Huntsman CORP
For the period ended Apr 30, 2025. Filed Mar 17, 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.
Apr 30, 2025 · Filed Mar 17, 2025
Contents
Pay versus Performance
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PAY VERSUS PERFORMANCE
PAY VERSUS PERFORMANCE TABLE
| · Year · · · Summary Compensation Total for CEO · · · CEO Compensation Actually Paid(1) · · · Average Summary Compensation Total for other NEOs(2) · · · Average Compensation Actually Paid to other NEOs(2)(3) · · · Value of initial fixed $100 investment based on: · · · Net (loss) income (in millions) · · · Adjusted EBITDA (in millions) · | ||||||||||||||||||||||||||||||||||||||||||
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| · TSR · · · Peer group TSR(4) · | ||||||||||||||||||||||||||||||||||||||||||
| · (a) · · · (b) · · · (c) · · · (d) · · · (e) · · · (f) · · · (g) · · · (h) · · · (i) · | ||||||||||||||||||||||||||||||||||||||||||
| | 2024 | | | | $14,566,117 | | | | | $4,658,341 | | | | | $2,885,350 | | | | | $1,444,019 | | | | | $88.28 | | | | | $94.59 | | | | | $(127) | | | | | $414 | | |
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| | 2023 | | | | $17,631,827 | | | | | $5,700,841 | | | | | $3,247,212 | | | | | $1,596,394 | | | | | $117.64 | | | | | $111.79 | | | | | $153 | | | | | $472 | | |
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| | 2022 | | | | $15,030,729 | | | | | $9,694,726 | | | | | $3,512,712 | | | | | $2,607,079 | | | | | $123.98 | | | | | $95.56 | | | | | $523 | | | | | $1,155 | | |
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| | 2021 | | | | $15,108,827 | | | | | $28,417,602 | | | | | $3,496,575 | | | | | $5,007,452 | | | | | $153.01 | | | | | $118.16 | | | | | $1,104 | | | | | $1,246 | | |
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| | 2020 | | | | $13,714,842 | | | | | $12,339,966 | | | | | $3,049,512 | | | | | $2,779,972 | | | | | $107.53 | | | | | $108.11 | | | | | $1,066 | | | | | $605 | | |
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(1)
The 2024 Summary Compensation Table (“SCT”) totals reported for the CEO for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate compensation actually paid (“CAP”):
| · CEO Year · · · Summary Compensation Total for CEO · · · Reported Grant Date Fair Value of Equity Awards(a) · · · Equity Award Adjustments(b) · · · Reported Change in the Actuarial Present Value of Pension Benefits(c) · · · Pension Benefit Adjustments(d) · · · CEO Compensation Actually Paid · | |||||||||||||||||||||||||||||||||
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| | 2024 | | | | $14,566,117 | | | | | $(11,398,545) | | | | | $2,920,575 | | | | | $(1,646,469) | | | | | $216,663 | | | | | $4,658,341 | | | |
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| | 2023 | | | | $17,631,827 | | | | | $(12,268,520) | | | | | $3,338,434 | | | | | $(3,322,662) | | | | | $321,762 | | | | | $5,700,841 | | | |
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| | 2022 | | | | $15,030,729 | | | | | $(9,950,759) | | | | | $3,877,209 | | | | | | — | | | | | $737,547 | | | | | $9,694,726 | | |
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| | 2021 | | | | $15,108,827 | | | | | $(9,042,686) | | | | | $21,936,024 | | | | | | — | | | | | $415,437 | | | | | $28,417,602 | | |
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| | 2020 | | | | $13,714,842 | | | | | $(7,784,895) | | | | | $8,284,677 | | | | | $(2,623,213) | | | | | $748,555 | | | | | $12,339,966 | | | |
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(a)
Represents a deduction for the amounts reported in the “Stock Awards” and “Option Awards” columns of the SCT.
