Company: PLPC
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001628280-25-014223
Chunk: 20

Company: PREFORMED LINE PRODUCTS CO
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 20
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, CEO, CFO, and President (which were increased from 85% for the CEO, CFO and President for 2024) and 85% of salary for the other officers. Additionally, discretionary cash bonuses can be provided for extraordinary contributions to the Company’s financial performance through exemplary leadership in challenging circumstances. These are provided only when such circumstances warrant. No such bonus was paid out in 2024 . Long-term Equity Grants . The Committee has the discretion under the Company’s equity award plan to set the amounts and terms of any equity compensation and may vary the equity award program from year to year to address the Company’s then-current compensation objectives and strategic goals. The Committee believes that the Company’s shareholders will be well served if a greater percentage of the long-term equity incentive program is related to achievement of the Company’s Board-approved strategic objectives. To that end, the “balanced LTI program” consisting of service vested RSUs and performance vested RSUs is a way to achieve its objectives. Generally, performance-vesting aligns executive long-term incentive rewards more directly with shareholders’ interests since achieving strategic objectives is a better measure of management’s performance than the volatility of the stock market. Furthermore, the Committee believes that the shareholders are served well by decisions that further the Company’s long-term strategic plan. The Committee also believes that the Executive Chairman and CEO’s long-term incentive should generally be 100% dependent on the achievement of the Company’s strategic objectives. Nevertheless, the Committee believes that it is appropriate to include some service vested RSUs in the long-term incentive program of the other officers to encourage retention of key executives over the duration of a business cycle. Additionally, the Company has mandatory share ownership guidelines, as discussed below. Long-term incentive grants are issued under the 2016 Stock Incentive Plan (the “2016 LTIP” or “2016 Plan”), which was approved by the Board and by the shareholders in 2016. If the Company's 2025 Incentive Plan is approved by shareholders at this meeting, long-term incentive grants will be made under such plan going forward. The Executive Chairman and CEO’s typical annual equity compensation awards are performance-based RSUs, vesting in three years based upon achieving performance standards approved at the time of the grant by the Board. The typical annual equity compensation awards to the other participants are as follows: two-thirds of the award is performance-based RSUs, vesting in three years based on achieving performance standards approved at the time of the grant by the Board, and one-third of the