APi Group Corp

As required by pay versus performance rules adopted by the SEC in 2022 (“PVP Rules”), the below Pay

Versus Performance table (“PVP Table”) provides information about compensation for this proxy

statement’s NEOs, as well as NEOs from our 2025, 2024, 2023, and 2022 proxy statements (each of

2021, 2022, 2023, 2024, and 2025, a “Covered Year”). The PVP Table also provides information about

the results for certain financial performance measures during those same Covered Years. In reviewing

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this information, there are a few important things to consider:

•The information in columns (b) and (d) comes directly from this and prior years’ Summary

Compensation Tables, without adjustment;

•As required by the PVP Rules, we describe the information in columns (c) and (e) as “compensation

actually paid” (or “CAP”) to the applicable NEOs, but these CAP amounts may not necessarily reflect

compensation that our NEOs actually earned for their service in the Covered Years;

•The PVP Rules require that we choose a peer group or index for purposes of TSR comparisons, and

we have chosen the same peer group reflected in our Annual Report on Form 10-K for the year

ended December 31, 2025, which group consists of: Cintas Corporation, Comfort Systems USA,

Inc., Dycom Industries, Inc., EMCOR Group Inc., First Service Corporation, Johnson Controls

International plc, MasTec Inc., Otis Worldwide, and Quanta Services, Inc (the “PVP Peer Group”);

and

•As required by the PVP Rules, we provide information about our cumulative TSR, cumulative PVP

Peer Group TSR results and U.S. Generally Accepted Accounting Principles ("GAAP") net income

results (the “External Measures”) during the Covered Years in the PVP Table, but we did not actually

base any compensation decisions for the NEOs on, or link any NEO pay to, these particular External

Measures.

Pursuant to the PVP Rules, the Company is required to designate one financial metric as the “Company-

Selected Measure,” or the most important financial measure that demonstrates how the Company

sought to link 2025 executive pay to performance. For 2025, the Company has selected adjusted

EBITDA. Please refer to Appendix A for reconciliation of non-GAAP measures to most directly comparable

GAAP measures.

(1)Mr. Becker was the principal executive officer (“PEO”) for each of the Covered Years. The names of each of the other NEOs

included for purposes of calculating the average amounts in each Covered Year are as follows: (i) for 2025, Mr. Jackola,

Lambert, and Ms. Morton, (ii) for 2024, Mr. Krumm, Mr. Lambert, Mr. Jackola, and Ms. Morton, (iii) for 2023, Mr. Krumm, Mr.

Lambert, and Ms. Morton; (iv) for 2022, Mr. Krumm, Mr. Lambert, Ms. Morton, Mr. Jackola, and Ms. Fike; and (v) for 2021,

Mr. Krumm, Ms. Fike, Mr. Grunau, Mr. Lydon, and Mr. Cebulla.

(2)In accordance with the PVP Rules, the following adjustments were made to Mr. Becker’s total compensation for each Covered

Year to determine the PEO CAP. The equity award adjustments for each applicable Covered Year include those adjustments

required by Item 402(v) of Regulation S-K. The valuation assumptions used to calculate fair values did not materially differ

from those disclosed at the time of grant.

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(a)The grant date fair value of equity awards represents the amount reported in the “Stock Awards” column in the

Summary Compensation Table and subtracted for the applicable Covered Year.

(3)In accordance with the requirements of Item 402(v) of Regulation S-K, adjustments were made to average total compensation

for the NEOs as a group (excluding Mr. Becker) for each Covered Year to determine the compensation actually paid, using the

same methodology described above in Note 2. The amounts deducted or added in calculating the total average equity award

adjustments are as follows. The equity award adjustments for each applicable Covered Year include those adjustments

required by Item 402(v) of Regulation S-K. The valuation assumptions used to calculate fair values did not materially differ

from those disclosed at the time of grant.

(a)The grant date fair value of equity awards represents the amount reported in the “Stock Awards” column in the

Summary Compensation Table and subtracted for the applicable Covered Year.

(4)Peer Group TSR represents the weighted peer group TSR, weighted according to the respective companies’ stock market

capitalization at the beginning of each period for which a return is indicated.

Descriptions of Relationships Between CAP and Certain Financial Performance Measure

Results

The PVP Rules require that comparisons be made between certain columns in the PVP Table. Such

comparisons are provided graphically below. In accordance with that approach, the following charts

show the relationships across the Covered Years between (1) our cumulative TSR and the cumulative

TSR for the PVP Peer Group reflected in the PVP Table above, (2) our cumulative TSR and Mr. Becker’s

CAP and the non-PEO NEOs’ average CAP, (3) our GAAP Net Income reflected in the PVP Table above

and Mr. Becker’s CAP and the non-PEO NEOs’ average CAP, and (4) our adjusted EBITDA reflected in the

PVP Table above and Mr. Becker’s CAP and the non-PEO NEOs’ average CAP.

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Required Disclosure of Most Important Measures

Adjusted EBITDA represents the most important metric we used to determine executive compensation

for 2025 as further described in our CD&A.

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