common stock available for issuance. Broker non-votes will have no effect on the outcome of this proposal, and abstentions will count against the vote to ratify such amendment.
The affirmative vote of the majority of shares present in person or represented by proxy is required to: (i) approve, on a non-binding advisory basis, the Company’s named executive officer compensation; and (ii) indicate, on a non-binding advisory basis, the frequency of an advisory vote on the Company's named executive officer compensation (if none of the three frequency choices receives a majority, the choice that receives the plurality of votes cast will be deemed preferred alternative of our stockholders). Abstentions as to these proposals will have the same effect as votes “AGAINST” such proposal, and “broker non-votes” will not have any effect on the outcome of such proposal.
What are broker non-votes?
Broker non-votes occur when nominees, such as banks and brokers, holding shares on behalf of beneficial owners, or clients, do not receive voting instructions from the clients. Brokers holding shares of record for clients generally are not entitled to vote on certain matters unless they receive voting instructions from their clients. In the event that a broker does not receive voting instructions for these matters, a broker may notify us that it lacks voting authority to vote those shares. These broker non-votes refer to votes that could have been cast on the matter in question by brokers with respect to uninstructed shares if the brokers had received their client's instructions. These broker non-votes will be included in determining whether a quorum exists.
Your bank or broker is not permitted to vote your uninstructed shares in the election of directors or the non-binding advisory resolution to approve named executive officer compensation. Thus, if you hold your shares in street name and you do not instruct your bank or broker how to vote, no votes will be cast on your behalf in such matters. To be sure your shares are voted in the manner you desire, you should instruct your broker how to vote your shares.
Who is soliciting this proxy?
The Board is soliciting this proxy. In addition to the solicitation of proxies by mail, proxies may also be solicited by telephone, electronic mail or personal interview. The Company will bear the cost of any solicitation. We will reimburse banks, brokers, custodians, nominees and fiduciaries for reasonable expenses they incur in sending these proxy materials to you if you are a beneficial holder of our shares.
BGSF
– 2024 Proxy Statement –
3
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PROPOSAL ONE:
|
ELECTION OF DIRECTORS
|
||||
What is the organizational structure of the Board?
The number of directors currently constituting our entire Board is five. The directors are divided into three classes. In general, directors in each class serve for a term of three years.
How many directors are to be elected?
Two Class II directors are to be elected by our stockholders.
Who is the board nominee?
Our Board, upon recommendation of the Nominating and Corporate Governance Committee, has nominated Richard L. Baum, Jr. and Paul A. Seid to be re-elected as Class II directors, by the stockholders. Mr. Baum and Mr. Seid have agreed to stand for re-election. However, should any of them become unable or unwilling to accept nomination or election, the shares of common stock voted for Mr. Baum and Mr. Seid by proxy will be voted for the election of a substitute nominee whom the proxy holders believe will carry out our present policies. Our Board has no reason to believe that Mr. Baum and Mr. Seid will be unable or unwilling to serve if elected and, to the knowledge of the Board, each intends to serve the entire term for which election is sought.
We urge you to vote “FOR” Mr. Baum and Mr. Seid as Class II directors.
Richard L. Baum, Jr.
Independent Director
Age: 65
Director Since: 2013
Committees Served: Audit Committee, Compensation Committee (Chair), Nominating and Corporate Governance Committee (Chair)
Age: 65
Director Since: 2013
Committees Served: Audit Committee, Compensation Committee (Chair), Nominating and Corporate Governance Committee (Chair)
Richard L. Baum, Jr. served on the board of managers of LTN Acquisition, LLC (the former parent of the predecessor to BGSF, Inc.) since its inception and was appointed to serve on our Board in November 2013. Mr. Baum joined Taglich Private Equity LLC in 2005 and currently is an active director with a number of private companies where Taglich has an investment. Prior to joining Taglich, Mr. Baum led a group that purchased a private equity portfolio from Transamerica Business Credit. From 1998 to 2003, Mr. Baum was a Managing Director in the small business merger and acquisition practices of Wachovia Securities and its predecessor, First Union Securities. From 1988 through 1998, Mr. Baum was a Principal with the Mid-Atlantic Companies, Ltd., a financial services firm acquired by First Union in 1998. Mr. Baum received a Bachelor of Science from Drexel University and a Master of Business Administration from the Wharton School of the University of Pennsylvania. Our Board benefits from Mr. Baum's perspective and experience with our ongoing operations and strategy that he has obtained through his prolonged service to the Company and due to his ability to assist with the evaluation of potential acquisitions.
BGSF
– 2024 Proxy Statement –
4
Paul A. Seid
Independent Director
Age: 77
Director Since: 2014
Committees Served: Compensation Committee, Nominating and Corporate Governance Committee
Age: 77
Director Since: 2014
Committees Served: Compensation Committee, Nominating and Corporate Governance Committee
Since 2010, Mr. Seid has served on the board of directors of BioVentrix, a medical device company. Starting in 2013, he has served as Chief Executive Officer of RST Automation, a maker of hospital robotic devices which was established 2004. For the past eighteen years he has been President of Strategic Data Marketing, a research and data collection company. He has also founded, bought and/ or sold over twenty companies in Asia, Europe, North, and South America. Mr. Seid graduated from Queen’s College, a division of the City University of New York, in 1968 with a Bachelor’s degree in Political Science. Mr. Seid has held numerous other board of directors and consulting positions. Our Board benefits from Mr. Seid’s extensive experience growing diverse businesses.
Who are the continuing members of the Board?
The terms of the following three members of our Board will continue past the annual meeting.
Term to Expire at the 2026 Annual Meeting:
C. David Allen, Jr.
Independent Director
Age: 61
Director Since: 2014
Committees Served: Audit Committee, Compensation Committee
Age: 61
Director Since: 2014
Committees Served: Audit Committee, Compensation Committee
Since March 2024, Mr. Allen has served as Chief Financial Officer of Fortis Healthcare Solutions, a One Equity Partners portfolio company, a provider of healthcare solutions to commercial and government customers across the United States. Starting in 2022, Mr. Allen has served as Chief Financial Officer of Life Sciences Logistics, a Blackstone portfolio company. From 2016 to 2022, Mr. Allen has served as Chief Financial Officer of Smart Start, LLC, a provider of automotive technology products. Prior to Smart Start, from 2015 to 2016, Mr. Allen has served as Chief Financial Officer of Graebel Vanlines Holdings, LLC, a provider of commercial and residential logistics, moving and storage services. Prior to Graebel, from 2009 to 2015, Mr. Allen served as an officer of Snelling Services, LLC, a workforce solutions provider. From 2010 to 2015, Mr. Allen served as President and Chief Executive Officer. From 2009 to 2010 he served as Chief Financial Officer. Prior to Snelling, Mr. Allen served for three years as Chief Operating Officer and six years as Chief Financial Officer for Telvista Inc., a business process outsourcer providing customer relationship management solutions. He earned a Master of Business Administration degree from the Tuck School at Dartmouth College in 1993 and received a Bachelor of Business Administration from Stephen F. Austin State University with honors in 1986. Our Board benefits from Mr. Allen’s extensive experience in the workforce solutions industry as well as his financial expertise.
Douglas E. Hailey
Independent Director
Age: 63
Age: 63
Director Since: 2013
Committees Served: Audit Committee (Chair), Nominating and Corporate Governance Committee
Committees Served: Audit Committee (Chair), Nominating and Corporate Governance Committee
Douglas E. Hailey served on the board of managers of LTN Acquisition, LLC (the former parent of the predecessor to BGSF, Inc.) since its inception and was appointed to our Board in November 2013. Mr. Hailey is the managing director of Taglich Private Equity LLC. Mr. Hailey joined Taglich Brothers, Inc. in 1994 as Head of Investment Banking and is an employee, not a partner, director, shareholder or executive officer. Taglich Brothers, Inc. is not an affiliate of Taglich Private Equity LLC. He co-led the private equity initiative in 2001 and currently participates in evaluating and executing new investments. Prior to joining Taglich Brothers, Inc., Mr. Hailey spent five years with Weatherly Financial Group, assisting in sponsoring leveraged buyouts and five years in structured finance lending at Heller Financial and the Bank of New York. He received a Bachelor of Business Administration from Eastern New Mexico University and a Master of Business Administration in Finance from the University of Texas. Our Board benefits from Mr. Hailey’s perspective and experience with our ongoing operations and strategy that he has obtained through his prolonged service to the Company and due to his ability to assist with the evaluation of potential acquisitions.
