TORO CO
For the period ended Oct 31, 2024. Filed Feb 4, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Oct 31, 2024 · Filed Feb 4, 2025
TTC$104.84-0.3%Stored close · as of Nov 6, 2026
Contents
Elements of Our Executive Compensation Program
During fiscal 2024, our executive compensation program consisted of the following key elements, which are described in the table below and pages that follow, along with the key characteristics of and purpose for, each element and key actions taken during fiscal 2024.
| Element | Key Characteristics | Purpose | Key Fiscal 2024 Actions |
|---|---|---|---|
| Base Salary | A fixed amount, paid in cash and reviewed annually and,if appropriate, adjusted. | Provide a source of fixed income that is market competitive and reflects scope and responsibility of the position held. | Our NEOs received base salary increases on March 1, 2024.Our Chairman and CEO received a base salary increase of 3.9% and our other NEOs received a base salary increase of 4.0% to 7.3% over their respective fiscal 2023 base salaries. |
| Annual Cash Incentive | A variable, short-term element of compensation, payable in cash based on achievement of pre-established annual financial goals. | Motivate and reward our executive officers for achievement of annual financial goals intended to drive overall company, division or business and / or operational performance. | At the beginning of fiscal 2024, a target award as a percent of base salary was established at 130% for our Chairman and CEO. Target awards for other NEOs were established between 65% and 70% of base salary. Corporate performance measures, weightings and goals were established for all of our NEOs. Additionally, divisional performance measures, weightings and goals were established for Ms. Dahl, as Vice President, International. |
| Long-Term Incentives | A variable, long-term element of compensation, provided in the form of performance share awards (payable based on achievement of three-year cumulative financial goals) and stock options, which vest annually over three years. | Align the interests of our executive officers with our shareholders; encourage focus on long-term company financial performance measures that are deemed strategically and operationally important to our Company; promote retention of our executive officers; and encourage significant ownership of our common stock. | All of our NEOs were granted performance share awards and stock options.Additionally, Mr. Carpenter was granted a restricted stock unit award for retention purposes, which vests in full on the third anniversary of the date of grant. |
| Health and Welfare Benefits | Includes medical and dental insurance, life and disability insurance and certain voluntary benefits. | Provide competitive health and welfare benefits. | No significant changes were made to our health and welfare benefits. |
| Retirement Plans | Includes a defined contribution retirement plan and certain nonqualified retirement plans. | Provide an opportunity for employees to save and prepare financially for retirement. | No significant changes were made to our retirement plans. |
| Perquisites | Includes a financial planning allowance, Company products, company-leased automobile, executive physical and certain travel costs for spouses in connection with certain off-site business related meetings in which it is appropriate for a spouse to attend. | Assist in promoting the personal financial security of our executive officers; promote personal use of our products by our executive officers and the attraction, retention and wellbeing of our executive officers. | No significant changes were made to perquisites. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.