# EDGAR Filing Document

**Accession Number:** 0001433660
**File Stem:** 0001628280-26-030756
**Filing Date:** 2026-5
**Character Count:** 276172
**Document Hash:** d5aa0e6a06d4748425bc45f728630bca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-030756.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001628280-26-030756

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260505

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JBT MAREL Corp
- **CENTRAL INDEX KEY:** 0001433660
- **STANDARD INDUSTRIAL CLASSIFICATION:** SPECIAL INDUSTRY MACHINERY (NO METALWORKING MACHINERY) [3550]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 911650317
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34036
- **FILM NUMBER:** 26944823

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **STREET 2:** SUITE 3400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312 861-5900

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **STREET 2:** SUITE 3400
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JBT Marel Corp
- **DATE OF NAME CHANGE:** 20241230

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** John Bean Technologies CORP
- **DATE OF NAME CHANGE:** 20080429

?xml version='1.0' encoding='ASCII'? jbt-20260331

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| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |

---

---

| | |
|:---|:---|
| **FORM** | **10-Q** |

---

☒ **Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**For the quarterly period ended March 31, 2026** 

**or**

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| | |
|:---|:---|
| ☐ | **Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** |
| | **For the transition period from** ______ **to ______** |

---

**Commission File Number 1-34036** 

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| | | |
|:---|:---|:---|
| **JBT Marel Corporation** | **JBT Marel Corporation** | **JBT Marel Corporation** |
| **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** |
| **Delaware** | **Delaware** | **91-1650317** |
| **(State or other jurisdiction of** | **(State or other jurisdiction of** | **(I.R.S. Employer** |
| **incorporation or organization)** | **incorporation or organization)** | **Identification No.)** |
| **333 West Wacker Drive,** | **Suite 3400** | |
| **Chicago,** | **Illinois** | **60606** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip code)** |

---

**(312) 861-5900** 

**(Registrant's telephone number, including area code)**

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |  |
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | JBTM | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). &nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |

---

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| **Class** | **Outstanding at April 28, 2026** |
| **Common Stock, par value $0.01 per share** | 52067812 |

---

------

**PART I — FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**JBT MAREL CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions, except per share data)** | **2026** | **2025** |
| **Revenue** | $936 | $854 |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 607 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expense | 261 | 325 |
| **Operating income (loss)** | 68 | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension expense, other than service cost |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 10 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) | (2) | (2) |
| **Income (loss) before income taxes** | 60 | (219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 15 | (46) |
| **Net income (loss)** | $45 | $(173) |
| **Earnings (loss) per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.86 | $(3.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.86 | $(3.35) |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

------

**JBT MAREL CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions)** | **2026** | **2025** |
| **Net income (loss)** | $45 | $(173) |
| **Other comprehensive (loss) income, net of taxes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (17) | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement benefits adjustments |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives designated as hedges | (2) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss) income | (19) | 246 |
| **Comprehensive income** | $26 | $73 |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

------

**JBT MAREL CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **(In millions, except for share data and number of shares)** | **March 31, 2026** | **December 31, 2025** |
| **Assets:** | | |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $211 | $168 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 19 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables, net of allowances | 438 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 142 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 667 | 644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 198 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1675 | 1583 |
| Property, plant and equipment, net of accumulated depreciation of $403 and $392, respectively | 779 | 793 |
| Goodwill | 3393 | 3428 |
| Intangible assets, net | 2052 | 2122 |
| Other assets | 264 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $8163 | $8191 |
| **Liabilities and Stockholders' Equity:** |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | $411 | $412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, trade and other | 294 | 262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advance and progress payments | 561 | 518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | 154 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 237 | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1657 | 1622 |
| Long-term debt | 1432 | 1470 |
| Deferred tax liabilities | 379 | 383 |
| Other liabilities | 212 | 252 |
| Commitments and contingencies (Note 13) |  |  |
| Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued in 2026 or 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 120,000,000 shares authorized; March 31, 2026: 52,050,109 issued and outstanding; December 31, 2025: 51,974,355 issued and outstanding | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2715 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1505 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 262 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 4483 | 4464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Equity** | $8163 | $8191 |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

