UTZ Brands (UTZ) investor relations material

Executive summary

• A special committee of independent directors negotiated a merger agreement for a going-private transaction, resulting in a cash acquisition of all outstanding Class A Common Stock at $14.25 per share, a 91% premium to the unaffected price, with the company becoming a wholly owned subsidiary of the acquiror and delisted from the NYSE.

• The transaction includes the termination of a tax receivable agreement for a $44 million payment, a recapitalization resulting in 50/50 ownership of the operating company between the acquiror and continuing stockholders, and a new LLC operating agreement with detailed governance, put/call, and exit rights.

• The special committee and board, with two directors abstaining due to conflicts, unanimously recommend shareholders vote for the merger, the compensation proposal, and the adjournment proposal, citing the all-cash premium, deal certainty, and lack of superior alternatives.

Voting matters and shareholder proposals

• Shareholders are asked to vote on: (1) approval of the merger and related agreements, (2) a non-binding advisory vote on executive compensation related to the merger, and (3) approval to adjourn the meeting if more votes are needed.

• Approval of the merger requires both a majority of all shares and a majority of votes cast by disinterested shareholders.

• Voting agreement stockholders, including key insiders, have committed to vote in favor of the transaction.

Board of directors and corporate governance

• The special committee consisted of independent, disinterested directors with full authority to negotiate and reject any transaction.

• The new LLC agreement post-closing provides for a four-person board, with equal appointments by the acquiror and continuing stockholders, and an executive chair role.

• Supermajority and unanimous approval rights are required for significant actions, and detailed governance provisions are included for post-closing operations.