Company: TR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001558370-25-003853
Chunk: 15

Company: TOOTSIE ROLL INDUSTRIES INC
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 15
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 Company        | ​ | ​             |  1,331 | ​ | ​               |  3,790 |
| TreeHouse Foods, Inc.                | ​ | ​             |  3,354 | ​ | ​               |  1,643 |

| (1) | Hostess Brands, Inc. and Whole Earth Brands, Inc. were acquired during 2024 and have been removed from the peer group. |

| (2) | Most recent revenue data available is from 2023. |

Elements of Compensation Base Salary The Board annually reviews each named executive officer’s base salary. The Board does not establish base salary based on individual or corporate performance factors fixed in advance. The factors considered by the Board include the following:

| ● | Individual performance and contribution to the Company; |

| ● | Comparative compensation levels of other companies, including the periodic compensation studies performed by an independent compensation consultant; |

| ● | Overall competitive environment for executives and the level of compensation considered necessary to attract and retain executive talent; |

| ● | Historical compensation and performance levels for the Company; and |

| ● | Length of service, which can be a significant factor for some executives. |

11

Any changes to base salary levels typically become effective as of January 1st. Effective January 1 of 2024 and 2025, the Board approved base salary increases of 4.1% and 4.0%, respectively, for the Treasurer, 4.2% and 4.0%, respectively, for the Vice President/Manufacturing and 4.4% and 4.0% for the Vice President/Marketing and Sales. These adjustments reflect the Board’s assessment of the factors described above and were consistent with the Company’s overall budget for salary increases. The Company has limited salaries to $999,000. Accordingly, no salary increases were approved for either the Chief Executive Officer or for the Chief Financial Officer in either 2024 or 2025. Annual Incentives All of the named executive officers are eligible to participate in the Management Incentive Plan, which is referred to as the “MIP” below and which was approved by the Board of Directors effective January 1, 2023. The MIP is designed to recognize and reward the named executive officers for their contribution to the Company’s overall financial performance as well as the attainment of individual and Company goals. Any bonus payment provided for under the plan is discretionary and is not considered earned or accrued by a participant until it is actually