Company: NEOG
Filing Date: 2025-09-12
Form Type: DEF 14A
Source: 0000950170-25-114381
Chunk: 38

Company: NEOGEN CORP
Filing Date: 2025-09-12
Form: DEF 14A
Chunk 38
---
DA Margin Expansion               | 30%       |
| Cash Flow Conversion                           | 30%       |

Threshold performance against the target metrics will result in a 50% payout of the target PSUs, maximum performance will result in a 200% payout of the target PSUs, and performance between those performance levels will result in an award determined based on straight line interpolation. As a result, the maximum number of shares of the Company’s common stock that may be issuable for each PSU award is equal to 200% of the target number of PSUs. In addition, each PSU award will be subject to a modifier based on the Company’s relative total shareholder return (rTSR) over the Performance Period compared to a peer group comprised of the companies within the S&P 600 Healthcare Equipment & Services. The rTSR modifier provides for a 20% increase to the earned PSUs if our relative TSR performance is at or above the 75th percentile of the peer group (subject to the overall maximum award equal to 200% of target) or a 20% decrease to the PSUs earned if our relative TSR performance is below the 25th percentile of the peer group. There will be no modification to the number of earned PSUs if our relative TSR performance is at least equal to the 25 th percentile but less than the 75 th percentile of the peer group. To the extent any PSUs are actually earned by the executive based on Company performance over the Performance Period, shares of the Company’s common stock will be issued to the executive as soon as practicable and will be fully-vested upon issuance. Until such time that shares are issued upon the settlement of PSUs, if any, the PSUs do not entitle the executives to any ownership interest in any shares or any rights of a shareholder with respect to the PSUs.

| Neogen Corporation | 2025 Proxy Statement | 36 |

#### Compensation Discussion and Analysis
The balance of each executive’s fiscal year 2026 LTI award was made in the form of stock options with three-year ratable vesting. Retirement Plans : A defined contribution plan, the Neogen Corporation 401(k) Retirement Savings Plan (“401(k) Plan”) is available to all eligible U.S. employees, including all NEOs. Under the 401(k) Plan, the Company matches dollar per dollar of the first 3%, and fifty cents per dollar of the next 2%, of pay contributed by the employee up to the Internal Revenue Code limits. Matching