Company: FGI
Filing Date: 2025-04-18
Form Type: PRE 14A
Source: 0001628280-25-018388
Chunk: 28

Company: FGI Industries Ltd.
Filing Date: 2025-04-18
Form: PRE 14A
Chunk 28
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 to earn an annual bonus based on the level of achievement of corporate objectives, individual objectives, or a combination of the two. In March and April 2023, the Compensation Committee established incentive bonus targets for executive officers of the Company, including the Named Executive Officers to provide an opportunity for each participant to earn a cash bonus based on performance against established objectives. For 2023, the payout for each of our Named Executive Officers was determined based on the level of achievement of corporate objectives. MIB awards for Messrs. Bruce and Chen were based 70% on revenue targets and

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30% on Adjusted Net Income targets. The MIB award for Mr. Kermelewicz was based on a combination of gross sales, profit, earnings before interest and taxes (“EBIT”) margin and gross margin return on investment (“GMROI”) for the company’s U.S, business. 2024 performance was below threshold levels for the weighted average of the relevant metrics, and thus, no portion of the MIB award vested for any Named Executive Officer.

#### Equity Compensation
The Company maintains the 2021 Equity Incentive Plan to assist in attracting, retaining, motivating and rewarding certain key employees, officers, directors, and consultants, including the Named Executive Officers, which promotes the creation of long-term value for shareholders by closely aligning the interests of such individuals with those of our shareholders.

In 2024, our Named Executive Officers received a mix of share options and performance stock units (“PSUs”). For 2024, Messrs. Bruce and Chen received share option grants vesting based on the achievement of Revenue, Adjusted Net Income and ROIC (30%, 20%, 50%, respectively) over the relevant performance period. 2024 performance was below the weighted average of the metrics, and thus, no portion of the share option grants vested for Messrs. Bruce and Chen. The PSUs for all Named Executive Officers vest based on ROIC over a three-year vesting period.

#### Perquisites and Other Benefits
We believe that providing limited perquisites to our executive officers is beneficial because it improves our ability to retain qualified leaders and is consistent with the practice of similarly sized companies in our industry. Our executive officers are eligible to participate in our group health, disability and life insurance plans and receive matching contributions to a 401(k) plan, which are benefits that are generally available to all of our full-time employees. The goal of these programs is to promote health and welfare benefits.