WORLD KINECT CORP

For the 2023 long-term incentive program (“LTIP”), the Compensation Committee approved a mix of PRSUs and RSUs to balance retention and alignment with long-term value creation. The Compensation Committee believes that service-based RSUs, which are tied to a fixed number of shares on the grant date, provide a retention incentive that promotes sustained stock ownership and alignment with stock price performance, while PRSUs incentivize and reward executives for long-term sustained performance. Under the LTIP, the Compensation Committee approves a target LTIP value, which is denominated in dollars, and then executives are granted PRSUs (that can be earned from 0% to 200% of target) with a fair market value of 60% of the target LTIP value and RSUs with a fair market value of 40% of the target LTIP value. The service-based RSUs generally vest annually in equal installments over a three-year period beginning on the first anniversary after the grant date. The PRSUs are generally based on Company performance in respect of selected financial metrics over a three-year period and vest on the date after the end of the performance period once the Compensation Committee has determined the extent to which the performance goal has been achieved.

As discussed above, for 2023, the Compensation Committee, in consultation with its independent compensation consultant, reviewed long-term incentive compensation targets for our compensation comparison group and determined to maintain the target opportunity for Messrs. Kasbar and Birns unchanged from 2022; however, Mr. Rau’s long-term incentive opportunity was increased due to his significantly increased responsibilities for the commercial business following another executive’s departure from the Company and to better align his overall compensation with shareholders through increased equity incentives.

Compensation Discussion and Analysis

The table below shows the 2023 target long-term incentive opportunity for each of our NEOs.

1. The number of RSUs and target PRSUs awarded is calculated by dividing the respective target long-term opportunity by the grant date fair market value, as defined in the 2021 Plan. Please refer to the Grants of Plan-Based Awards table for the actual number of target PRSUs and RSUs granted.