Company: TIPT
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001393726-25-000038
Chunk: 39

Company: TIPTREE INC.
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 39
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 program had three primary elements: base salary, performance-based annual cash incentive awards and long term equity incentive awards. Although each element of compensation described below was considered separately, our CNG Committee made its determinations regarding each individual component of the compensation program in the context of the aggregate effect on total compensation for each NEO. For the NEOs, incentive compensation for services in a fiscal year was paid or granted, as applicable, in the first quarter of the following year.

Base Salary

The purpose of base salary is to provide a set amount of cash compensation for each named executive officer that is not variable in nature and is generally competitive with market practices. Base salaries for the NEOs are based on competitive market rates for experienced executives of comparable organizations. The 2024 base salaries for the NEOs were as follows:

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| Name           |     | Base Salary |
| Michael Barnes |     |  $1,100,000 |
| Jonathan Ilany |     |  $1,100,000 |
| Randy Maultsby |     |    $500,000 |
| Scott McKinney |     |    $500,000 |
| Neil Rifkind   |     |    $500,000 |
| Total          |     |  $3,700,000 |

Effective January 1, 2025, Messrs. Barnes and Ilany’s base salary will increase to $1,200,000 each.

Incentive Compensation-Pool Determination

The CNG Committee uses Adjusted EBITDA as the metric to determine annual incentive compensation for the Company’s executive officers and as its primary pay for performance measure.

The CNG Committee previously established a 2024 cash incentive compensation pool for the Executive Committee equal to 7.0% of Adjusted EBITDA prior to the payment of the incentive compensation of the Executive Committee, which was allocated 3.5% to Michael Barnes, Executive Chairman and 3.5% to Jonathan Ilany, Chief Executive Officer. After careful consideration the CNG exercised discretion and instead of cash awarded Michael Barnes 60,813 shares of common stock and awarded Jonathan Ilany a cash bonus of approximately $2.0 million and 85,997 shares of common stock.

Adjusted EBITDA is defined as GAAP net income plus corporate interest expense, plus income taxes, plus depreciation and amortization expense, less the effects of purchase accounting, plus non-cash fair value adjustments including changes in the fair value of the Fortegra warrants issued to