Company: MATV
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001140361-25-009899
Chunk: 18

Company: Mativ Holdings, Inc.
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 18
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| * | Performance goals for the 2025 performance year was established at the beginning of 2025 and will be disclosed in next year’s proxy statements. Performance goals for the 2026 performance year are expected to be established at the beginning of 2026 and will be disclosed in the Company’s 2026 proxy statement. |

2024 Service-Based Restricted Stock Unit Awards Pursuant to the service-based component of the Company’s 2024 long-term incentive award opportunity, in April 2024, the NEOs were granted RSU awards, which are scheduled to vest in equal installments in February 2025, 2026 and 2027, subject to continued employment through each applicable vesting date. Cash Settlement of Outstanding 2015 Plan Awards As permitted under the Schweitzer-Mauduit International, Inc. 2015 Long-Term Incentive Plan (the “2015 Plan”), the full value awards granted under the 2015 Plan were amended in 2024 to provide for cash-settlement in order to preserve the Company’s available shares under the 2015 Plan. 2025 CEO Transition As previously disclosed, Ms. Schertell departed the Company and stepped down from her role as a member of the Board on March 11, 2025. For purposes of the Mativ Holdings, Inc. Executive Severance Plan (the

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TABLE OF CONTENTS “Executive Severance Plan”), Ms. Schertell’s departure was treated as an involuntary termination without “cause”, and she became entitled to receive the severance benefits provided under the plan for such a termination. In connection with her departure, the Company and Ms. Schertell entered into a Separation Agreement and General Waiver and Release (the “Separation Agreement”) confirming the severance benefits and post-termination obligations pursuant to the Executive Severance Plan and the awards governing her outstanding equity awards, which includes a customary release of claims. In connection with his appointment as President and Chief Executive Officer, Mr. Singhal and the Company entered into an offer letter pursuant to which Mr. Singhal will receive a monthly cash stipend of $110,000. Mr. Singhal will also receive an equity award under the Mativ Holdings, Inc. 2024 Equity Incent