BGSF
– 2024 Proxy Statement –
5
Term to Expire at the 2027 Annual Meeting:
Donna Carroll
Independent Director
Age: 60
Director Since: 2023
Committees Served: Audit Committee, Compensation Committee
Age: 60
Director Since: 2023
Committees Served: Audit Committee, Compensation Committee
Ms. Carroll has served as the Founder and President of Human Factor, LLC, a provider of advisory, consulting, and leadership development services to private, public, and non-profit organizations since July 2020. From January 2017 to July 2020, Ms. Carroll served, among other roles, as Chief Sales Officer of Supplemental Health Care, a private healthcare staffing and professional services company. Ms. Carroll is also member of the Board of Directors of Champions Community Foundation, Inc., on the Leadership Advisory Council of the Women Business Collaborative, and a former advisory Board member of Phaidon International. She attended Kalamazoo Valley Community College and holds a Certificate in Leading Change and Organizational Leadership from the University of Georgia – Terry College of Business, and a Certificate in the Future of Work: Leading Modern Workplaces through the Wharton School of the University of Pennsylvania. Additionally, she is a Certified Professional Coach and COR.E Dynamics | Leadership Dynamics Specialist. Our Board benefits from Ms. Carroll’s substantial experience in the professional services and staffing industry.
BGSF
– 2024 Proxy Statement –
6
BOARD INFORMATION
Independent Directors
Our Board has determined that the following directors are “independent” as defined under the rules of the New York Stock Exchange (“NYSE”): C. David Allen, Jr., Richard L. Baum Jr., Donna Carroll, Douglas E. Hailey, and Paul A. Seid. Our Board considers, among other things, relevant transactions, relationships or arrangements, if any, required to be disclosed by the Company under Item 404 of Regulation S-K in reaching the forgoing conclusion.
Board Meetings
During 2024, our Board met five times, including regularly scheduled and special meetings. Each director attended all regularly scheduled and special meetings of the Board and at least 75% of all applicable Board committee meetings during his or her service as a director.
Board Leadership and Role in Risk Oversight
Meetings of our Board are presided over by our Chairman of the Board, Douglas E. Hailey. Our Board does not have a formal policy addressing whether or not the roles of chair and chief executive officer should be separate or combined. The directors serving on the Board possess considerable professional and industry experience, significant experience as directors of both public and private companies and a unique knowledge of the challenges and opportunities that the Company faces. As such, the Board believes that it is in the best position to evaluate the needs of the Company and to determine how best to organize the Company’s leadership structure to meet those needs. At present, the Board has chosen to separate the positions of chairman and chief executive officer. While the Board believes it is important to retain the flexibility to determine whether the roles of chair and chief executive officer should be separated or combined in one individual, the Board believes that our structure represents the appropriate allocation of roles and responsibilities at this time. Our Board believes that Mr. Hailey is best situated to preside over meetings of our Board because of his familiarity with our business and ability to effectively identify strategic priorities and lead the discussion and execution of strategy. Mr. Hailey works closely with senior management and various Board members to identify appropriate topics of consideration for the Board and to plan effective and informative Board meetings.
Our Board oversees the risk management activities designed and implemented by our management and executes its oversight responsibility for risk management both directly and through its committees. The full Board also considers specific risk topics, including risks associated with our strategic plan, our whistle blower program, cybersecurity, business operations, capital structure, and ESG matters. In addition, our Board receives detailed regular reports from members of our senior management and other personnel that include assessments and potential mitigation of the risks and exposures involved with their respective areas of responsibility.
Our Board delegates to the Audit Committee oversight of our risk management process. Our other Board committees also consider and address risk as they perform their respective committee responsibilities. All committees report to the full Board as appropriate, including when a matter rises to the level of a material or enterprise level risk.
Corporate Governance Guidelines
The Board has adopted Corporate Governance Guidelines on a number of significant matters, including director qualifications, director responsibilities, board committees, director access to officers, employees, and advisors, director compensation, related party transactions, annual performance evaluations, and chief executive officer and director succession. A copy of the Corporate Governance Guidelines is posted on our home office website, under the investor relations tab at www.bgsf.com. The information on our website is not part of this Proxy Statement.
BGSF
– 2024 Proxy Statement –
7
Committees of the Board of Directors
The standing committees of our Board consist of an Audit Committee, a Compensation Committee, and a Nominating and Corporate Governance Committee. Each of the committees reports to our Board as they deem appropriate and as our Board may request. The composition, duties and responsibilities of these committees are set forth below.
Audit Committee
The Audit Committee is responsible for, among other matters: (1) appointing, retaining and evaluating our independent registered public accounting firm and approving all services to be performed by them; (2) overseeing our independent registered public accounting firm’s qualifications, independence and performance; (3) overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC; (4) reviewing and monitoring our accounting principles, accounting policies, financial and accounting controls and compliance with legal and regulatory requirements; (5) establishing procedures for the confidential anonymous submission of concerns regarding questionable accounting, internal controls or auditing matters; (6) reviewing and approving related person transactions; and (7) overseeing the risk management process.
Our Audit Committee consists of C. David Allen, Jr., Richard L. Baum, Jr., Donna Carroll, and Douglas E. Hailey (Chair). We believe that each
qualifies as independent directors according to the rules and regulations of the SEC and NYSE with respect to audit committee membership. We also believe that Mr. Hailey and Mr. Allen qualify as “audit committee financial experts,” as such term is defined in Item 407(d)(5)(ii) of Regulation S-K. Our Board has adopted a written charter for the Audit Committee, which is available on our home office website under the investor relations tab at www.bgsf.com. The information on our website is not part of this Proxy Statement.
The Audit Committee held four meetings in 2024.
Compensation Committee
The Compensation Committee is responsible for, among other matters: (1) reviewing key team member (i.e., employee) compensation goals, policies, plans and programs; (2) reviewing and approving the compensation of our directors, president and chief executive officer and other executive officers; (3) reviewing and approving employment agreements and other similar arrangements between us and our executive officers; and (4) administering our stock plans and other incentive compensation plans, including our 2013 Long-Term Incentive Plan and 2020 Employee Stock Purchase Plan. The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the committee may deem appropriate in its sole discretion. The Compensation Committee may invite such members of management to its meetings as it deems appropriate. However, the Compensation Committee meets regularly without such members present, and in all cases no officer may be present at meetings at which such officer’s compensation or performance is discussed or determined. The Committee has the authority, in its sole discretion, to select, retain and obtain the advice of a compensation consultant as necessary to assist with the execution of its duties and responsibilities. Neither the Compensation Committee nor management engaged a compensation consultant with respect to the 2024 fiscal year.
Our Compensation Committee consists of C. David Allen, Jr., Richard L. Baum, Jr. (Chair), Donna Carroll, and Paul A. Seid. Our Board has adopted a written charter for the Compensation Committee, which is available on our home office website under the investor relations tab at www.bgsf.com. The information on our website is not part of this Proxy Statement.
The Compensation Committee held one meeting in 2024.
Nominating and Corporate Governance Committee
We have a Nominating and Corporate Governance Committee, which identifies, evaluates and recommends qualified nominees to serve on our Board, develops and oversees our internal corporate governance processes and maintains a management succession plan. Our Nominating and Corporate Governance Committee charter defines the committee’s primary duties. The Nominating and Corporate Governance Committee will evaluate nominees for director, including nominees recommended by stockholders, using all relevant criteria, including diversity of experience and background. The Nominating and Corporate Governance Committee will consider any director candidates recommended by the Company’s stockholders provided that the notice and information requirements specified by Section 2.06(b)–(c) of the Bylaws (relating to direct stockholder nominations) are complied with.
Our Nominating and Corporate Governance Committee consists of Richard L. Baum, Jr. (Chair), Douglas E. Hailey, and Paul A. Seid. A copy of the Nominating and Corporate Governance Committee’s charter is posted on our home office website, under the investor relations site at www.bgsf.com. The information on our website is not part of this Proxy Statement.
BGSF
– 2024 Proxy Statement –
8
The Nominating and Corporate Governance Committee held one meeting in 2024.
Other Committees
Our Board may establish other committees as it deems necessary or appropriate from time to time.
Family Relationships
There are no family relationships among any of our executive officers or any of our directors.
BGSF
– 2024 Proxy Statement –
9
DIRECTOR COMPENSATION
Set forth below is a summary of the components of compensation payable to our non-management directors.
