Company: WKC
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0000950170-25-058752
Chunk: 34

Company: WORLD KINECT CORP
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 34
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 software products (the "Avinode disposal group”) as described further below under “AIP Performance Determinations”); and strategic objectives were earned at 88% of target. 2022-2024 PERFORMANCE-BASED RESTRICTED STOCK UNITS WERE EARNED Our 2024 adjusted earnings per share ("adjusted EPS") results of $2.18, combined with adjusted return on invested capital ("ROIC") of >7.5%, resulted in 2022-2024 performance-based restricted stock units ("PRSUs") earned at 112% of target. Adjusted return on invested capital (“ROIC”) is a non-GAAP financial measure defined as adjusted operating income (less minority interest) after tax, divided by average invested capital, which includes total debt plus equity less excess cash. This is the first time our NEOs’ PRSU awards have been earned since the 2017-2019 awards, which vested in 2020. 2024 Perfor mance Highlights WE CONTINUED TO TRANSFORM OUR OPERATIONS IN 2024 In March 2024, we held our Investor Day, where we outlined our story and medium-term strategic objectives as disclosed elsewhere in our SEC filings. Throughout the year, we took deliberate actions to advance these goals by divesting or exiting certain non-core and underperforming businesses. We believe these actions are aligned with our goal to achieve our medium-term targets, specifically for our operating margin and free cash flow. We generated $260 million of operating cash flow in 2024, which enabled us to return $139 million to shareholders through dividends and share repurchases, reflecting a 47% year-over-year increase. We remain committed to our medium-term objectives, taking strategic actions to drive growth and increase profitability through improving operating efficiencies. 2024 Full-Year Performance

| Adjusted EBITDA$ MM | Operating Cash Flow$ MM | Capital Return to Shareholders(1)$ MM |

1. Consists of share buybacks and dividends.

| 48 | World Kinect 2025 Proxy Statement |

| Compensation Discussion and Analysis |

Executive Com pensation Practices We are committed to sound executive compensation policies and practices, as highlighted in the following table.

| Rigorous performance targets and metrics                                                   |     | Both the achievement and formulaic payout calculation of adjusted EBITDA performance under our 2024 AIP were below target. While 2022-2024 PRSUs were earned above target, the performance targets had been set at very challenging levels, with threshold