Company: NEOG
Filing Date: 2025-08-21
Form Type: 8-K
Source: 0000950170-25-110547
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Company: NEOGEN CORP
Filing Date: 2025-08-21
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensatory Arrangements of Certain Officers

Award of Performance Share Units (PSUs)

Since fiscal year 2021, the long-term incentive compensation payable to the executive management team of Neogen Corporation (the “Company”) has consisted of stock options and restricted stock units (RSUs). For fiscal year 2026, the Company has determined that the long-term incentive compensation payable to its executive management team will consist of performance share units (PSUs) that may be earned over a three-year performance period and options. The addition of PSUs is intended to better align executive compensation with our transformational and strategic plan as well as market performance.

Accordingly, on August 15, 2025, the Company granted the following PSUs to the following officers (the “ Named Executive Officers” or “ NEOs”) as part of their fiscal 2026 long-term incentive compensation:

  Executive Officer      Title                                                                Target No. of PSUs Granted  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Mikhael Nassif         Chief Executive Officer (CEO)                                                           414,365  
  David Naemura          Chief Financial Officer (CFO) and Chief Operating Officer (COO)                         230,203  
  Amy Rocklin            Chief Legal and Compliance Officer (CLCO)                                               119,705  

Each PSU represents the right to receive one share of the Company’s common stock based on the actual performance by the Company over a three-year performance period consisting of fiscal years 2026, 2027, and 2028 (the “ Performance Period”) on the following three metrics as compared to targets established by the Company:

  Performance Metric                                  Weighting  
  Revenue – Compounded Annual Growth Rate (CAGR)            40%  
  Adjusted EBITDA Margin Expansion                          30%  
  Cash Flow Conversion                                      30%  

The Company has omitted the specific targets established by the Company for these metrics because they involve confidential financial information, the disclosure of which would result in competitive harm to the Company. The Company believes the target performance goals have been set at challenging, yet achievable, levels that will require significant and sustained performance.

Threshold performance against the target metrics will result in a 50% payout of the target PSUs, maximum performance will result in a 200% payout of