Cash Compensation for the 2024 Fiscal Year
We reimburse each member of our Board for all reasonable out-of-pocket expenses incurred in connection with their attendance at meetings of our Board and any committees thereof, including, without limitation, reasonable travel, lodging and meal expenses. Each director who is not also a team member (i.e., employee) or officer of the Company is also entitled to (i) an annual retainer of $45,000 for their service on our Board, and (ii) an annual retainer of $5,000 for audit committee service.
| Name |
Board Member
($) | Audit Committee ($) |
Compensation Committee
($) | Nominating & Corporate Governance Committee ($) |
Chairman of the Board
($) |
Total
($) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| C. David Allen, Jr. | $ | 45,000 | $ | 5,000 | $ | — | $ | — | $ | — | $ | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Richard L. Baum, Jr. | $ | 45,000 | $ | 5,000 | $ | — | $ | — | $ | — | $ | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Donna Carroll | $ | 45,000 | $ | 5,000 | $ | — | $ | — | $ | — | $ | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Douglas E. Hailey | $ | 45,000 | $ | 5,000 | $ | — | $ | — | $ | — | $ | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cynthia Marshall
(1)
|
$ | 45,000 | $ | — | $ | — | $ | — | $ | — | $ | 45,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paul A. Seid | $ | 45,000 | $ | — | $ | — | $ | — | $ | — | $ | 45,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name |
Fees earned or paid in cash
($) |
Stock awards
($)
(*)
|
Option awards
($) (*) |
Non-equity incentive plan
compensation ($) |
Nonqualified deferred
compensation earnings ($) |
All other compensation
($) |
Total
($) |
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| C. David Allen, Jr. | $ | 50,000 | $ | 70,925 | $ | 14,417 | $ | — | $ | — | $ | — | $ | 135,342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Richard L. Baum, Jr. | $ | 50,000 | $ | 70,925 | $ | 14,417 | $ | — | $ | — | $ | — | $ | 135,342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Donna Carroll | $ | 50,000 | $ | 42,473 | $ | 9,599 | $ | — | $ | — | $ | — | $ | 102,072 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Douglas E. Hailey | $ | 50,000 | $ | 70,925 | $ | 14,417 | $ | — | $ | — | $ | — | $ | 135,342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Cynthia Marshall
(1)
|
$ | 45,000 | $ | 70,925 | $ | 14,417 | $ | — | $ | — | $ | — | $ | 130,342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Paul A. Seid | $ | 45,000 | $ | 70,925 | $ | 14,417 | $ | — | $ | — | $ | — | $ | 130,342 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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By telephone:
972-692-2400 |
By mail:
BGSF, Inc. Attn: Corporate Secretary
5850 Granite Parkway, Suite 730
Plano, Texas 75024
|
By e-mail:
InvestorRelations@BGSF.com |
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| PROPOSAL TWO: | RATIFICATION OF THE SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | ||||
The Audit Committee appointed Whitley Penn LLP as our independent registered public accounting firm for the 2025 fiscal year ending December 28, 2025 and Whitley Penn LLP has served in this capacity since 2013. Our Board has further directed that we submit the selection of our independent registered public accounting firm for ratification by our stockholders at the 2025 annual meeting.
Representatives of Whitley Penn LLP will attend the annual meeting and will be available to respond to appropriate questions and, although the firm has indicated that no statement will be made, an opportunity for a statement will be provided.
The Audit Committee reviews and pre-approves both audit and all permissible non-audit services provided by our independent registered public accounting firm, and accordingly, all services and fees in the 2024 and 2023 fiscal years provided by Whitley Penn LLP were pre-approved by the Audit Committee. The Audit Committee has considered whether the provision of services, other than services rendered in connection with the audit of our annual financial statements, is compatible with maintaining Whitley Penn LLP’s independence. The Audit Committee has determined that the rendering of non-audit services by Whitley Penn LLP during the fiscal years ended December 29, 2024 and December 31, 2023 was compatible with maintaining the firm’s independence.
Stockholder ratification of the selection of Whitley Penn LLP as our independent registered public accounting firm is not required by our Bylaws or otherwise. However, our Board is submitting the selection of Whitley Penn LLP to the stockholders for ratification as a matter of good corporate practice. The Audit Committee believes it to be in the best interests of our stockholders to retain, and has retained, Whitley Penn LLP as our independent registered public accounting firm for the 2025 fiscal year ending December 28, 2025. If the stockholders fail to ratify the selection, the Audit Committee will reconsider whether or not to continue the retention of Whitley Penn LLP. Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of a different independent registered public accounting firm at any time during the year if they determine that such a change would be in our best interests and those of our stockholders. The Audit Committee annually reviews the performance of our independent registered public accounting firm and the fees charged for their services. Based upon the Audit Committee’s analysis of this information, the Audit Committee will determine which registered independent public accounting firm to engage to perform our annual audit each year.
Our Board recommends that you vote “
FOR
” the proposal to ratify the selection of Whitley Penn LLP as our independent registered public accounting firm for the 2025 fiscal year ending December 28, 2025.
Principal Accountant Fees and Services
Aggregate fees billed or incurred related to the following years for professional services rendered by Whitley Penn LLP for the fiscal years ended December 29, 2024 and December 31, 2023 are set forth below.
| 2024 | 2023 | |||||||||||||
|
Audit Fees
(1)
|
$ | 464,056 | $ | 307,317 | ||||||||||
|
Audit-Related Fees
(2)
|
85,163 | 185,185 | ||||||||||||
|
Total
|
$ | 549,219 | $ | 492,502 | ||||||||||
| (1) | Audit fees consist principally of fees for the audit of our consolidated financial statements and Sarbanes-Oxley audit over internal controls and review of our interim consolidated financial statements. | ||||
| (2) |
These fees consist principally of fees related to the preparation of SEC registration statements, acquisition due diligence, audit services related to our acquisitions, and U.S. Department of Labor filings.
|
||||
BGSF
– 2024 Proxy Statement –
13
AUDIT COMMITTEE REPORT
In accordance with its written charter adopted by the Board, the Audit Committee assists the Board in fulfilling its oversight responsibilities by, among other things, reviewing the financial reports and other financial information provided by the Company to any governmental body or the public.
In discharging its oversight responsibilities, the Audit Committee obtained from the independent registered public accounting firm a formal written statement describing all relationships between the firm and the Company that might bear on the auditors’ independence consistent with the applicable requirements of the Public Company Accounting Standards Board, discussed with the independent auditors any relationships that may impact their objectivity and independence, and satisfied itself as to the auditors’ independence. The Audit Committee also discussed with management and the independent auditors the integrity of the Company’s financial reporting processes, including the Company’s internal accounting systems and controls, and reviewed with management and the independent auditors the Company’s significant accounting principles and financial reporting issues, including judgments made in connection with the preparation of the Company’s financial statements. The Audit Committee also reviewed with the independent auditors their audit plans, audit scope and identification of audit risks.
The Audit Committee discussed with the independent auditors the matters required to be discussed by Public Company Accounting Oversight Board, Auditing Standard AS1301,
Communications with Audit Committees
, and, with and without management present, discussed and reviewed the results of the independent auditors’ examination of the consolidated financial statements of the Company.
The Audit Committee reviewed and discussed the audited consolidated financial statements of the Company as of and for the fiscal year ended December 29, 2024 with management and the independent auditors. Management is responsible for the Company’s financial reporting process, including its system of internal control over financial reporting (as defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934, as amended), and for the preparation of the Company’s consolidated financial statements in accordance with generally accepted accounting principles. The independent auditor is responsible for auditing those consolidated financial statements. The Company's independent auditors are also responsible for performing an audit of the Company's internal control over financial reporting. The Audit Committee’s responsibility is to monitor and review these processes. The members of the Audit Committee are “independent” as defined by SEC and NYSE rules, and our Board has determined that Douglas E. Hailey and C. David Allen, Jr. are “audit committee financial experts” as defined by SEC rules.
The Audit Committee discussed with the Company’s independent auditors the overall scope and plans for their respective audits. The Audit Committee periodically meets with the Company’s independent auditors, with and without management present, and in private sessions with members of senior management to discuss the results of their examinations, their evaluations of the Company’s internal controls, and the overall quality of the Company’s financial reporting. The Audit Committee also periodically meets in executive session.
In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board (and the Board subsequently approved the recommendation) that the audited consolidated financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2024, for filing with the Securities and Exchange Commission.
AUDIT COMMITTEE
Douglas E. Hailey,
Chair
C. David Allen, Jr.
Richard L. Baum, Jr.
