STRATTEC SECURITY CORP
For the period ended Oct 23, 2024. Filed Sep 20, 2024.
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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 23, 2024 · Filed Sep 20, 2024
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Contents
Pay Versus Performance Table
| Fiscal Year | SummaryCompensationTable Total forthe PEO (1) | CompensationActually Paidto PEO ($) (2) (3) | AverageSummaryCompensationTotal for Non-PEO NEOs(1) (4) | AverageCompensationActually Paid toNon-PEO NEOs (3) | Value of InitialFixed $100InvestmentBasedon TotalShareholderReturn (TSR) (5) | Net (Loss)Income (6) |
|---|---|---|---|---|---|---|
| 2024 | $766,660 | $764,113 | $585,006 | $625,550 | $131.58 | $16,313,000 |
| 2023 | $803,267 | $664,603 | $635,177 | $556,471 | $41.12 | $(6,670,000) |
| 2022 | $809,359 | $610,464 | $492,784 | $420,780 | $74.81 | $7,016,000 |
(1)
The dollar amounts reported in this column are the amount of total compensation reported in the “Total” column of the Summary Compensation Table for the 2024, 2023 and 2022 fiscal years for the person serving as our PEO for such applicable year. The individuals included as our PEO and Non-PEOs for each applicable fiscal year are set forth in the following table (note that during fiscal year 2024, Mr. Krejci served as our PEO for six months until his retirement on December 31, 2023 and Mr. Guillot served as our interim PEO for six months from January 1, 2024 through June 30, 2024 so the information provided for our PEO for fiscal year 2024 is based on their pro rated amounts reported in the "Total" column of the Summary Compensation Table):
| Fiscal Year | PEO | Non-PEO Named Executive Officers |
| 2024 | Krejci/Guillot | Richard Messina, Al-Waleed Hamdan |
| 2023 | Frank Krejci | Patrick Hansen, Rolando Guillot, Richard Messina |
(2)
The dollar amounts reported in this column represent the amount of CAP for our PEO as computed in accordance with Item 402(v) of Regulation S-K.
(3)
The following table provides the adjustments to the Summary Compensation Table “Total” compensation column to determine our PEO's CAP and our Non-PEO NEOs average CAP:
| 2024 · 2023 · 2022 | ||||||
|---|---|---|---|---|---|---|
| PEO ($) | Average forNon-PEONEOs ($) | PEO ($) | Average forNon-PEONEOs ($) | PEO ($) | Average forNon-PEONEO ($) | |
| Summary Compensation Table Total: | 766,660 | 585,006 | 803,267 | 635,177 | 809,359 | 492,784 |
| Adjustments: | ||||||
| Deduction for Amounts Reported in the “Stock Awards” Column in the Summary Compensation Table: | (94,734) | (69,804) | (154,734) | (62,197) | (214,965) | (139,095) |
| Increase for fair value of awards granted during the covered fiscal year that remain outstanding and unvested as of the covered fiscal year end: | 43,125 | 78,750 | 92,514 | 38,094 | 168,300 | 108,900 |
| Increase (deduction) for year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end: | 11,662 | 19,208 | (75,786) | (44,580) | (49,995) | (33,330) |
| Increase (deduction) for change in vesting date fair value of awards granted during the prior fiscal years that vested during the covered fiscal year compared to fair value of awards of prior fiscal year end: | 37,400 | 12,390 | (658) | (10,023) | (12,613) | (8,479) |
| Total Adjustments: | (2,547) | 40,544 | (138,664) | (78,706) | (109,273) | (72,004) |
| Compensation Actually Paid: | 764,113 | 625,550 | 664,603 | 556,471 | 610,464 | 420,780 |
(4)
The dollar amounts reported in this column represent the average of the amounts reported for our Non-PEO named executive officers as a group in the “Total” column of the Summary Compensation Table in each applicable year.
(5)
The amounts reported in this column reflect our cumulative TSR, assuming an initial fixed $100 investment in our Common Stock starting June 27, 2021 through the end of each listed fiscal year. Cumulative TSR is calculated by dividing the sum of cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between our stock price at the end and the beginning of the measurement period by our stock price at the beginning of the measurement period. No dividends were paid on our Common Stock during either fiscal 2024 or 2023.
(6)
The dollar amounts reported represent the amount of net (loss) income attributable to STRATTEC’s shareholders as reflected in our consolidated audited financial statements for each applicable year.
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