Company: MATV
Filing Date: 2025-03-21
Form Type: DEF 14A
Source: 0001140361-25-009899
Chunk: 14

Company: Mativ Holdings, Inc.
Filing Date: 2025-03-21
Form: DEF 14A
Chunk 14
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 order to more closely align the NEO salary levels with the competitive market. In connection with his commencement of employment in January 2024, Mr. Elwart’s base salary was established after consulting with Meridian and considering internal pay equity and a review of competitive market practices.

| Name                |     | 2023 Annual 
 Base Salary |     | 2024 Annual 
 Base Salary |
| Julie Schertell     |     |    $925,000 |     |    $975,000 |
| Greg Weitzel        |     |    $425,000 |     |    $475,000 |
| Mark W. Johnson     |     |    $470,000 |     |    $500,000 |
| Michael W. Rickheim |     |    $425,000 |     |    $450,000 |
| Ryan Elwart(1)      |     |         N/A |     |    $500,000 |

| (1) | Mr. Elwart’s 2024 annual base salary represents his annual base salary, effective January 30, 2024. |

2024 Short-Term Incentive Plan In February 2024, after consulting with Meridian, the Committee approved cash-based award opportunities for the NEOs under our 2024 Short-Term Incentive Plan (“STIP”) as set forth in the table below in order to further align their compensation with the Company’s performance. The performance objectives for 2024 were EBITDA Delivered, revenue and Safety Scorecard. The Committee determined to replace the Synergies Achieved metric that had been originally approved for the 2023 STIP with revenue due to the amount of time that has elapsed since the consummation of the July 2022 merger between Schweitzer-Mauduit International, Inc. (“SWM”) and Neenah, Inc. (“Neenah”), resulting in the combined company, Mativ Holdings, Inc. (the ‘‘Merger”), and to focus instead on metrics that were viewed by the Committee to be core drivers of the Company’s performance and stockholder value creation. The following table summarizes the 2024 target annual incentive opportunity for each NEO (expressed as a percentage of 2024 base salary). The target award opportunities for Messrs. Weitzel and Johnson were increased based on a review of the competitive market data as well as their individual performance since assuming their respective roles.The target award opportunity for Mr. Elwart was determined after considering market data and the