C. David Allen, Jr.
Richard L. Baum, Jr.
Donna Carroll
Incorporation by Reference
To the extent that this Proxy Statement has been or will be specifically incorporated by reference into any of our other filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, the section of this Proxy Statement entitled “Audit Committee Report” (to the extent permitted by the rules of the SEC) shall not be deemed to be so incorporated, unless specifically provided otherwise in such filing.
BGSF
– 2024 Proxy Statement –
14
EXECUTIVE OFFICERS
Our Board appoints our executive officers and updates the executive officer positions as needed throughout the fiscal year. Each executive officer serves at the behest of our Board and until their successors are appointed, or until the earlier of their death, resignation or removal.
The following table sets forth certain information with respect to our executive officers as of the date of this Proxy Statement:
| Name | Age | Position | ||||||
|
Kelly Brown
|
44
|
Interim-Co Chief Executive Officer
|
||||||
|
Keith Schroeder
|
69
|
Interim Co-Chief Executive Officer, Chief Financial Officer, and Secretary
|
||||||
Kelly Brown
assumed the role as Interim-Co Chief Executive Officer of the Company in July 2025. After finishing her bachelor’s degree at St. Louis University, Kelly began her career in property management in 2003 managing a combination of new lease ups as well as existing communities in St. Louis, Little Rock, Phoenix, and Nashville. After opening our Nashville office as director of sales for BGSF in 2014, Kelly was promoted to regional sales manager in 2015 and Division President in May 2021. Currently, with her extensive multifamily experience, and as our President, Kelly works across all our markets to help maximize the sales performance of the team, as well as to assist in opening new markets and provide strategic direction. Kelly most recently has received her Certified Staffing Professional designation from the American Staffing Association, a credential that covers essential labor and employment law from the staffing perspective. She also has her CAM certification through NAA and has served on the Greater Nashville Apartment Association Board of Directors, co-chairing multiple committees during her terms of service. As well, Kelly currently holds a seat on the National Apartment Association Apartment Careers Committee. Also, she earned her Executive Masters of International Business from St. Louis University in 2021.
Keith Schroeder
assumed the role as Chief Financial Officer and Secretary in March 2025 and Interim-Co Chief Executive Officer of the Company in July 2025, bringing over 40 years of executive leadership experience in accounting, corporate control and reporting, finance, operations, and CEO and CFO strategic roles. Before BGSF, Mr. Schroeder served as President and Chief Executive of Novipax Buyer, LLC in a carve-out transaction from December 2020 through 2024. Before this, he led as Chief Financial Officer of Novipax LLC from February 2019 to November 2020. Schroeder was also CFO and promoted to President and CEO of Xcaliber International LTD, LLC from 2016 to 2018. Between 2002 and 2016, Schroeder served as CFO for Orchids Paper Products. Earlier in his career, he worked in the large accounting and finance organizations for Cummins Engine Company and Atlas Van Lines, Inc. Mr. Schroeder earned his Bachelor of Science in Business Administration with an Accounting major from the University of Evansville and is a certified public accountant (inactive).
Named Executive Officers
Our named executive officers for the 2024 fiscal year were:
•
Beth Garvey, Chair, President and Chief Executive Officer through July 2025; and
•
John R. Barnett, Chief Financial Officer and Secretary through March 2025.
Throughout this section, the term “named executive officer” is intended to refer to the individuals identified above. During the 2024 fiscal year, we had only two executive officers, each of whom is set forth above.
BGSF
– 2024 Proxy Statement –
15
Summary Compensation Table
The following table presents compensation information for our named executive officers with respect to the 2024 and 2023 fiscal years.
|
Name and
Principal Position (4) |
Year
|
Salary ($)
|
Bonus
($)
|
Stock
Awards ($) (*) |
Option
Awards ($) (*) |
Non-equity
incentive plan compensation ($)
|
|
Non-qualified
deferred compensation earnings ($)
|
|
All Other
Compensation ($)
|
|
Total
($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beth Garvey
Chair, President, and Chief Executive Officer
(2)
2024
|
|
$450,500
|
|
$25,427
|
|
$46,746
|
|
$96,106
|
|
$—
|
|
$—
|
|
$13,800
|
(1)
|
|
$632,579
|
2023
|
|
$450,500
|
|
$45,543
|
|
$70,067
|
|
$109,317
|
|
$—
|
|
$—
|
|
$17,188
|
(1)
|
|
$692,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
John Barnett
Chief Financial Officer and Secretary
(3)
2024
|
|
$368,750
|
|
$—
|
|
$21,781
|
|
$15,759
|
|
$—
|
|
$—
|
|
$13,327
|
(1)
|
|
$419,617
|
2023
|
|
$282,692
|
|
$—
|
|
$17,114
|
|
$12,382
|
|
$—
|
|
$—
|
|
$2,692
|
(1)
|
|
$314,880
|
(*)
The amounts reflect the dollar amounts recognized for financial statement reporting purposes in accordance with FASB ASC Topic 718. The assumptions used in the calculation of these amounts are included in Note 16 Share-based Compensation to the audited consolidated financial statements included in the Form 10-K.
(1)
Represents the matching 401(k) contributions made by us.
(2)
Served as Chair, President, and Chief Executive Officer until July 2025.
(3)
Served as Chief Financial Officer and Secretary until March 2025.
(4)
Keith Schroeder was named as Chief Financial Officer and Secretary in March 2025. Kelly Brown and Keith Schroeder were named
Interim-Co Chief Executive Officer in July 2025.
Pay Versus Performance
The following table reports the compensation of our Principal Executive Officer (“PEO”)
(1)
and the compensation of the other named executive officers
1
as reported in the Summary Compensation Table for the past three fiscal years, as well as the “compensation actually paid” (“CAP”) as calculated pursuant to recently adopted SEC rules and certain performance measures required by the rules.
(1) During 2022, Beth Garvey served as President and Chief Executive Officer, and Dan Hollenbach served as the Chief Financial Officer and Secretary, and the only other named executive officer (the “Non-PEO NEO”). During 2023-2024, Beth Garvey served as President and Chief Executive Officer, Dan Hollenbach served as the Chief Financial Officer and Secretary (until March 2023), John Barnett served as the Chief Financial Officer and Secretary (March 2023 - December 2024).
(2) The SEC rules require that certain adjustments be made to the Summary Compensation Table totals to determine CAP, as reported in the Pay Versus Performance table above. The applicable adjustments that were made to determine CAP for the PEO are summarized in the tables below.
(3) The peer group used for calculating Peer Group Total Shareholder Return consists of the following corporations providing temporary or permanent employment services: Mastech Digital, GEE Group Inc, Staffing 360 Solutions; and Resources Connection Inc. This is the same group of companies used to prepare the Stock Performance Graph disclosed in the Form 10-K.
BGSF
– 2024 Proxy Statement –
16
The following charts reflect how the CAP over the 3 year period ended December 29, 2024 aligns to trends in the Company's Total Shareholder Return and Net Income of the Company during the same period.
BGSF
– 2024 Proxy Statement –
17
Agreements with Executive Officers
Chair, President and Chief Executive Officer
In July 2025, Beth Garvey resigned as the Chair, President, and Chief Executive Officer. Ms. Garvey was not granted stock options and stock awards during 2024 fiscal year as further described under “Outstanding Equity Awards” below. In connection with Ms. Garvey’s resignation, Ms. Garvey entered into a Separation Agreement providing for, among other things, and subject to the execution and delivery by Ms. Garvey of a mutual release and her compliance with the obligations under the Separation Agreement, salary continuation payments for 12 months, COBRA reimbursement for up to 18 months, full vesting of outstanding options and restricted shares of common stock, vested options to remain exercisable until their expiration, and additional severance in the aggregate amount of $300,000 in connection with a change of control (including in connection with the recent sale of the Company’s Professional segment).
In July 2025, the Board approved the appointment of Kelly Brown and Keith Schroeder, as Co-Interim Chief Executives Officers. Ms. Brown was not granted stock options and stock awards during the 2024 fiscal year as further described under “Outstanding Equity Awards” below.
Chief Financial Officer
In March 2025, John R. Barnett resigned as the Chief Financial Officer and Secretary, and acted as a consultant with BGSF through September 2025. Mr. Barnett was not granted stock options and stock awards during 2024 fiscal year as further described under “Outstanding Equity Awards” below.
