Summary Compensation Table — Fiscal Years 2025, 2024, and 2023
The following table summarizes information, for the years ended June 30, 2025, 2024, and 2023, regarding the compensation of Applied’s CEO, CFO, the three other most highly compensated executive officers at June 30, 2025.
| Name and Principal Position | Year | Salary ($) | StockAwards ($) (1) | OptionAwards ($) (1) | Non-EquityIncentive PlanCompensation ($) (2) | Change in Pension Value andNonqualifiedDeferredCompensationEarnings ($) | All OtherCompensation ($) (3) | Total ($) |
|---|
| Neil A. SchrimsherPresident &Chief ExecutiveOfficer | 2025 | 801,403 | 3,162,627 | 1,175,651 | 1,173,724 | 0 | 204,075 | 6,517,480 |
|---|
| 2024 | 990,000 | 2,908,994 | 1,000,398 | 1,106,860 | 0 | 270,747 | 6,276,998 |
| 2023 | 950,000 | 2,730,568 | 759,178 | 1,654,026 | 0 | 267,733 | 6,361,505 |
| David K. WellsVice President –Chief FinancialOfficer & Treasurer | 2025 | 463,970 | 612,085 | 261,256 | 373,932 | 0 | 51,648 | 1,762,891 |
|---|
| 2024 | 505,000 | 562,247 | 222,280 | 355,762 | 0 | 66,065 | 1,711,354 |
| 2023 | 490,000 | 526,804 | 169,106 | 536,040 | 0 | 65,715 | 1,787,665 |
| Warren E. HoffnerVice President,General Manager –Fluid Power & FlowControl | 2025 | 392,768 | 374,841 | 160,000 | 271,326 | 0 | 41,221 | 1,240,156 |
|---|
| 2024 | 427,500 | 371,449 | 146,863 | 258,142 | 0 | 52,207 | 1,256,161 |
| 2023 | 415,000 | 354,408 | 111,538 | 384,157 | 0 | 52,033 | 1,317,136 |
| Kurt W. LoringVice President –Chief HumanResources Officer | 2025 | 373,930 | 420,774 | 179,633 | 236,789 | 0 | 37,914 | 1,249,040 |
|---|
| 2024 | 407,000 | 397,603 | 157,179 | 225,283 | 0 | 46,888 | 1,233,954 |
| 2023 | 395,000 | 374,804 | 118,734 | 335,173 | 0 | 46,751 | 1,270,462 |
| Jason W. VasquezVice President –Sales & Marketing,U.S. Service Centers | 2025 | 404,231 | 325,018 | 138,821 | 269,739 | 0 | 38,834 | 1,176,643 |
|---|
| 2024 | 385,000 | 325,286 | 128,601 | 237,098 | 0 | 44,591 | 1,120,576 |
| 2023 | 350,000 | 293,608 | 93,548 | 332,388 | 0 | 40,379 | 1,109,923 |
| (1) | Amounts represent the aggregate grant date fair value of awards computed in accordance with FASB ASC Topic 718, excluding the effect of estimated forfeitures. The assumptions used to determine the awards’ grant date fair values are described in the notes to Applied’s consolidated financial statements, included in our annual reports on Form 10-K for those years. The 2025 awards are described in the Compensation Discussion and Analysis beginning at page 23 and the Grants of Plan-Based Awards table at page 45. The amounts reported for 2025 in the Stock Awards column are totals of the following: |
| Name | RSUs ($) | Performance Shares ($) |
|---|
| N. Schrimsher | 917,062 | 2,245,565 |
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| D. Wells | 203,748 | 408,337 |
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| W. Hoffner | 124,776 | 250,066 |
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| K. Loring | 140,175 | 280,599 |
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| J. Vasquez | 108,192 | 216,827 |
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Performance shares’ grant date fair values assume performance at the target achievement level. If instead it were assumed that the highest level of performance would be achieved, then the values would be twice the amounts reported for the performance shares.
| Applied Industrial Technologies 2025 Proxy Statement | 43 |
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| (2) | Amounts shown reflect Management Incentive Plan earnings. |
| (3) | Amounts in this column for 2025 are totals of the following: |
| • | Retirement Savings Plan (section 401(k) plan) matching contributions, |
| • | Company contributions for executive life insurance, for a $300,000 benefit, and |
| • | Estimated values of perquisites and other personal benefits. |
Amounts relating to the following perquisites and other personal benefits provided to NEOs are included: annual expense related to post-retirement health care coverage for Mr. Schrimsher (the only remaining active executive eligible for this benefit) and company contributions for officer-level accident insurance benefits. No perquisite or personal benefit exceeded the greater of $25,000 or 10% of the total amount of perquisites and personal benefits in 2025.
The following table itemizes “All Other Compensation” for 2025:
| Name | Retirement Savings Plan Contributions ($) | Key ExecutiveRestoration Plan Account Credits ($) | Gross-up Payments ($) | Life Insurance Benefits ($) | Perquisites and Other Personal Benefits ($) |
|---|
| N. Schrimsher | 7,073 | 187,334 | 0 | 1,110 | 8,558 |
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| D. Wells | 7,575 | 42,896 | 0 | 1,119 | 58 |
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| W. Hoffner | 6,413 | 33,624 | 0 | 1,126 | 58 |
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| K. Loring | 6,105 | 30,732 | 0 | 1,019 | 58 |
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| J. Vasquez | 6,237 | 31,773 | 0 | 766 | 58 |
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| 44 | Applied Industrial Technologies 2025 Proxy Statement |
