Eryk Spytek
Lamb Weston HoldingsAbout Eryk Spytek
Eryk J. Spytek serves as General Counsel and Chief Compliance Officer of Lamb Weston (since October 2016), and previously served as Corporate Secretary (October 2016–November 2020). Prior roles include Of Counsel and Partner at Winston & Strawn; Vice President, Deputy General Counsel at Mead Johnson; and SVP, General Counsel & Secretary at SIRVA Inc. . Over Spytek’s tenure since the 2016 spin-off, Lamb Weston’s TSR turned $100 into $191 (+91%) by FY2025, and Adjusted EBITDA reached $1,220.5mm in FY2025 versus $1,416.7mm in FY2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lamb Weston | General Counsel & Chief Compliance Officer | Oct 2016–Present | Led legal and compliance during growth, ERP transition, LW EMEA acquisition; governance and risk oversight |
| Lamb Weston | Corporate Secretary | Oct 2016–Nov 2020 | Supported Board governance and disclosure controls |
| Winston & Strawn LLP | Of Counsel; previously Partner | Of Counsel Jun 2015–Oct 2016; Partner earlier | Complex corporate and securities counsel; prior partnership/associate since 1996 |
| Mead Johnson Nutrition | VP, Deputy General Counsel & Asst. Secretary; VP, Associate GC & Asst. Secretary | 2009–2015 | Supported public company governance, international legal ops |
| SIRVA, Inc. | SVP, General Counsel & Secretary | 2006–2009 | Enterprise legal leadership for global operations |
External Roles
None disclosed in SEC filings for current public company directorships or committee roles .
Fixed Compensation
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | $530,000 | $560,000 | $560,000 |
| Target Bonus (% of Salary) | 100% | 100% | 100% |
| Actual AIP Paid ($) | $848,000 | $0 | $0 |
Performance Compensation
Annual Incentive Plan (Company-level metrics, same for all NEOs)
| Metric (USD mm) | Weight | Threshold (25%) | Target (100%) | Max (200%) | Actual FY2025 | Payout |
|---|---|---|---|---|---|---|
| Net Sales | 50% | $6,650 | $7,000 | $7,350 | $6,451 | 0% |
| Adjusted EBITDA | 50% | $1,348 | $1,465 | $1,612 | $1,221 | 0% |
FY2025 Long-Term Incentive Grants (Award structure and vesting)
| Award Type | Target Grant Value ($) | Target Units | Vesting / Performance |
|---|---|---|---|
| RSUs | $448,000 | 7,899 | Time-based vesting 33%/33%/34% over 3 years; dividends accrue in RSUs |
| PSAs (Relative TSR & Adj. EBITDA AAGR) | $672,000 | 11,848 | 3-year performance; 0–200% payout; TSR capped at 100% if absolute TSR negative |
FY2023–FY2025 PSA Outcome (Company-wide)
| Component | Outcome |
|---|---|
| Relative TSR (vs S&P Packaged Foods & Meats) | 64th percentile; absolute TSR negative → 100% payout for TSR component |
| Adjusted EBITDA AAGR (3 tranches) | 200% (FY2023), 200% (FY2024), 0% (FY2025); blended 133.3% |
| Combined PSA Payout | 116.7% of target |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficially Owned Shares | 57,761 |
| Deferred Stock/Underlying Units | 19,035 |
| Options Exercisable within 60 days | 34,749 |
| Total Shares/Interests Held | 76,796 (all individuals <1% of shares outstanding) |
| Anti-Pledging/Hedging | Prohibited for executives and directors |
| Stock Ownership Guideline | 200% of base salary for non-CEO executives; 5-year window; retain 75% of net-after-tax vested shares until met |
| Compliance Status | Executives either meet guideline or are within 5-year attainment period |
Outstanding Awards at FY2025 Year-End (Selected)
| Award | Key Terms | Quantity / Value |
|---|---|---|
| Stock Options (7/29/2022) | Strike $79.66; 33/33/34% vest; expire 7/29/2029 | 22,934 exercisable; 11,815 unexercisable |
| Unvested RSUs | Ratable 33/33/34% vest; include dividend equivalents | 1,602 (2022) ; 3,036 (2023) ; 8,038 (2024) |
| PSAs Outstanding | 2024–2026 at target; 2025–2027 at threshold | 6,778 (FY2024–26) ; 12,056 (FY2025–27) |
Employment Terms
| Provision | Detail |
|---|---|
| Change-of-Control Severance Tier | Tier II (Spytek) |
| Cash Severance Multiple | 2× (base salary + greater of target bonus or highest actual bonus in past 3 years) |
| AIP in CoC Year | Pro-rata AIP based on actual results |
