CLEVELAND-CLIFFS INC.
For the period ended Dec 31, 2024. Filed Apr 2, 2025.
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Dec 31, 2024 · Filed Apr 2, 2025
Contents
41 | CLF 2025 PROXY STATEMENT
41 |CLF 2025 PROXY STATEMENT discretion to reset the payout to 0%. The Compensation Committee agreed with this recommendation and chose to exercise such discretion accordingly.
The Compensation Committee approved the Safety Scorecard payout at 20% to recognize the focus by all hourly and salaried employees on safe production.
Total funding under the EMPI Plan was 20%. The total annual incentive amounts paid to NEOs are set forth in the following table:
| 2024 BASE SALARY ($) | TARGET AWARD LEVEL (%) | TARGET AWARD LEVEL ($) | PAYOUT ACHIEVED (%) | EMPI PLAN PAYOUT ($) | |
|---|---|---|---|---|---|
| Goncalves | 2,201,000 | 200 | 4,402,000 | 20 | 880,400 |
| C. Goncalves | 850,000 | 120 | 1,020,000 | 20 | 204,000 |
| Smith | 893,000 | 120 | 1,071,600 | 20 | 214,320 |
| Koci | 738,000 | 120 | 885,600 | 20 | 177,120 |
| Graham | 720,000 | 100 | 720,000 | 20 | 144,000 |
The objective is to establish target goals in any given year that are challenging yet achievable, with a much higher level of difficulty to achieve performance that generates the maximum payout. Over the last ten years, the actual performance results of the EMPI Plan have averaged 136.7% of target and ranged from a low of 20% of target to a high of 200% of target as shown in the chart below:
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