In March 2025, the Board approved the appointment of Keith Schroeder, as the Chief Financial Officer and Secretary and we entered into an employment agreement with Mr. Schroeder which remains in effect through December 31, 2027. The agreement remains in effect under successive one-year extensions unless terminated pursuant to its terms. Mr. Schroeder's annual compensation is evaluated annually, but may not be less than $350,000 in 2025, will be raised to $375,000 effective March 25, 2026, and to $400,000 effective March 13, 2027.
Mr. Schroeder is eligible to receive an annual cash bonus based on achieving certain adjusted EBITDA levels (as defined by the Compensation Committee) and, except as stated in his employment agreement, provided that Mr. Schroeder is in our employment on the last day of the fiscal year. Moreover, if certain acquisitions occur during his employment period, and Mr. Schroeder will receive a
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bonus equal to 1% of the acquired company’s adjusted EBITDA, as determined by the Board, for the first 12 months after the acquisition’s closing date. The Compensation Committee may also grant discretionary bonuses.
In the event that Mr. Schroeder’s employment is terminated by us without cause or by Mr. Schroeder for good reason, Mr. Schroeder will receive as severance installments equal to twelve months of base salary plus COBRA premiums for eighteen months for Mr. Schroeder and his dependents. In the event that Mr. Schroeder’s employment is terminated without cause or by Mr. Schroeder within one year of a change in control, Mr. Schroeder will receive his base salary and COBRA premiums for eighteen months for him and his dependents. Mr. Schroeder will also generally be entitled to receive any bonus payable but unpaid, payment for unused vacation days, and unpaid reimbursements. The severance is contingent upon Mr. Schroeder’s execution of a separation agreement including a general release. In the event that Mr. Schroeder’s employment is terminated by us for cause, or by Mr. Schroeder other than for good reason, we will pay to Mr. Schroeder any monthly salary, bonus, unused vacation, and expense reimbursements, earned or due to Mr. Schroeder but unpaid.
We and Mr. Schroeder have also entered into a confidentiality, non-solicitation, noninterference and non-competition agreement. Pursuant to the agreement, Mr. Schroeder generally agrees not to disclose our confidential information (as defined in the agreement) and, for a period of eighteen months following his termination, not to solicit our client partners, interfere with our client partner and supplier relationships, or solicit our team members. Mr. Schroeder also agrees not to compete with us for a period of twelve months after termination.
2013 Long-Term Incentive Plan
In December 2013, the Board adopted the 2013 Plan. Under the 2013 Plan our team members, directors and consultants may receive incentive stock options and other awards. To the extent any option or award expires unexercised or is canceled, terminated or forfeited in any manner without the issuance of common stock thereunder, such shares shall again be available for issuance under the 2013 Plan, of which 149,058 shares remained available for issuance as of December 29, 2024.
The term of each option is determined by the Board but cannot exceed 10 years. Unless otherwise specified in an option agreement, options vest and become exercisable on the following schedule: 20% immediately and 20% on each anniversary date of the grant date. Each option shall be designated as an incentive stock option (“ISO”) or a non-qualified option (“NQO”). The exercise price of an ISO shall not be less than the fair market value of the stock covered by the ISO at the grant date; provided, however, the exercise price of an ISO granted to any person who owns, directly or indirectly, stock of the Company constituting more than 10% of the total combined voting power of all classes of outstanding stock of the Company or of any affiliate of the Company, shall not be less than 110% of such fair market value.
For more details on our 2013 Plan, see our registration statement on Form S-8 (File No. 333-193014) filed on December 20, 2013, Form S-8 (File No. 333-218869) filed on June 20, 2017, Form S-8 (File No. 333-251192) filed on December 8, 2020, Form S-8 (File No. 333-274809) filed on October 2, 2023, and Note 16 in the Notes to Consolidated Financial Statements in the Form 10-K.
2020 Employee Stock Purchase Plan (“2020 ESPP”)
In November 2020, the Board adopted and the shareholders approved the 2020 ESPP. Under the 2020 ESPP, eligible team members of the Company may elect for payroll deductions to purchase shares on each purchase date during an offering period. A total of 250,000 shares of common stock of BGSF, Inc. were initially reserved for issuance pursuant to the 2020 ESPP. As of December 29, 2024, 31,719 shares remain available for issuance.
For more details on our 2020 ESPP, see our registration statement on Form S-8 (File No. 333-251193) filed on December 8, 2020, and Note 16 in the Notes to Consolidated Financial Statements in the Form 10-K.
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Outstanding Equity Awards
The following table presents outstanding equity awards as of December 29, 2024.
(*) Mr. Keith Schroeder was named as Chief Financial Officer and Secretary in March 2025. Ms. Kelly Brown and Mr. Keith Schroeder were named as Co-
Interim Chief Executive Officer in July 2025.
(1)
John Barnett was named as consultant in March 2025.
(2)
Non-qualified stock options will vest 10,000 on September 1, 2025, 10,000 on September 1, 2026, and 1,007 on September 1, 2027.
(3)
Incentive stock options will vest 8,993 on September 1, 2027.
(4)
Non-qualified stock options will vest 871 on February 17, 2025, and 871 on February 17, 2026.
(5)
Incentive stock options will vest 871 on February 17, 2027.
(6)
Incentive stock options will vest 5,972 on August 3, 2025, and 7,770 on August 2026.
(7)
Non-qualified stock options will vest 4,028 on August 3, 2025, and 2,230 on August 2, 2026.
(8)
Incentive stock options will vest 2,000 on August 4, 2025.
(9)
Incentive stock options will vest 9,756 on March 20, 2026.
(10)
Non-qualified stock options will vest 5,644 on March 20, 2026.
(11)
Shares will vest 1,916 on February 17, 2025.
(12)
Shares will vest 940 on May 4, 2025.
(13)
Shares will vest 6,375 on March 16, 2026.
Each option and stock award is subject to the condition that the optionee will have remained employed by BGSF or any one or more of its subsidiaries, through such vesting dates, and each option is further subject to the terms and conditions set forth in the 2013 Plan and in the applicable Stock Option Agreement.
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Compensation Committee Interlocks and Insider Participation
No member of our Compensation Committee is a current or former officer or team member of BGSF, Inc. or its subsidiaries. No executive officer of BGSF, Inc. served as a director or member of the compensation committee of any entity that has one or more executive officers serving as a member of our Board or Compensation Committee.
Policies and Practices related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information (“MNPI”)
The Company’s policy is to not grant options (or other equity awards) or allow its insiders to conduct stock trades at times, subject to any allowable trades that might occur pursuant to a 10b5-1 Trading Plan, where MNPI is known or a material transaction is anticipated to occur. See “Insider Trading Policy,” below. Other than as established for black-out periods associated with our quarterly and annual financial statement filings, our executive management will also issue notices of black-out trading periods if they are aware of material transactions which they anticipate closing. The timing of equity award grants is determined with consideration to a variety of factors, including but not limited to, the achievement of performance targets, market conditions, and internal milestones. The Company does not follow a predetermined schedule for the granting of equity awards; instead, each grant is considered on a case-by-case basis to align with the Company’s strategic objectives and to ensure the competitiveness of our compensation packages. In determining the timing and terms of an equity award, the Board or the Compensation Committee may consider MNPI to ensure that such grants are made in compliance with applicable laws and regulations. The Board’s or the Compensation Committee’s procedures to prevent the improper use of MNPI in connection with the granting of equity awards include, where appropriate, oversight by legal counsel and delaying the grant of equity awards until the public disclosure of such MNPI. The Company is committed to maintaining transparency in its executive compensation practices and to making equity awards in a manner that is not influenced by the timing of the disclosure of MNPI for the purpose of affecting the value of executive compensation. The Company regularly reviews its policies and practices related to equity awards to ensure they meet the evolving standards of corporate governance and continue to serve the best interests of the Company and its stockholders. In the year ended December 29, 2024, no options (or other equity awards) were granted to our named executive officers within four business days prior to, or one business day following, the filing or furnishing of a periodic or current report by us that disclosed MNPI.
Insider Trading Policy
Our Insider Trading Policy applies to all our directors, officers, and employees, with certain portions thereof applying to all directors and to all officers at the level of vice president and above. It is also the policy of the Company to comply with all applicable securities laws when transacting in its own securities. The Insider Trading Policy is available on our home office website under the investor relations tab at
www.bgsf.com
. The information on our website is not a part of this Proxy Statement.
