Company: NEOG
Filing Date: 2025-09-12
Form Type: DEF 14A
Source: 0000950170-25-114381
Chunk: 51

Company: NEOGEN CORP
Filing Date: 2025-09-12
Form: DEF 14A
Chunk 51
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Description of Relationship Between CAP and Selected Performance Metrics The following graphs describe the relationship between the annual total compensation actually paid to our CEO, the average annual total compensation actually paid to our other NEOs, the total shareholder return of our stock, the total shareholder return of the S&P MidCap 400 Health Care Index, our net income and our Adjusted EBITDA, as each is disclosed in the pay versus performance table on page 45 .

| Neogen Corporation | 2025 Proxy Statement | 47 |

#### Pay Versus Performance
1. Total Shareholder Return (TSR): Neogen versus S&P Midcap 400 Health Care Index The graph below assumes an initial investment of $100 on May 31, 2020, in Neogen common stock and the S&P MidCap 400 Health Care Index, and assumes dividends, if any, were reinvested. As shown in the graph, Neogen’s TSR has been below the S&P MidCap 400 Health Care Index. The companies included in the S&P MidCap 400 Health Care Index are not the same as those used in our compensation benchmarking.

| Neogen Corporation | 2025 Proxy Statement | 48 |

#### Pay Versus Performance
2. Compensation Actually Paid (CAP) versus Neogen TSR The graph below compares Neogen’s Total Shareholder Return (TSR) to the CEO’s and Other NEOs’ Compensation Actually Paid (CAP) for the five fiscal years beginning with 2021. As shown in the graph, the CAP to the CEO declined in 2022 and increased in 2023 before declining again in 2024 and 2025. CAP to Other NEOs increased in 2023 and 2024, primarily reflecting the completion of the merger with the former 3M Food Safety Division and the resulting increase in size and complexity of the Company, before declining in 2025.

| Neogen Corporation | 2025 Proxy Statement | 49 |

#### Pay Versus Performance
3. CAP versus Net Income The graph below compares Neogen’s net income to the CEO’s and Other NEOs’ Compensation Actually Paid (CAP) for the five fiscal years beginning with 2021. Net income declined in 2023, primarily as a result of transaction costs, the amortization of acquired intangibles and interest expense incurred on debt related to the merger with the former 3M Food Safety Division. The decline in net income in 2025 was due primarily to a non-cash goodwill impairment charge