Company: REX
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0000930413-25-001442
Chunk: 17

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 17
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 | 74th percentile |     |            |     | 148 | % |
| Above 75th percentile                                      |     | 150%                  |     |               |     |                 |     |            |     |     |   |
| 90th percentile or higher                                  |     | 200%                  |     |               |     |                 |     |            |     |     |   |

Based on the above, on February 25, 2025, Mr. Rizvi received 66,600 fully vested shares and Mr. Bruggeman received 33,300 fully vested shares.

Employment, Termination and Change in Control Arrangements

We maintain employment agreements for each of our named executive officers which cover base salary, annual incentive award opportunities, and potential payments upon termination or change in control.

These agreements provide that, upon a termination without cause, or for good reason within 12 months following a change in control, the executive would be entitled to his salary for the remainder of the employment period, and a cash payment equal to 200% of the total incentive bonus paid for the prior fiscal year, but not less than $1,000,000 and not more than $6,000,000 for Mr. Rizvi and not more than $3,000,000 for each of Messrs. Bruggeman and Rose. The Compensation Committee determined these payment amounts based upon competitive practices at the time the employment agreements were approved. The purpose of providing these severance benefits is to compensate executives in the event of a termination of employment not reflective of individual performance and to assure that executives focus on a smooth transition of management and operation of the Company in the event of a change in control.

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The employment agreements for our named executive officers, which most recently were amended effective as of February 1, 2022, based on the market assessment prepared by Pearl Meyer, provide as follows:

| • |     | Mr. Rizvi’s employment agreement provides for an annual base salary of $275,000 and an annual incentive bonus based on 4.5% of the Company’s Adjusted Net Income, subject to an annual cap of $5,000,000. In addition, the minimum amount of the incentive bonus Mr. Rizvi will be entitled to receive in the 
 event his employment is terminated by the Company without cause or, following a change in control, for good reason (which will be calculated without regard to the normal annual