Company: CRL
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001104659-25-030908
Chunk: 67

Company: CHARLES RIVER LABORATORIES INTERNATIONAL, INC.
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 67
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 form of time-vested RSUs, and approximately 20% in the form of time-vested stock options, with the exception of the Chief Executive Officer, who received approximately 80% in the form of PSUs and approximately 20% in the form of time-vested stock options, thereby further reinforcing the linkage between compensation and performance. With our more recent equity grants, we have generally included a full career retirement provision for equity awards that provides for the continued vesting of unvested equity grants for North American employees who retire after meeting the following specified criteria: • the employee has attained age 55; • the employee has a minimum of 10 years of service with the Company; • the numerical sum of the employee’s age and years of service is equal to at least 70; and • the employee has given notice of his or her intent to retire specifying the exact intended date of retirement and remained employed by the Company until the earlier of (a) the one-year anniversary of the date of such notice or (b) the date on which the employee experienced a termination of employment due to death or disability, or is terminated by the Company without cause. The material features of the PSUs granted to our named executives in 2024 are as follows: • measurement is based on a three-year performance period running from the beginning of the fiscal year in which the award is made to the end of the third fiscal year after (and including) the year in which the award is made. For PSUs awarded in May 2024, the performance period is December 31, 2024 through December 26, 2026. • the initial PSU award (the Target Award) represents a target number of shares of the Company’s common stock, with the final number of shares to be determined and paid out after the conclusion of the three-year performance period based upon two performance metrics: • non-GAAP EPS for the fiscal year in which the award is made; and • rTSR at the end of the PSU award’s three-year performance period. • target performance levels for each of the two performance metrics are as follows: • non-GAAP EPS: the Company’s target non-GAAP EPS for the first fiscal year of the performance period. • rTSR: the Company’s TSR falling exactly at the 55th percentile (as compared to the TSR of the TSR comparator group) over the full three-year performance period. For this purpose, TSR refers to share price appreciation plus any dividends accrued during the reference period of