| 1 | This column includes the grant date fair value (calculated in accordance with FASB ASC 718) of the long-term incentive awards under the Company’s long-term incentive program (RSAs and PSUs) and RSUs that an executive received pursuant to a deferral election under the MSPP. The assumptions used in the valuation of the RSUs received pursuant to a deferral election under the MSPP were as follows: |
| Risk-free interest rate: | 4.564% |
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| Expected life of option grants: | 3 years |
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| Expected stock value volatility: | 27.45% |
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| Expected quarterly dividends: | $0.30 per share |
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The grant date fair value of these three separate equity awards is as follows:
| Grant Date Fair Value of Annual Incentive Deferred Pursuant to MSPP ($) | Grant Date Fair Value of Restricted Stock Awards under the OIP ($) | Grant Date Fair Value of Performance Share Unit Awards under the OIP ($) | Total ($) |
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| David Dunbar | 509,231 | 1,123,582 | 1,685,453 | 3,318,267 |
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| Ademir Sarcevic a | - | 396,044 | 396,044 | 2,292,086 |
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| Alan Glass | 111,816 | 201,917 | 201,917 | 515,651 |
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| Annemarie Bell | - | 134,188 | 134,188 | 268,375 |
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| Max Arets b | - | - | - | 169,844 |
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| a | Mr. Sarcevic received a discretionary RSA grant in the amount of $1,499,998, which is reflected in the total here and in the Summary Compensation table above. |
| b | Mr. Arets received a discretionary, sign-on RSA grant in the amount of $169,844, which is reflected in the total here and in the Summary Compensation table above. |
The value of performance-based awards is based on the probable outcome of the performance conditions as of the grant date. The payout for FY 2022 grants was 152.4% of the target levels. The payout for FY 2023 and FY 2024 grants will be determined in FY 2025 and FY 2026, respectively. The probable outcome for FY 2022, FY 2023 and FY 2024 grants of performance-based awards was estimated at the target payout level, or 100%, at the time of grant. The following table shows the grant date fair value of the performance share units granted in FY 2024 at the target level included in the Summary Compensation Table above and the potential maximum grant date fair value. As described in the Compensation Discussion and Analysis, awards have a maximum payout level of 200% and are further subject to the TSR modifier, which, at its maximum level, can increase the payout by a further 25% of payout, for a combined maximum payout level of 250% of target.
| Grant Date Fair Value of Performance Share Awards under the OIP ($) | Potential Maximum Grant Date Fair Value ($) |
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| David Dunbar | 1,685,453 | 4,213,632 |
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| Ademir Sarcevic | 396,044 | 990,110 |
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| Alan Glass | 201,917 | 504,793 |
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| Annemarie Bell | 134,188 | 335,469 |
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| Max Arets a | - | - |
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| a | Mr. Arets joined the Company on April 8, 2024, so he did not receive an FY 2024 PSU grant. |
| 2 | This column shows the amounts earned in cash under our annual incentive opportunity. Some of our Named Executive Officers elected to defer a portion of their annual incentive award under the MSPP. The values of these deferrals are contained in the stock awards column and further explained above in footnote (1). |
| 3 | This column includes the above-market earnings of the Named Executive Officer’s accumulated benefit under the Standex Deferred Compensation Plan. |
2024 Proxy Statement****69
| 4 | This column includes the following compensation: |
| 401(k) Contributions ($) | Non-qualified Deferred Compensation Contribution ($) | Life Insurance Premium ($) | Perquisites & Personal Benefits ($) a | Total ($) |
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| David Dunbar | 17,250 | 76,252 | 16,236 | 35,807 | 145,544 |
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| Ademir Sarcevic | 10,432 | 4,653 | 1,710 | 12,000 | 28,795 |
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| Alan Glass | 16,794 | 12,945 | 7,524 | 12,000 | 49,263 |
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| Annemarie Bell | 12,233 | 1,732 | 7,524 | - | 21,489 |
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| Max Arets | 4,168 | - | 656 | 62,403 | 67,226 |
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| a | Mr. Dunbar has an automobile allowance of which he used $14,607. Mr. Dunbar also received tax preparation reimbursement in the amount of $21,200. Mr. Sarcevic and Mr. Glass have an automobile allowance of $12,000. Mr. Arets received a grossed-up reimbursement in the amount of $62,403 in connection with a clawback for relocation expenses that was enforced by his previous employer. No other Named Executive Officer received total perquisites and personal benefits exceeding $10,000. |
| 5 | Compensation for Ms. Bell is provided only for FY 2024 and FY 2023 because she was not an NEO for FY 2022. |
| 6 | Compensation for Mr. Arets is provided only for FY 2024 because he became employed with the Company on April 8, 2024. |
