Cracker Barrel 2015 Annual Report Download - page 46

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Anti-Dilution Provisions
e Board of Directors may adjust the purchase price of the
PreferredShares, the number of Preferred Sharesissuable
andthe number of outstanding Rights to prevent dilution
that may occur froma stock dividend,a stock split, a
reclassication of the Preferred Sharesor common stock.
No adjustments to the Exercise Price of less than 1% will
be made.
Amendments
e termsof the Rights Agreement may be amended by
the Board of Directors without the consent of the holders of
the Rights. Aer a personor group becomes an Acquiring
Person, the Board of Directors may not amend the agree-
ment in a way that adversely aects holders of the Rights.
Expiration
If the Rights Agreement is approved by the Company’s
shareholders at the 2015 annual shareholders’ meeting, the
Rightswill expire on April 9, 2018. If shareholders do not
approvethe Rights Agreement, the Rights will expire
immediatelyfollowing certication of the vote at the 2015
annual shareholders’ meeting.
12 EMPLOYEE SAVINGS PLANS
e Companysponsors a qualied dened contribution
retirement plan (“401(k) Savings Plan”) covering salaried
andhourly employees who havecompleted ninety days
of service andhave aained the age of twenty-one. is plan
allowseligible employees to defer receipt of up to 50%
of their compensation, as dened in the plan.e Company
also sponsors a non-qualied dened contribution retire-
ment plan(“Non-Qualied Savings Plan”)coveringhighly
compensated employees, as dened in the plan.is plan
allowseligible employees to defer receipt of up to 50%
of their base compensation and 100% of their eligible bonuses,
as dened in the plan.
Contributions under both plans may be invested in various
investment funds at the employee’s discretion. Such con-
tributions, includingthe Company’s matchingcontributions
described below, may not be investedin the Company’s
common stock. In 2015, 2014 and 2013, the Company
matched 25% of employeecontributions for each participant
in either plan up to a total of 6% of the employee’s compen-
sation. Employeecontributions vest immediatelywhile
Company contributions vest 20% annually beginning on the
rstanniversaryof a contribution dateand are vested 100%
on the h anniversaryof such contribution date.
At the inception of the Non-Qualied Savings Plan,
the Companyestablished a Rabbi Trust to fund the plan’s
obligations. e market value of the trust assetsfor the
Non-Qualied Savings Planof $26,947 is included in other
assets and the relatedliability to the participantsof $26,947
is included in other long-term obligations in the Consoli-
dated Balance Sheets. Companycontributions under both
plansare recorded as either labor and other relatedexpenses
or generaland administrative expenses in the Consolidated
Statements of Income.
e following table summarizesthe Company’s contribu-
tions for each plan for each of the three years:
2015 2014 2013
401(k) Savings Plan $2,364 $2,167 $2,180
Non-Qualied Savings Plan234 253 241
13 INCOMETAXES
e components of the provision for income taxes for each
of the three yearswere as follows:
2015 2014 2013
Current:
Federal $71,386 $53,713 $44,853
State 6,050 4,597 4,375
Deferred:
Federal (6,178) (2,863) (4,365)
State 3,040 3,274 3,654
Total provision for income taxes $74,298 $58,721 $48,517
44