Company: EME
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001140361-25-015031
Chunk: 28

Company: EMCOR Group, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 28
---
 and to aid the Compensation Committee in determining whether the measurements should be changed. Mercer examined the measurements, the total incentive awards payable under the program and what was actually paid with respect to 2023, as well as the performance of the Company and its Common Stock versus the Comparator Companies. Mercer concluded that the financial measurements continued to be an appropriate means to incentivize and retain our executives. The 2024 incentive award based on financial measurements that could have been awarded to a named executive officer, whether at, above, or below his or her 2024 Financial Target Bonus, was determined in accordance with a matrix adopted by the Compensation Committee, which we refer to as the “Matrix” and which took into account 2024 adjusted earnings per share and the ratio of 2024 adjusted positive operating cash flow to 2024 adjusted operating income (the “2024 Cash Flow Ratio”). For example, if our 2024 adjusted earnings per share had been $13.90, then, in accordance with the Matrix, the named executive officer’s 2024 Financial Target Bonus could have been awarded to him or her only if the 2024 Cash Flow Ratio was 70%. If 2024 adjusted earnings per share had been less than $13.90 (but greater than $12.50), each named executive officer could have been awarded an annual incentive award based on financial measurements, in accordance with the Matrix, greater or less than his or her Financial Target Bonus, the amount of which would depend upon the 2024 adjusted earnings per share and the 2024 Cash Flow Ratio (provided the 2024 Cash Flow Ratio was at least 20%). If 2024 adjusted earnings per share had been greater than $13.90, each named executive officer could have been awarded an annual incentive award based on financial measurements, in accordance with the Matrix, greater or less than his or her Financial Target Bonus, the amount of which would depend upon the 2024 adjusted earnings per share and the 2024 Cash Flow Ratio. The exact amount of this incentive award was determined by the intersection on the Matrix of 2024 adjusted earnings per share and the 2024 Cash Flow Ratio. In no event could an incentive award based on financial measurements have exceeded the named executive officer’s Maximum Potential Incentive Award. However, if, as indicated above, 2024 adjusted earnings per share had not been in excess of $12.50, or if the 2024 Cash Flow Ratio had been less than 20%, no annual incentive award based