Company: ICUI
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0000883984-25-000010
Chunk: 85

Company: ICU MEDICAL INC/DE
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 85
---
='center'>57</div>

Shareholders request that our board take each step necessary so that each voting requirement in our charter and bylaws (that is explicit or implicit due to default to state law) that calls for a greater than simple majority vote be replaced by a requirement for a majority of the votes cast for and against applicable proposals, or a simple majority in compliance with applicable laws. If necessary this means the closest standard to a majority of the votes cast for and against such proposals consistent with applicable laws. This includes making the necessary changes in plain English.

Shareholders are willing to pay a premium for shares of companies that have excellent corporate governance. The supermajority voting requirements like those of ICU Medical have been found to be one of 6 entrenching mechanisms that are negatively related to company performance according to “What Matters in Corporate Governance” by Lucien Bebchuk, Alma Cohen and Allen Ferrell of the Harvard Law School. Supermajority requirements are used to block initiatives supported by most shareowners but opposed by a status quo management.

This proposal topic won from 74% to 88% support at Weyerhaeuser, Alcoa, Waste Management, Goldman Sachs, FirstEnergy and Macy’s. These votes would have been higher than 74% to 88% if more shareholders had access to independent proxy voting advice. This proposal topic also received overwhelming 98%-support at the 2023 annual meetings of American Airlines (AAL) and The Carlyle Group (CG).

The overwhelming shareholder support for this proposal topic at hundreds of major companies raises the question of why ICU Medical has not initiated this proposal topic on its own. It also raises the question that ICU Medical may be overlooking other areas of corporate governess improvement that could easily be adopted to increase shareholder value at virtually no cost.

ICU Medical scores 6 in regard to shareholder rights with 10 being the worse possible score. Adoption of this proposal may improve the shareholder rights score of ICU Medical.

<div align='center'>Please vote yes:</div>

#### Simple Majority Vote - Proposal 5

#### The Board’s Statement in Opposition
The Board has considered this proposal and believes that its adoption is not in the best interests of our stockholders. Accordingly, the Board unanimously recommends a vote AGAINST this proposal for the following reasons.

We have an excellent corporate governance structure.

The Company is firmly committed to good corporate governance and has adopted a wide range of practices and procedures that promote effective governance, oversight and accountability. Our Board believes that the corporate governance concerns