ENERPAC TOOL GROUP CORP
For the period ended Aug 31, 2024. Filed Dec 18, 2024.
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Aug 31, 2024 · Filed Dec 18, 2024
Contents
EXECUTIVE COMPENSATION PRACTICES
The Committee engages in an ongoing review of the Company’s executive compensation program to evaluate whether the program supports the Company’s compensation philosophy and objectives and aligns with the Company’s business objectives. In connection with this ongoing review, and based on feedback received from our shareholders, the Committee implements and maintains what it believes are best practices for executive compensation and reinforcing the Company’s compensation philosophy. Below is a summary of those practices.
| What the Company Does | What the Company Does Not Do | ||
|---|---|---|---|
| • Uses performance metrics to align pay with performance | • Offer gross-ups of related excise taxes on executive severance agreements | ||
| • Caps payouts under our annual cash bonus plan and performance share plans at 200% | • Otherwise provide tax gross-ups in the event of a change in control | ||
| • Grants at least 50% of target annual equity awards as performance-based awards | • Pay dividends on unearned and unvested performance shares | ||
| • Has robust stock ownership guidelines for our CEO and other current NEOs | • Pay dividends on unvested restricted stock units | ||
| • Applies mandatory clawback provisions to annual cash bonus and equity awards for executives in case of financial restatements | • Reprice stock options | ||
| • Applies discretionary clawback provisions for incentive compensation for other management employees in case of financial restatements and for executives and other management employees in the event of misconduct | |||
| • Engages an independent compensation consultant that reports to the Committee | |||
| • Prohibits short sales, hedging or pledging of our stock by our executive officers and directors | |||
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