------

**JBT MAREL CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(In millions)** | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $45 | $(173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile income (loss) to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 68 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 7 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other post-retirement benefits expense | 1 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 3 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables, net and contract assets | (21) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (27) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, trade and other | 38 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance and progress payments | 50 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities, net | (45) | (91) |
| Cash provided by operating activities | 119 | 34 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired |  | (1746) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (26) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of assets | 7 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other |  | (1) |
| Cash required by investing activities | (19) | (1766) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from short-term debt |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of domestic credit facility | (177) | (1101) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from domestic credit facility, net of debt issuance costs | 139 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Term Loan B, net of debt issuance costs |  | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Term Loan B | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of debt issuance costs related to the Marel Transaction |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of noncontrolling interest of Marel |  | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of taxes withheld on stock-based compensation awards | (9) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of deal contingent hedge |  | (43) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | (5) | (5) |
| Cash (required) provided by financing activities | (54) | 621 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (3) | 2 |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | 43 | (1109) |
| **Cash, cash equivalents, and restricted cash, beginning of period** | 187 | 1228 |
| **Cash, cash equivalents and restricted cash, end of period** | $230 | $119 |
| **Reconciliation of cash, cash equivalents and restricted cash** |  |  |
| Cash and cash equivalents | $211 | $100 |
| Restricted cash | 19 | 19 |
| Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows | $230 | $119 |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

------

**JBT MAREL CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| **(In millions)** | **Common Stock** | **Additional Paid-In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Equity** |
| **Balance at December 31, 2025** | $1 | $2717 | $1465 | $281 | $4464 |
| Net income |  |  | 45 |  | 45 |
| Issuance of common stock |  |  |  |  |  |
| Common stock cash dividends, $0.10 per share |  |  | (5) |  | (5) |
| Foreign currency translation adjustments, net of income taxes of $(11) |  |  |  | (17) | (17) |
| Derivatives designated as hedges, net of income taxes of $1 |  |  |  | (2) | (2) |
| Stock-based compensation expense |  | 7 |  |  | 7 |
| Taxes withheld on issuance of stock-based awards |  | (9) |  |  | (9) |
| **Balance at March 31, 2026** | $**1** | $**2715** | $**1505** | $**262** | $**4483** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| **(In millions)** | **Common Stock** | **Common Stock Held in Treasury** | **Additional Paid-In Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Total Equity** |
| **Balance at December 31, 2024** | $— | $(2) | $234 | $1536 | $(224) | $1544 |
| Net loss |  |  |  | (173) |  | (173) |
| Issuance of common stock |  |  | 2498 |  |  | 2498 |
| Issuance of treasury stock |  | 2 | (2) |  |  |  |
| Common stock cash dividends, $0.10 per share |  |  |  | (5) |  | (5) |
| Foreign currency translation adjustments |  |  |  |  | 154 | 154 |
| Derivatives designated as hedges, net of income taxes of $7 |  |  |  |  | (20) | (20) |
| Pension and other postretirement liability adjustments, net of income taxes of $(38) |  |  |  |  | 112 | 112 |
| Stock-based compensation expense |  |  | 5 |  |  | 5 |
| Taxes withheld on issuance of stock-based awards |  |  | (8) |  |  | (8) |
| **Balance at March 31, 2025** | $**—** | $**—** | $**2727** | $**1358** | $**22** | $**4107** |

---

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

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**JBT MAREL CORPORATION**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION**

***Description of Business***

JBT Marel Corporation and its majority-owned consolidated subsidiaries (the "Company," "JBT Marel," "our," "us," or "we") provide global technology solutions to high-value segments of the food and beverage industry. The Company designs, produces and services sophisticated products and systems for multi-national and regional customers. The Company has manufacturing operations worldwide that are strategically located to facilitate delivery of its products and services to its customers.

***Basis of Presentation***

In accordance with Securities and Exchange Commission ("SEC") rules for interim periods, the accompanying unaudited condensed consolidated financial statements (the "interim financial statements") do not include all of the information and notes for complete financial statements as required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). As such, the accompanying interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2025, which provides a more complete description of the Company's accounting policies, financial position, operating results, business, properties, and other matters. The year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all annual disclosures required by U.S. GAAP. Certain prior-period amounts for the three months ended March 31, 2025 have been reclassified to conform to the presentation adopted for the three months ended March 31, 2026. These reclassifications had no impact on previously reported results of operations or financial position.

