Company: TR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001558370-25-003853
Chunk: 18

Company: TOOTSIE ROLL INDUSTRIES INC
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 18
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 on the same factors outlined above with respect to the MIP taking into account the long-term growth and success of the Company and the named executive officer’s contribution thereto. For fiscal year 2024, the amounts of the CAP awards awarded to the named executive officers (other than the Chief Executive Officer for the reasons noted above) ranged from $175,000 to $546,800 because the Board determined that net profits as well as strong efforts by these executives on behalf of the Company merited such awards as did the ongoing need to continue to motivate and retain these executives.

All of the named executive officers, except for the Chief Executive Officer, participated in the EBP in 2024, which is designed to restore retirement benefits that cannot be accrued under the Company’s tax qualified plans due to limitations on contributions and compensation under applicable tax laws, and our SSP, which is designed to provide a pre-tax savings opportunity for a select group of management and key employees. In 2024 the Chief Executive Officer did not receive an award under the EBP due to the deferred payment provision under that plan. In lieu thereof, the Board authorized a discretionary bonus payment of the amount that would otherwise have been awarded under the EBP. A fuller description of the EBP and SSP follows the Nonqualified Deferred Compensation table included below in this proxy statement.

Other Benefits and Arrangements

The named executive officers are provided with the same benefits, such as group insurance coverage and participation in the Company’s tax-qualified retirement plans, as other salaried employees.

Perquisites

The Chief Executive Officer has used Company aircraft to visit the Company’s manufacturing plants, attend trade association meetings, visit potential acquisition candidates, participate in advertising, media and public relations activities, attend board meetings of the Company and other entities and travel between corporate headquarters and other locations where other executive offices and personal housing are maintained. The Board believes that the ability of the Chief Executive Officer to safely and efficiently conduct Company business while traveling and while at different locations provided substantial benefits to the Company that justify the cost of such aircraft usage. The use of Company aircraft, and

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the housing and automobile benefits described below, has enabled the Chief Executive Officer to visit Company facilities more frequently and to effectively devote additional time to operational and strategic aspects of the Company’s business, that have significantly contributed to the Company’s success, while traveling and while working at locations other than corporate headquarters. In 2024, the Chief Executive Officer also used Company aircraft for a minimal amount of personal travel