Company: WKC
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0000950170-25-058752
Chunk: 37

Company: WORLD KINECT CORP
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 37
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 projections following bottom-up planning from the field. Adjusted EBITDA targets may increase or decrease year-over-year, taking into account, among other things, industry conditions in the markets we serve, our expectations about commodity prices and other costs related to the products and services we offer, our cash requirements and activity growth potential, as well as assumptions relating to our acquisition and divestiture activities. For 2024, the target performance level was set at $412 million, with threshold level of performance set at 85% of target and maximum at 117%. A curvilinear approach was used to determine payouts between performance levels. Actual adjusted EBITDA for 2024 was determined to be $361.5 million (approximately 88% of target), resulting in an initial payout determination of approximately 52% of target for the adjusted EBITDA performance portion of the 2024 AIP. On May 1, 2024, we completed the sale of the Avinode disposal group for cash proceeds, net of cash sold, of $200.1 million (the "Avinode sale"). Since the adjusted EBITDA target of $412 million assumed a full-year contribution from the Avinode disposal group, the Compensation Committee determined to take into account the loss of EBITDA due to the Avinode sale by adding back to the adjusted EBITDA results an amount representing the approximate difference between the full-year budgeted EBITDA for the Avinode disposal group and the actual contribution for the period of time in 2024 that the Company owned the Avinode disposal group. The resulting adjusted EBITDA results were used to calculate the final adjusted EBITDA portion of the AIP as $368 million (89% of target), with a final payout of 58% of target.

|                   |     |               |     |                |     |                |     | Initial    |     |                |    |   |     |        |    |   |     | Adjusted for Avinode Sale |     |                |    |   |     |          |    |   |
| Performance Level 
 (Payout %)        |     | Threshold     
 (40%)         |     | Target         
 (100%)         |     | Maximum        
 (200%)         |     | Actual (1) |     | Achievement    
 % (vs. Target) |    |   |     | Payout 
 (%)    |    |   |     | Adjusted                  |     | Achievement    
 % (vs. Target)