Board Justification

The compensation philosophy is designed to attract, retain, and motivate executives while aligning their interests with those of the shareholders, balancing the need for competitive compensation with the goal of providing superior financial returns to shareholders.

Board Justification

The cash portion of the annual performance incentives earned by Mr. Policarpo for the year 2023.

Board Justification

Represents Company matching contributions to Mr. Policarpo’s 401(k) account and the nonqualified deferred compensation plan, and cash payments in lieu of dividends payable upon vesting of restricted stock granted in 2018.

Board Justification

The number of restricted shares granted to Mr. Policarpo in 2023 that vest over three years, with one-third of the restricted shares vesting on the anniversary of the grant date for three years after the grant date, subject to continued service.