Hedging Policy
Our Insider Trading Policy provides that a “covered person” (i.e., our directors and our officers at the vice president level or above), including such covered person’s spouse, other persons living in such covered person’s household and minor children and entities over which such covered person exercises control, is prohibited from engaging in the following transactions in our securities unless advance approval is obtained from our compliance officer: (1) short-term trading (i.e., covered persons who purchase our securities may not sell any of our securities of the same class for at least six months after the purchase); (2) short sales (i.e., covered persons may not sell our securities short); (3) options trading (i.e., covered persons may not buy or sell puts or calls or other derivative securities on our securities); (4) trading on margin or pledging (i.e., covered persons may not hold our securities in a margin account or pledge our securities as collateral for a loan; and (5) hedging (i.e., covered persons may not enter into hedging or monetization transactions or similar arrangements with respect to our securities).
Clawback Policy
The Board has adopted a Clawback Policy providing for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the U.S. federal securities laws. The Clawback Policy is available on our home office website under the investor relations tab at www.bgsf.com. The information on our website is not a part of this Proxy Statement.
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Background
At the annual meeting, stockholders will be asked to approve amendment to the 2013 Plan, which increases the number of shares of our common stock that may be issued under the 2013 Plan by 250,000 shares. The Board originally adopted the 2013 Plan effective December 20, 2013, and it was approved by our stockholders on February 6, 2014. If approved by our stockholders at the 2025 annual meeting, the amendment will be effective as of the date of the 2025 annual meeting.
The Board believes that the 2013 Plan has assisted in our recruitment and retention of qualified non-management directors and key team members and has helped align their interests with the interests of our stockholders. The Board believes that the amendment to the 2013 Plan will allow us to remain competitive among our peers and to continue to promote these interests.
Additional 250,000 Shares
The amendment to the 2013 Plan adds an additional 250,000 shares of common stock available for issuance so that a sufficient number of shares of BGSF common stock will be available for appropriate compensation to team members and directors. Equity awards are an important part of our compensation program and align the interests of our team members and our non-management directors with the long-term interests of our stockholders.
A total of 1,650,000 shares of common stock is currently reserved for issuance under the 2013 Plan. As of September 12, 2025, only 103,029 shares are available for future equity awards under the 2013 Plan to team members, officers and our non-management directors. The 974,980 unexercised options outstanding have a weighted-average exercise price of $13.60 and a weighted-average remaining term of 1.9 years, as of September 12, 2025.
The proposed amendment makes an additional 250,000 shares of common stock available for issuance under the 2013 Plan, bringing the total to 1,900,000 shares or approximately 17.0% of outstanding shares of our common stock as of September 12, 2025.
In setting the number of additional shares issuable under the 2013 Plan, our Board considered the number of shares currently available under the 2013 Plan and how long the shares available (both currently and assuming the approval by stockholders of this proposal) are expected to last. Based on our historical equity grant practices, if this proposal is approved by our stockholders the Board expects the increased aggregate share reserve under the 2013 Plan to provide us with enough shares of common stock for approximately three years, depending on the price of our shares, the size of our workforce, our compensation strategy and objectives, and various other factors. We cannot predict these factors with any degree of certainty at this time, and the share reserve under the 2013 Plan could last for a shorter or longer time.
The shares of common stock to be delivered under the 2013 Plan will be made available, at the discretion of our Board or the committee established by the Board to administer the 2013 Plan, either from authorized but unissued shares of common stock or from previously issued shares of common stock reacquired by BGSF, including shares of common stock purchased on the open market.
Consequences of failing to Approve the Amendment to the 2013 Plan
The amendment to the 2013 Plan will not be implemented unless approved by stockholders. If the amendment is not approved by stockholders, the 2013 Plan will remain in effect in its present form and we will continue to grant awards thereunder until the share reserve under the 2013 Plan is exhausted or the 2013 Plan expires. If that occurs, we may be compelled to increase significantly the cash component of our compensation program, which may not necessarily align the compensation interests of our officers, team members and non-management directors with the investment interests of our stockholders, as well as the alignment provided by equity-based awards. Replacing equity awards with cash would also increase cash compensation expense and use cash that could be better utilized if reinvested in our businesses or returned to our stockholders.
Our Board recommends that you vote “FOR” the proposal for the amendment to the BGSF, Inc. 2013 Long-Term Incentive
Plan.
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Equity Compensation Plans
The following equity compensation plan information is provided as of December 29, 2024:
(1)
Mrs. Garvey served as President and Chief Executive Officer until July 2025
(2)
Mr. Barnett was named Chief Financial Officer and Secretary in March 2023
(3)
Mr. Schroeder was named Chief Financial Officer and Secretary in March 2025 and Interim-Co Chief Executive Officer in July 2025
(4)
Mrs. Brown was named Interim-Co Chief Executive Officer in July 2025
Summary of 2013 Plan (as amended by the proposed amendment)
The following is a summary of the material provisions of the 2013 Plan (as amended by the proposed amendment) and is qualified in its entirety by reference to the complete text of the 2013 Plan (as amended by the proposed amendment) attached as Annex A to this Proxy Statement.
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Awards.
The 2013 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code (“ISOs”), non-statutory stock options, restricted stock, restricted stock units (“RSUs”), stock appreciation rights (“SARs”), performance units, performance shares, and cash incentive awards to team members and non-management directors of BGSF and its subsidiaries.
Share Reserve.
A total of 1,900,000 outstanding shares of our common stock are reserved for issuance under the 2013 Plan. Shares of our common stock that (a) are covered by the unexercised portion of an option or SAR that terminates, expires, is canceled or is settled in cash, (b) forfeited or repurchased under the 2013 Plan, (c) covered by awards that are forfeited, canceled, terminated or settled in cash, (d) withheld to pay the exercise price or purchase price under an award or to satisfy the tax withholding obligations associated with the exercise, vesting or settlement of an award, or (e) subject to SARs or a similar award but not actually delivered in connection with exercise or settlement of the award, will not be deemed to have been issued under the 2013 Plan.
Plan Administration.
Our Compensation Committee administers our 2013 Plan. Subject to the provisions of the 2013 Plan, the administrator has the power to administer our 2013 Plan in accordance with its terms, including but not limited to, the power to interpret the terms of our 2013 Plan and awards granted under it, to create, amend and revoke rules relating to our 2013 Plan, and to determine the terms of the awards, including the exercise price, the number of shares subject to each such award, the exercise ability of the awards, and the form of consideration, if any, payable upon exercise. The administrator also has the authority to amend existing awards to reduce or increase their exercise prices, to allow participants the opportunity to transfer outstanding awards to a financial institution or other person or entity selected by the administrator and to institute an exchange program by which outstanding awards may be surrendered in exchange for awards of the same type that may have a higher or lower exercise price or different terms, awards of a different type and/or cash.
No Repricing or Buyback of Options or SARs.
The 2013 Plan prohibits the repricing of options or SARs granted under the plan, either by amending an existing award or by substituting a new award at a lower price. Further, the 2013 Plan prohibits BGSF from providing stock, cash, or other consideration to a participant in exchange for the cancellation of an option or SAR with an exercise price that is higher than the fair market value of the shares covered by the option or SAR.
Stock Options.
Stock options may be granted under our 2013 Plan. The exercise price of options granted under our 2013 Plan must at least be equal to the fair market value of our common stock using the closing price on the date of grant. The term of an ISO may not exceed ten years, except that with respect to any participant who owns more than 10% of the voting power of all classes of our outstanding stock, the term must not exceed five years and the exercise price must equal at least 110% of the fair market value on the grant date. For non-statutory stock options, the exercise price must equal at least 100% of the fair market value. The administrator will determine the methods of payment of the exercise price of an option, which may include cash, shares or other property acceptable to the administrator, as well as other types of consideration permitted by applicable law. After the termination of service of a team member or director, he or she may exercise his or her option for the period of time stated in his or her option agreement. Generally, if termination is due to death or disability, the option will remain exercisable for 12 months. In all other cases, the option generally will remain exercisable for three months following the termination of service. An option may not be exercised later than the expiration of its term. However, if the exercise of an option is prevented by applicable law the exercise period may be extended under certain circumstances. Subject to the provisions of our 2013 Plan, the administrator determines the other terms of options.
SARs
.
SARs may be granted under our 2013 Plan. SARs allow the recipient to receive the appreciation in the fair market value of our common stock between the grant date of the SAR and the exercise of the SAR. SARs may not have a term exceeding ten years. After the termination of service of an team member or director, he or she may exercise his or her SAR for the period of time stated in his or her SAR award agreement. However, in no event may a SAR be exercised later than the expiration of its term. Subject to the provisions of our 2013 Plan, the administrator determines the other terms of SARs, including when such rights become exercisable and whether to pay any increased appreciation in cash or with shares of our common stock, or a combination thereof, except that the per share exercise price for the shares to be issued pursuant to the exercise of a SAR will be no less than 100% of the fair market value per share on the date of grant.
