Company: NEOG
Filing Date: 2025-09-12
Form Type: DEF 14A
Source: 0000950170-25-114381
Chunk: 33

Company: NEOGEN CORP
Filing Date: 2025-09-12
Form: DEF 14A
Chunk 33
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, after previously using a discretionary annual bonus plan. The transition to a formulaic ICP that aligns with Neogen’s financial performance in the fiscal year was made to strengthen the pay-for-performance linkage within the compensation program as well as to be responsive to shareholder feedback. The ICP is intended to motivate and reward NEOs for achieving annual corporate goals that require both financial and operational performance. Under the plan established for fiscal year 2025, our NEOs had the opportunity to earn a cash payment based on Company financial performance measured over the period from June 1, 2024 to May 31, 2025. The ICP for fiscal year 2025 was based on the following metrics:

| Neogen Corporation | 2025 Proxy Statement | 32 |

#### Compensation Discussion and Analysis
| Performance Metrics | Weighting | Rationale for Inclusion                                                                                                                                                                                   |
| Revenue             | 50%       | Encourages focus on top-line growth through increased sales and customer acquisition, by way of developing, manufacturing, and marketing of a diverse line of products and services                       |
| Adjusted EBITDA(1)  | 30%       | Encourages focus on profitability and core operational performance by removing certain items that impact comparison of the performance of our business either period-over-period or with other businesses |
| Free Cash Flow(2)   | 20%       | Encourages focus on generating cash for reinvestment, debt repayment and stockholder returns after covering operating expenses and capital expenditures                                                   |

(1) Adjusted earnings before interest, taxes, depreciation, and amortization; as externally reported (non-GAAP measure). (2) Net cash provided by operating activities less expenditures for property, plant and equipment; non-GAAP measure. In addition to the formulaic measures, the Compensation Committee retains discretion under the Personal Performance Modifier (PPF) to adjust the formulaically determined awards by 0 – 150% (or exercise negative or positive discretion), noting that the final award may not exceed 250% of an individual’s target award. The fiscal year 2025 ICP set forth threshold, target, and maximum award levels for each NEO as a percentage of their base salaries as follows, with performance between threshold and target, or target and maximum calculated using linear interpolation:

| Name             | Threshold | Target | Maximum(1) |
| John E. Adent    | 50%       | 100%   | 200%       |
| Douglas E. Jones | 30%