Company: SXT
Filing Date: 2025-06-09
Form Type: 11-K
Source: 0001140361-25-021884
Chunk: 3

Company: SENSIENT TECHNOLOGIES CORP
Filing Date: 2025-06-09
Form: 11-K
Chunk 3
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MENTS (CONTINUED) FOR THE YEAR ENDED DECEMBER 31, 2024 Note 1 - (Continued) The administration of the Plan is the responsibility of the Benefits Administrative Committee (the Committee), which is appointed by the Finance Committee of the Company’s Board of Directors. The assets of the Plan are maintained in the Sensient Technologies Corporation Master Trust (Master Trust), which is administered under a Master Trust agreement (as described in Note 3) with The Trustee. The Trustee is responsible for maintaining the Master Trust assets and, generally, performing all other acts deemed necessary or proper to fulfill its responsibility as set forth in the Master Trust agreement pertaining to the Plan. Participants direct the investment of their account balance from both participant and Company contributions into various investment options offered by the Plan. Participants may revise their investment allocations daily. If a participant is automatically enrolled, his or her contributions are invested in the applicable life cycle fund based on the participant’s age until the participant changes his or her election. Individual accounts are maintained by the Trustee for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and an allocation of Plan income and charged with withdrawals and an allocation of Plan losses and expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account. The Plan allows participants to borrow funds from their account through the loan fund in an amount up to 50% of their vested balance up to a maximum of $50,000 reduced by the highest outstanding loan balance during the prior 12 month period. The minimum loan allowable is $1,000. Payroll deductions are required to repay the loan over one to five years, or longer if the loan is used to acquire a principal residence. Loans bear interest at a rate of 1.5% above the prime rate at the end of the previous quarter. Unless loans are repaid in full 90 days after the time of retirement or termination, the amount of the loan becomes taxable income to the participant. Interest rates on loans outstanding at both December 31, 2024 and 2023, ranged from 4.75% to 10.00%. Upon separation from service with the Company due to retirement or termination, and if the participant’s vested account balance is greater than $7,000, the participant may receive his or her benefits in a lump-sum cash payment, lump-sum rol