(b)
Represents the increases or deductions as applicable for the inclusion of Item 402(v) adjusted equity award values as follows:
| · Equity Type · · · Fair Value of Current Year Equity Awards at Year End · · · Change in Value of Prior Equity Awards Unvested at Year End · · · Change in Value of Prior Awards Vested Current Year · · · Prior Year Fair Value of Awards Forfeited in Current Year · · · Dividend Adjustments · · · Equity Value Included in Compensation Actually Paid · | |||||||||||||||||||||||||||||||||
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| · · · · (a) · · · (b) · · · (c) · · · (d) · · · (e) · · · (f) = (a) + (b) + (c) + (d) + (e) · | |||||||||||||||||||||||||||||||||
| | 2024 | | | | $6,705,850 | | | | | $(3,655,358) | | | | | $(455,297) | | | | | | — | | | | | $325,380 | | | | | $2,920,575 | | |
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| | 2023 | | | | $7,836,762 | | | | | $(1,100,828) | | | | | $(1,936,652) | | | | | $(2,009,586) | | | | | $548,738 | | | | | $3,338,434 | | | |
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| | 2022 | | | | $6,031,897 | | | | | $(2,480,511) | | | | | $(340,531) | | | | | | — | | | | | $666,354 | | | | | $3,877,209 | | |
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| | 2021 | | | | $12,039,187 | | | | | $5,432,009 | | | | | $3,989,028 | | | | | | — | | | | | $475,800 | | | | | $21,936,024 | | |
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| | 2020 | | | | $8,901,061 | | | | | $9,567 | | | | | $(862,885) | | | | | | — | | | | | $236,934 | | | | | $8,284,677 | | |
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(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings” column of the SCT.
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company’s did not have a prior service cost base for the applicable periods.
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(2)
The SCT average of the other NEOs for each year were subject to the following adjustments per Item 402(v)(2)(iii) of Regulation S-K to calculate CAP:
| · Other NEOs Year · · · Summary Compensation Total for other NEOs · · · Reported Grant Date Fair Value of Equity Awards(a) · · · Equity Award Adjustments(b) · · · Reported Change in the Actuarial Present Value of Pension Benefits(c) · · · Pension Benefit Adjustments(d) · · · Other NEOs Compensation Actually Paid · | |||||||||||||||||||||||||||||||||
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| | 2024 | | | | $2,885,350 | | | | | $(1,789,094) | | | | | $468,010 | | | | | $(177,476) | | | | | $57,229 | | | | | $1,444,019 | | | |
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| | 2023 | | | | $3,247,212 | | | | | $(1,848,036) | | | | | $414,122 | | | | | $(271,650) | | | | | $54,746 | | | | | $1,596,394 | | | |
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| | 2022 | | | | $3,512,712 | | | | | $(1,724,310) | | | | | $732,342 | | | | | | — | | | | | $86,335 | | | | | $2,607,079 | | |
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| | 2021 | | | | $3,496,575 | | | | | $(1,565,417) | | | | | $3,453,398 | | | | | $(427,847) | | | | | $50,743 | | | | | $5,007,452 | | | |
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| | 2020 | | | | $3,049,512 | | | | | $(1,446,862) | | | | | $1,574,959 | | | | | $(452,331) | | | | | $54,694 | | | | | $2,779,972 | | | |
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(a)
Represents a deduction for the amounts reported in the “Stock Awards” and “Option Awards” columns of the SCT.
(b)
Represents the increases or deductions as applicable for the inclusion of Item 402(v) adjusted equity award values as follows:
| · Equity Type · · · Fair Value of Current Year Equity Awards at Year End · · · Change in Value of Prior Equity Awards Unvested at Year End · · · Change in Value of Prior Awards Vested Current Year · · · Prior Year Fair Value of Awards Forfeited in Current Year · · · Dividend Adjustments · · · Equity Value Included in Compensation Actually Paid · | |||||||||||||||||||||||||||||||||
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| · · · · (a) · · · (b) · · · (c) · · · (d) · · · (e) · · · (f) = (a) + (b) + (c) + (d) + (e) · | |||||||||||||||||||||||||||||||||
| | 2024 | | | | $1,052,539 | | | | | $(553,872) | | | | | $(85,842) | | | | | | — | | | | | $55,185 | | | | | $468,010 | | |
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| | 2023 | | | | $1,180,469 | | | | | $(193,974) | | | | | $(309,436) | | | | | $(348,232) | | | | | $85,295 | | | | | $414,122 | | | |
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| | 2022 | | | | $1,045,233 | | | | | $(401,727) | | | | | $(34,856) | | | | | | — | | | | | $123,692 | | | | | $732,342 | | |
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| | 2021 | | | | $2,100,801 | | | | | $805,720 | | | | | $489,357 | | | | | | — | | | | | $57,520 | | | | | $3,453,398 | | |
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| | 2020 | | | | $1,654,307 | | | | | $382 | | | | | $(108,485) | | | | | | — | | | | | $28,755 | | | | | $1,574,959 | | |
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(c)
Represents a deduction for the amounts reported in the “Change in Pension Value & Nonqualified Deferred Compensation Earnings” column of the SCT.