In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of the Company's financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative of those for the full year or any future period.

***Business Segments***

In the fourth quarter of 2025, we realigned our reportable segments to better reflect the integration of our new operating model. We now operate through two reportable segments: Protein Solutions and Prepared Food and Beverage Solutions.

The Protein Solutions segment includes businesses that provide solutions for initial stage processing and harvesting of animal proteins, primarily focusing on poultry, pork, fish, and beef. Examples of core technologies include primary processing systems, cut-up, bone detection and removal, portioning, and robotic batching.

The Prepared Food and Beverage Solutions segment includes businesses that offer solutions predominantly for downstream value-added preparation, preservation, and packaging of foods and beverages into ready to eat or drink products. This segment also includes solutions that are often end-market agnostic, spanning protein, beverages, fruit & vegetables, pet food, ready meals, pharmaceuticals and neutraceuticals, and warehouse automation.

For further segment information, see below Note 14. Business Segment Information. and Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations.

***Strategic Acquisition of Marel hf.***

On January 2, 2025, we completed the acquisition of Marel hf. ("Marel"), subsequently renamed JBT Marel ehf. (such acquisition, the "Marel Transaction"). The purpose of the Marel Transaction was to create a leading and diversified global food and beverage technology solutions provider by bringing together two renowned companies with long histories, complementary product portfolios, highly respected brands, and cutting-edge technology to enable global customers to more efficiently access industry leading technology worldwide. For further information on the Marel Transaction, see below Note 2. Acquisitions.

In conjunction with the Marel Transaction, JBT changed its corporate name and stock ticker symbol to "JBT Marel Corporation" and "JBTM," respectively, on January 2, 2025. Shares of JBTM remain listed on the New York Stock Exchange

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(NYSE) with a secondary listing on Nasdaq Iceland. Shares of JBTM commenced trading on both NYSE and Nasdaq Iceland on January 3, 2025.

***Revision of Previously Issued Financial Statements***

During 2025, the Company identified and corrected certain errors relating to the presentation of its Statements of Cash Flows specific to financing activities. The Company improperly reported revolving credit facility cash activity on a net basis, resulting in an understatement of gross repayments and borrowings for the revolving credit facility for the period ending March 31, 2025 as detailed below. Additionally, the Company improperly reported the current portion of the proceeds from Term Loan B as proceeds from the revolving credit facility, understating the proceeds from Term Loan B, net of debt issuance costs, for the period ending March 31, 2025, by the amounts noted below.

---

| | | | |
|:---|:---|:---|:---|
| **(In millions)** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
| **Consolidated Statement of Cash Flows** | **As Reported** | **Adjustment** | **As Revised** |
| Repayment of domestic credit facility | $(853) | (248) | $(1101) |
| Proceeds from domestic credit facility, net of debt issuance costs | $— | 906 | $906 |
| Net proceeds from domestic credit facility, net of debt issuance costs | $665 | (665) | $— |
| Proceeds from Term Loan B, net of debt issuance costs | $890 | 8 | $898 |
| Cash provided (required) by continuing financing activities | $621 |  | $621 |

---

***Use of Estimates***

Preparation of financial statements that follow U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

***Recently Adopted Accounting Standards***

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326) ("ASU 2025-05"), which provides a practical expedient to measure credit losses on current accounts receivable and current contract assets. The practical expedient allows companies to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when measuring credit losses. The Company adopted ASU 2025-05 during the quarter ended March 31, 2026. The impact of the adoption was not material to the condensed consolidated financial statements.

***Recently Issued Accounting Standards Not Yet Adopted***

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"), that requires disclosures of disaggregated information about certain income statement expense line items on an annual and interim basis. This standard will be effective for fiscal years beginning after December 15, 2026, with early adoption permitted, and will be applied prospectively, with the option to apply retrospectively. The Company is evaluating the impact of adopting this standard and currently expects ASU 2024-03 to impact its disclosures only.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) ("ASU 2025-06"). The amendment modernizes the recognition and disclosure framework for internal-use software costs, removing the previous "development stage" model and introduces a more judgment-based approach. ASU 2025-06 will be effective for the fiscal year beginning January 1, 2028, and for interim periods beginning in that fiscal year, with early adoption permitted as of the beginning of a fiscal year. The standard may be applied prospectively, retrospectively, or through a modified prospective transition method. The Company is in the process of evaluating the impact of adopting this standard.