| Equity Acceleration (CoC + Qualifying Termination) | Service-based awards fully accelerate; performance awards accelerate at greater of target or actual-to-date if measurable |
| Non-Compete / Non-Solicit | Applies during employment and 12 months post-termination; plus perpetual confidentiality and non-disparagement |
| AIP Treatment (Non-CoC separations) | Proration for retirement/death; forfeiture if not employed unless specified; involuntary elimination earns pro-rata at target |
| RSU/PSA/Option Treatment (Non-CoC) | Detailed pro-rata/accelerations for death, disability, early/normal retirement; double-trigger vesting for RSUs/options in CoC |
Potential Payments (Illustrative at FY2025 year-end assumptions)
| Scenario | Cash Severance ($) | Equity Acceleration ($) | Benefits ($) | Total ($) |
|---|---|---|---|---|
| Death | — | 1,891,652 | 1,000,000 | 2,891,652 |
| Disability | — | 1,665,447 | 150,000 | 1,815,447 |
| CoC + Involuntary Termination / Good Reason | 3,376,001 | 1,951,212 | 71,095 | 5,398,308 |
Performance & Track Record
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue ($) | 3,670.9mm [GetFinancials: FY2021 Revenues]* | 4,098.9mm [GetFinancials: FY2022 Revenues]* | 5,350.6mm [GetFinancials: FY2023 Revenues]* | 6,467.6mm [GetFinancials: FY2024 Revenues]* | 6,451.3mm [GetFinancials: FY2025 Revenues]* |
| EBITDA ($) | 655.2mm* [GetFinancials: FY2021 EBITDA] | 635.0mm* [GetFinancials: FY2022 EBITDA] | 1,081.1mm* [GetFinancials: FY2023 EBITDA] | 1,429.7mm* [GetFinancials: FY2024 EBITDA] | 1,258.3mm* [GetFinancials: FY2025 EBITDA] |
Values retrieved from S&P Global.*
Additional company disclosures: FY2025 Adjusted EBITDA $1,220.5mm vs $1,416.7mm in FY2024 (non-GAAP reconciled) .
TSR since 2016 spin-off: +91% through FY2025 (including dividends) .
Compensation Structure Analysis
- Heavy at-risk mix: 74% average for NEOs; 100% equity-based LTIP; multi-metric design (Net Sales, Adjusted EBITDA; Relative TSR; Adj. EBITDA AAGR) .
- 2025 AIP zero payout given below-threshold performance, consistent with pay-for-performance .
- Clawbacks: Dodd-Frank-compliant recoupment and broader legacy clawback; strict anti-hedging/pledging; double-trigger CoC vesting; no excise tax gross-ups .
- Peer benchmarking maintained; peer group updated in FY2026 to better align market cap .
Risk Indicators & Red Flags
- Hedging/pledging prohibited (alignment positive) .
- No re-pricing/backdating of options; double-trigger CoC vesting (shareholder-friendly) .
- Say-on-pay support strong: ~94% FOR in 2024 (supportive governance signal) .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval ~94%; Committee added FCF target to AIP and ROIC metric to LTIP for FY2026 after engagement (shifts to cash generation and returns) .
Equity Ownership & Alignment Details
| Policy/Guideline | Requirement | Notes |
|---|---|---|
| Executive stock ownership | 2× salary (non-CEO); 5-year attainment; 75% net-share retention until met | Broad compliance indicated |
| Anti-hedging/pledging | Full prohibition on hedging, short sales, and pledging | Reduces misalignment risk |
| Clawbacks | Dodd-Frank recovery + legacy clawback for detrimental conduct | Strong enforcement posture |
Investment Implications
- Alignment: Spytek’s pay is highly equity-linked with rigorous performance hurdles; FY2025 zero bonus and mixed PSA outcomes reflect discipline in pay delivery tied to results .
- Retention: Tier II CoC protection at 2× cash multiple, 12-month non-compete/non-solicit, and significant outstanding PSUs/RSUs suggest moderate retention risk with balanced protections .
- Trading signals: Upcoming vesting schedules (RSUs ratable; PSAs 2024–2026 and 2025–2027 cycles) may drive periodic Form 4 sales for tax or diversification; anti-hedging/pledging limits leverage-driven selling pressure .
- Performance linkage: The addition of FCF and ROIC to incentive plans from FY2026 should tighten capital discipline, potentially improving cash yields and returns—constructive for shareholder value if execution on restructuring and cost programs persists .