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Incentive Plan Payouts Aligned with Performance

Consistent with our strong financial and operational performance results, the incentive plan payouts were aligned with shareholder experience over the corresponding performance periods.

2025 Annual Bonus PlanPerformance under our 2025 Annual Incentive Plan included achievement of adjusted EBITDA at 115% of the target performance goal and Operating Cash Flow Conversion Rate at 113% of the target performance goal. These strong results drove a total weighted payout of 151.5% of the target payout.
2023 PSUs(2023-2025 Performance Cycle)2023 PSUs paid out at 90.1% of target for relative TSR and 0% of target for adjusted ROIC. 2023 total realized LTIP value represents approximately 27% of the original target value due to a combination of performance and stock price impact.

Given the cyclical nature of our business and pricing volatility, particularly in lithium markets, payouts are structured to avoid excessive declines from uncontrollable market headwinds and prevent excessive gains from commodity-driven upswings. The Committee prioritizes linking pay outcomes to the Company’s financial and TSR performance, while maintaining competitive target pay to attract and retain top talent, which remains a critical priority for driving business transformation and mitigating retention risk.

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