Board Justification

To support the execution of our business model and our long-term success, we continue to focus on our traditional core compensation objectives: incentivizing and rewarding performance; sustaining our position of strength in a competitive and changing retail environment; supporting teamwork, management stability, and succession planning; and fostering alignment with shareholder interests.

Board Justification

Annual cash incentive awards under our MIP is to motivate and incentivize our NEOs and other key Associates to achieve annual performance goals established by the Committee and to reward them based on achievement of these performance goals.

Board Justification

Other benefits include amounts for continued health coverage, life insurance coverage, and/or automobile benefits.

Board Justification

PSU performance results were approved by the Committee as follows:FY23-25 Incentive EPS*ThresholdTargetMaximumActualPerformance goal$3.32$3.90= 8.8% CAGR over FY22 baseline of $3.03$4.57$4.27= 12.1% CAGR over FY22 baseline of $3.03