Restricted Stock.
Restricted stock may be granted under our 2013 Plan. Restricted stock awards are grants of shares of our common stock that vest in accordance with terms and conditions established by the administrator. The administrator will determine the number of shares of restricted stock granted to any team member or director and, subject to the provisions of our 2013 Plan, will determine the terms and conditions of such awards. The administrator may impose whatever conditions to vesting it determines to be appropriate (for example, the administrator may set restrictions based on the achievement of specific performance goals or continued service to us); provided, however, that the administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. Recipients of restricted stock awards generally will have voting and dividend rights with respect to such shares
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upon grant without regard to vesting, unless the administrator provides otherwise. Shares of restricted stock that do not vest are subject to our right of repurchase or forfeiture.
RSUs.
RSUs may be granted under our 2013 Plan. RSUs are bookkeeping entries representing an amount equal to the fair market value of one share of our common stock. Subject to the provisions of our 2013 Plan, the administrator determines the terms and conditions of RSUs, including the vesting criteria (which may include accomplishing specified performance criteria or continued service to us) and the form and timing of payment. Notwithstanding the foregoing, the administrator, in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed.
Performance Units and Performance Shares.
Performance units and performance shares may be granted under our 2013 Plan. Performance units and performance shares are awards that will result in a payment to a participant only if performance goals established by the administrator are achieved or the awards otherwise vest. The administrator will establish organizational or individual performance goals or other vesting criteria in its discretion, which, depending on the extent to which they are met, will determine the number and/or the value of performance units and performance shares to be paid out to participants. After the grant of a performance unit or performance share, the administrator, in its sole discretion, may reduce or waive any performance criteria or other vesting provisions for such performance units or performance shares. The administrator, in its sole discretion, may pay earned performance units or performance shares in the form of cash, in shares or in some combination thereof.
Non-Management Directors.
Our 2013 Plan provides that all non-management directors will be eligible to receive all types of awards (except for ISOs) under our 2013 Plan.
Non-Transferability of Awards.
Unless the administrator provides otherwise, our 2013 Plan generally does not allow for the transfer of awards and only the recipient of an award may exercise an award during his or her lifetime.
Certain Adjustments.
In the event of certain changes in our capitalization, to prevent diminution or enlargement of the benefits or potential benefits available under our 2013 Plan, the administrator will adjust the number and class of shares that may be delivered under our 2013 Plan and/or the number, class and price of shares covered by each outstanding award, and the numerical share limits set forth in our 2013 Plan. In the event of our proposed liquidation or dissolution, the administrator will notify participants as soon as practicable and all awards will terminate immediately prior to the consummation of such proposed transaction.
Merger or Change in Control.
Our 2013 Plan provides that in the event of a merger or change in control, as defined under our 2013 Plan, each outstanding award will be treated as our Board determines.
Amendment; Termination.
The administrator has the authority to amend, suspend or terminate our 2013 Plan provided such action does not impair the existing rights of any participant. Our 2013 Plan automatically will terminate on February 6, 2034, unless we terminate it sooner.
Plan Benefits
As of September 12, 2025, approximately 198 persons were eligible to receive awards under the 2013 Plan, including all of our non-management directors and executive officers.
Future grants under the 2013 Plan will be made at the discretion at the discretion of our Board or the committee established by the Board to administer the 2013 Plan, and, accordingly, future benefits under the 2013 Plan are not currently determinable. The 2024 Summary Compensation Table appearing elsewhere in this Proxy Statement shows the equity awards that were made under the 2013 Plan in 2024 and 2023 to our named executive officers.
On September 12, 2025, the last reported sale price of our common stock on the NYSE was $7.76.
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Summary of Federal Income Tax Consequences
The following is a summary of the federal income tax consequences of transactions under the 2013 Plan. The summary is general in nature and is not intended to cover all the income tax consequences that may apply to a particular team member, director or to the Company. The provisions of the Internal Revenue Code (the “Code”) and regulations thereunder relating to these matters are complicated, may change, and their impact in any one case may depend upon the particular circumstances. Further, this summary does not discuss the income tax consequences of a participant's death, net investment income, or the provisions of any income tax laws of any municipality, state or foreign country in which a participant may reside.
The description is based on current federal tax laws, rules and regulations, which are subject to change, and does not purport to be a complete description of the federal income tax aspects of the 2013 Plan.
Non-Statutory Stock Options.
The grant of a non-statutory stock option will not result in taxable income to the participant. The participant will realize ordinary income at the time of exercise in an amount equal to the excess, if any, of the then fair market value of the stock acquired over the exercise price for those shares, and we will be entitled to a corresponding tax deduction. To the extent the participant is an team member, the amount realized as ordinary income is considered compensation and is subject to income tax withholding and FICA taxes. Gains or losses realized by the participant upon disposition of such shares will be treated as capital gains or losses, with the basis in such stock equal to the fair market value of the shares at the time of exercise and the holding period beginning on the date of exercise.
ISOs
. The grant of an ISO will not result in taxable income to the participant. The exercise of an ISO will not result in taxable income to the participant if the participant was, without a break in service, employed by us or an affiliate from the date of the grant of the option until the date three months prior to the date of exercise (one year prior to the date of exercise if the participant is disabled). The excess, if any, of the fair market value of the stock at the time of the exercise over the exercise price is an adjustment that is included in the calculation of the participant's alternative minimum taxable income for the tax year in which the ISO is exercised.
If the participant does not sell or otherwise dispose of the stock within two years from the date of the grant of the ISO and within one year of exercise of the ISO, then, upon disposition of such stock, any amount realized in excess of the exercise price will be taxed to the participant as capital gain, and we will not be entitled to a corresponding deduction. A capital loss will be recognized to the extent that the amount realized is less than the exercise price. If the foregoing holding period requirements are not met resulting in a disqualified disposition, the participant will generally realize ordinary income at the time of the disposition of the shares, in an amount equal to the lesser of (i) the excess, if any, of the fair market value of the stock on the date of exercise over the exercise price, or (ii) the excess, if any, of the amount realized upon disposition of the shares over the exercise price, and we will be entitled to a corresponding deduction. If the amount realized exceeds the value of the shares on the date of exercise, the additional amount will be capital gain. If the amount realized is less than the exercise price, the participant will recognize no income, and a capital loss will be recognized equal to the excess of the exercise price over the amount realized upon the disposition of the shares. None of the gain from a disqualifying disposition is subject to income tax withholding nor considered wages for FICA and FUTA tax purposes.
A cashless exercise of an ISO is considered a disqualified disposition for that portion of the shares deemed sold to cover the cost of the shares exercised and retained.
Stock Appreciation Rights.
The grant of a stock appreciation right will not result in taxable income to the participant. The participant will realize ordinary income at the time of exercise in an amount equal to the amount of cash or the fair market value of the shares paid upon exercise, and we will be entitled to a corresponding deduction. Any subsequent gains or losses realized by the participant upon disposition of any shares received will be treated as capital gains or losses, with the basis in such stock equal to the fair market value of the shares at the time of exercise and the holding period will begin on the date stock was received.
Restricted Stock and Performance Shares.
A grant of restricted stock or performance shares will not result in taxable income to the participant at the time of grant, and we will not be entitled to a corresponding deduction, assuming that the shares are subject to transferability restrictions and that certain restrictions on the shares constitute a “substantial risk of forfeiture” for federal income tax purposes. Upon vesting, the holder will realize ordinary income in an amount equal to the then fair market value of the vested shares, and we will be entitled to a corresponding deduction. Gains or losses realized by the participant upon subsequent disposition of such shares will be treated as capital gains or losses, with the basis in such shares equal to the fair market value of the shares at the time of vesting. Dividends paid or accrued on restricted stock during the restricted period also will be compensation income to the participant, and we will be entitled to a corresponding deduction, when the dividends are paid to the holder of the restricted stock.
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A participant may elect, pursuant to Section 83(b) of the Code, to have income recognized at the date a restricted stock award or performance share award, as the case may be, is granted. This election must be made within 30 days of grant. The amount of ordinary income required to be recognized is equal to the value of stock on date of grant less any amount required to be paid. This amount is subject to income tax withholding and subject to FICA and FUTA tax. We will be entitled to a corresponding deduction. The applicable capital gain holding period commences as of that date with a tax basis for reporting subsequent gains and losses equal to the value of the stock at the date of grant. However, to the extent a Section 83(b) election is made and the stock never vests and is forfeited, participant does not receive a deduction for the previous income recognized. Such loss is limited to any amounts previously paid.