(d)
Represents the increase for actuarially determined service cost for services rendered in the applicable year. Prior service cost is not included as the Company did not have a prior service cost base for the applicable periods.
(3)
The other NEOs reflected in columns (d) and (e) represent the following individuals for each of the years shown:
a.
2024—Messrs. Lister, Hankins, Stryker and Rogers
b.
2023—Messrs. Lister, Hankins, Stryker and Rogers
b.
2022—Messrs. Lister, Hankins, Stryker and Rogers
c.
2021—Messrs. Lister, Hankins, Stryker, Rogers and Sean Douglas
d.
2020—Messrs. Douglas, Hankins, Stryker and Rogers
(4)
The 2024 Performance Peers consist of the following companies: Ashland Global Holdings Inc., BASF Corp, Celanese Corporation, Clariant AG, Covestro AG, Dow Inc., Eastman Chemical Company, Evonik, H.B. Fuller Company, Lanxess AG, Trinseo S.A. and Westlake Chemical Corp. For information on how we use the 2024 Performance Peers, see “Compensation Discussion and Analysis—2024 Executive Compensation Decisions—Long-Term Equity Compensation”.
PERFORMANCE MEASURES
The following tabular list provides information on the most important financial performance measures used by the registrant to link compensation actually paid to the Company’s named executive officers, for the most recently completed fiscal year, to the Company’s performance:
| | Performance Measure | |
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| | Relative TSR | |
| | Adjusted EBITDA | |
| | Free cash flow | |
| | Strategic and Operational Metrics | |
| | EH&S compliance | |
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RELATIONSHIP BETWEEN CAP AND PERFORMANCE MEASURES
In the “Compensation Discussion and Analysis” section of this Proxy Statement, we provide greater detail on the elements of our executive compensation program and our pay-for-performance compensation philosophy. The values included in the columns for CAP paid to our CEO and the other NEOs, in each of the fiscal years reported above and over the three-year cumulative period shows how the compensation awarded fluctuated year-over-year, primarily based on our stock price as of the last day of the listed fiscal year, among other factors. As the values change considerably from year-to-year based on stock price performance, they further demonstrate the pay-for-performance compensation philosophy of our executive compensation program. As the table demonstrates, the compensation of our CEO and the other NEOs is higher when our stock price performs well, and lower when the stock price does not perform as well, demonstrating the clear alignment of interests of our CEO and the other NEOs and our stockholders.
CAP versus TSR. As shown in the chart below, the CEO and other NEOs’ CAP values are aligned with the Company’s TSR. This is due primarily to the Company’s use of long-term equity incentive awards, which are tied directly to our stock price in addition to our financial performance. The chart also compares the Company’s cumulative TSR and the 2024 Performance Peer’s TSR.
CAP versus Net Income. As shown in the chart below, the Company’s net income decreased in 2024 and the CEO and other NEOs’ CAP values decreased as well. This is due in large part to the significant emphasis the Company places on long-term equity incentive awards, which are sensitive to changes in stock price. These measures do not align as closely as TSR because the Company does not use net income to determine compensation levels or annual cash performance award payouts.
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CAP versus adjusted EBITDA. The chart below compares the CEO and other NEOs’ CAP values to our adjusted EBITDA, which indicates there is a very strong relationship between adjusted EBITDA and CAP.
Historically, adjusted EBITDA determined the largest portion of our annual cash performance awards. Because the Company used adjusted EBITDA margin in 2022, this portion of the annual cash performance award was not earned, thus showing a lower correlation in 2022. Beginning in 2023, the Company again used adjusted EBITDA, thus increasing the correlation.
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.