Board Justification

The compensation philosophy aims to align executive compensation with the company's performance and shareholder interests, focusing on both short-term and long-term growth without encouraging excessive risk-taking.

Board Justification

The annual incentive plan (AIP) for 2023 was based on performance metrics including net income, new business generated, cash management, and safety performance. The AIP target was 120% of base salary, resulting in a target bonus of $1,068,923, with an actual payout of $717,720 based on performance achievement.

Board Justification

Other compensation includes auto allowance, personal use of company airplane, company-paid healthcare benefits, and contributions to the employee 401(k) savings account.

Board Justification

The stock awards that vested in 2023 were primarily from the Long-Term Incentive Plan (LTIP), which includes Performance Stock Units (PSUs) and Restricted Stock Units (RSUs). The vested stock represents the shares acquired upon completion of the performance period and continued service.