Restricted Stock Units and Performance Units.
A grant of restricted stock units or performance units will not result in taxable income to the participant at the time of grant, and we will not be entitled to a corresponding deduction. Upon vesting and issuance of the underlying shares, the holder will realize ordinary income in an amount equal to the then fair market value of the issued shares, and we will be entitled to a corresponding deduction. Gains or losses realized by the participant upon disposition of such shares will be treated as capital gains or losses, with the basis in such shares equal to the fair market value of the shares at the time of vesting and issuance. Dividend equivalents paid or accrued on restricted stock units during the restricted period also will be compensation income to the participant, and we will be entitled to a corresponding deduction, when the dividend equivalents are paid to the holder of the restricted stock units. No election pursuant to Section 83(b) of the Code may be made with respect to restricted stock units and performance units.
Performance Awards and Other Stock-Based Awards.
A grant of a performance award or other stock-based award will not result in taxable income to the participant at the time of grant, and we will not be entitled to a corresponding deduction. Upon payment of cash or the vesting or issuance of the underlying shares, the participant will realize ordinary income in an amount equal to the cash received or the then fair market value of the issued shares, and we will be entitled to a corresponding deduction. Gains or losses realized by the participant upon subsequent disposition of such shares will be treated as capital gains or losses, with the basis in such shares equal to the fair market value of the shares at the time of vesting and issuance.
Cash Incentive Awards.
A grant of a cash incentive award generally will not result in taxable income to the participant at the time of grant, and we will not be entitled to a corresponding deduction. Upon payment of the cash incentive award, the participant will realize ordinary income in an amount equal to the cash received, and we will be entitled to a corresponding deduction.
Section 162(m).
Section 162(m) of the Code imposes a limit on the amount a company may deduct for U.S. tax purposes for compensation paid to executive officers covered by Section 162(m) of the Code. A company’s principal executive officer and principal financial officer serving at any time during the taxable year, its three other most highly compensated executive officers employed at the end of the taxable year and any employee who was covered under Section 162(m) for any earlier tax year that began after December 31, 2016 will be covered by Section 162(m) of the Code. Interpretations of and changes in applicable tax laws and regulations as well as other factors beyond the control of the Compensation Committee can affect deductibility of compensation and there can be no assurance that compensation paid to our executive officers who are covered by Section 162(m) of the Code will be fully deductible in light of the deductibility limitations of Section 162(m) of the Code. The Compensation Committee reserves the right to use its judgment to authorize compensation payments that may not be deductible when the Compensation Committee believes that such payments are appropriate and in our best interests, taking into consideration changing business conditions, the need to provide competitive compensation and retain the services of our executive officers, and the performance of our executive officers. The Compensation Committee will continue to monitor developments and assess alternatives for preserving the deductibility of compensation payments and benefits to the extent reasonably practicable, consistent with its compensation policies and as determined to be in the best interests of us and our stockholders.
BGSF
– 2024 Proxy Statement –
27
Section 409A.
Section 409A of the Code may cause certain deferred compensation amounts to be deemed currently taxable at normal rates and subject to an additional tax rate of at least 20%. It is intended that any amounts awarded pursuant to the 2013 Plan that are treated as deferred compensation for purposes of Section 409A of the Code shall be administered in a manner intended to comply with such requirements, to the extent applicable to such compensation.
Tax Withholding.
As a condition to the delivery of any shares to the recipient of an award, we may require the recipient to make arrangements for meeting certain tax withholding requirements in connection with the award.
The preceding is based on current federal tax laws and regulations, which are subject to change, and does not purport to be a complete description of the federal income tax aspects of the 2013 Plan. A participant may also be subject to state and local taxes.
BGSF
– 2024 Proxy Statement –
28
Background
At the annual meeting, stockholders will be asked to approve the amendment to the 2020 Plan, which increases the number of shares of our common stock that may be issued under the 2020 Plan by 250,000 shares. The stockholders originally approved the 2020 Plan at the 2020 annual meeting.
The Board believes that the 2020 Plan has assisted in our recruitment and retention of qualified non-management directors and key team members and has helped align their interests with the interests of our stockholders. The Board believes that the amendment to the 2020 Plan will allow us to remain competitive among our peers and to continue to promote these interests.
Additional 250,000 Shares
The amendment to the 2020 Plan adds an additional 250,000 shares of common stock available for issuance so that a sufficient number of shares of BGSF common stock will be available for appropriate compensation to team members. Equity participation is an important part of our compensation program and align the interests of our team members with the long-term interests of our stockholders.
A total of 250,000 shares of common stock is currently reserved for issuance under the 2020 Plan. As of September 12, 2025, 249,968 shares have been purchased under the 2020 Plan by team members. The proposed amendment makes an additional 250,000 shares of common stock available for issuance under the 2020 Plan, bringing the total to 500,000 shares or approximately 4.5% of outstanding shares of our common stock as of September 12, 2025.
In setting the number of additional shares issuable under the 2020 Plan, our Board considered the number of shares currently available under the 2020 Plan and how long the shares available (both currently and assuming the approval by stockholders of this proposal) are expected to last. Based on our historical equity grant practices, if this proposal is approved by our stockholders the Board expects the increased aggregate share reserve under the 2020 Plan to provide us with enough shares of common stock for approximately three years, depending on the price of our shares, the size of our workforce, our compensation strategy and objectives, and various other factors. We cannot predict these factors with any degree of certainty at this time, and the share reserve under the 2020 Plan could last for a shorter or longer time.
Consequences of failing to Approve the Amendment to the 2020 Plan
The amendment to the 2020 Plan will not be implemented unless approved by stockholders. If the amendment is not approved by stockholders, the 2020 Plan will remain in effect in its present form and we will continue to grant awards thereunder until the share reserve under the 2020 Plan is exhausted or the 2020 Plan expires. If that occurs, we may be compelled to increase the cash component of our compensation program, which may not necessarily align the compensation interests of our officers and team members with the investment interests of our stockholders, as well as the alignment provided by equity-based awards. Replacing equity awards with cash would also increase cash compensation expense and use cash that could be better utilized if reinvested in our businesses or returned to our stockholders.
Our Board recommends that you vote “FOR” the proposal to amend the 2020 Plan to add an additional 250,000 shares of common stock available for issuance.
BGSF
– 2024 Proxy Statement –
29
2020 Purchase Plan
The following is a summary of the provisions of the 2020 Purchase Plan assuming the stockholders approve this proposal and is qualified in its entirety by reference to the complete text of the 2020 Purchase Plan attached as Annex B to this proxy statement.
Administration of the Plan
. The 2020 Purchase Plan is administered by the Compensation Committee of the Board. The Compensation Committee may from time to time delegate its authority to administer the 2020 Purchase Plan to one or more officers of the Company, except as may be limited by applicable law. Notwithstanding the immediately preceding sentence, the Board may at any time vest in the Board any authority or duties for administration of the 2020 Purchase Plan. Amendment or Termination. The Board may amend, suspend or terminate the 2020 Purchase Plan at any time and from time to time; provided, however, that approval of the Company’s stockholders will be required to amend the 2020 Purchase Plan to: (a) increase the aggregate number, or change the type, of shares that may be sold pursuant to rights under the 2020 Purchase Plan (other than an adjustment as to reflect changes to the Company’s capitalization); (b) change the corporations or classes of corporations whose employees may be granted rights under the 2020 Purchase Plan; or (c) change the 2020 Purchase Plan in any manner that would cause the 2020 Purchase Plan to no longer qualify as an “employee stock purchase plan” within the meaning of Section 423(b) of the Internal Revenue Code. Unless earlier terminated by our Board, the 2020 Purchase Plan will terminate on September 11, 2030.
Eligibility
. All team members of the Company and its subsidiaries are eligible to participate in the 2020 Purchase Plan. However, a team member is not eligible if he or she owns or has the right to acquire 5% or more of our voting stock. Also, a team member is not eligible if he or she (a) normally is not scheduled to work at least 20 hours per week and at least five months per year or (b) has not completed six months of service. Our non-management directors and field talent are not eligible to participate in the 2020 Purchase Plan. As of September 12, 2025, approximately 198 team members are eligible to participate under the 2020 Purchase Plan, including each of our executive officers.
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