FREEHOLD, N.J. -- Foodarama Supermarkets here said it is looking to return to annual elections of all its board members, a move the company said it was taking as part of a tentative agreement that would settle a shareholder lawsuit.
poration that would rescind last year's shareholder-approved switch to a system in which directors served staggered five-year terms, with one-fifth of the board coming up for election each year. Currently, the Foodarama board has five directors.
Also as part of the tentative agreement, Joseph Saker, chairman and chief executive officer, will return the company options for 10,000 shares of stock awarded to him in 2001, according to the proxy statement.