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**NOTE 2. ACQUISITIONS**

On January 2, 2025, the Company acquired 97.5% of the equity interests of Marel hf. ("Marel"), a public limited liability company incorporated under the laws of Iceland, for $4,182 million, which is net of cash acquired of $90 million (the "Marel Transaction"). On February 4, 2025, the Company acquired the remaining 2.5% of Marel's equity interests that were not acquired through the Marel Transaction, for approximately $89 million. The total purchase consideration of the acquisition of the non-controlling interest of Marel was comprised of approximately $64 million in equity consideration and $24 million in cash consideration. This transaction was accounted for as an equity transaction and was reflected within financing activities within the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025.

Marel is a global provider of advanced processing equipment, systems, software and services, primarily for the poultry, meat, and fish industries, as well as a provider of processing solutions for pet food, plant-based proteins and aqua feed, with a presence in over 30 countries. The purpose of the acquisition of Marel was to create a leading and diversified global food and beverage technology solutions provider by bringing together two renowned companies with complementary product portfolios, highly respected brands, and cutting-edge technology to enable global customers to more efficiently access industry leading technology worldwide.

As part of the Marel Transaction, the Company settled Marel's outstanding debt of $868 million. In addition, the Company amended its existing credit facility in conjunction with the acquisition. The Second Amended and Restated Credit Agreement provides for a $1.8 billion revolving credit facility, which matures on January 2, 2030, and a $900 million Senior Secured Term Loan B, which matures on January 2, 2032. The proceeds from these facilities were used to fund the cash consideration for the acquisition and to settle the outstanding debt of Marel at the acquisition date.

The consideration transferred to Marel shareholders on the acquisition date consisted of the following:

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| | |
|:---|:---|
| **(In millions, except per share data and exchange rates)** | |
| JBT shares issued to Marel shareholders | 19.5 |
| JBT share price on January 2, 2025 | $124.94 |
| Value of JBT shares issued to Marel shareholders | $2436 |
| Cash consideration to Marel shareholders (in €) | 927 |
| EUR to USD Exchange Rate | 1.0353 €/$ |
| Cash consideration to Marel shareholders (in $) | $959 |
| Settlement of Marel debt | $868 |
| Settlement of Marel interest rate swaps | $3 |
| Fair value of Marel stock options attributable to pre-combination vesting | $6 |
| Purchase consideration | $4272 |

---

This acquisition has been accounted for as a business combination. Tangible and identifiable intangible assets acquired and liabilities assumed were recorded at their respective estimated fair values. The excess consideration over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acquisition-driven anticipated cost savings and revenue enhancement synergies coupled with the assembled workforce acquired. Assembled workforce is not recognized separate and apart from goodwill as it is neither separable nor contractual in nature. Goodwill created as a result of the Marel acquisition is not deductible for tax purposes.

The acquisition of Marel provided revenue of $445 million and operating income of $1 million for the period from the acquisition date through March 31, 2025.

Acquisition-related transaction costs totaling $64 million were recorded as Selling, general and administrative expense in the Condensed Consolidated Statements of Income during the three months ended March 31, 2025.

The allocation of the purchase price presented below is based on the fair values of the assets acquired and liabilities assumed using valuation techniques including the income, market, and cost approaches. In the fourth quarter of 2025, the Company completed its valuation of the assets acquired and liabilities assumed and aligned certain accounting policies, including the accounting for research and development expenses. The purchase accounting for the Marel acquisition was final as of December 31, 2025.

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The following table summarizes the fair values recorded for the assets acquired and liabilities assumed for Marel:

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| | | | |
|:---|:---|:---|:---|
| **(In millions)** | **Preliminary Purchase Price Allocation** | **Measurement Period Adjustments**<sup>(1)</sup> | **Final Purchase Price Allocation** |
| Financial assets | $402 | $— | $402 |
| Inventories | 344 | (2) | 342 |
| Property, plant and equipment | 493 | 61 | 554 |
| Right-of-use assets | 42 | (5) | 37 |
| Customer relationship | 1570 | (410) | 1160 |
| Acquired technology | 410 | (40) | 370 |
| Trademarks | 260 | (30) | 230 |
| Deferred taxes | (515) | 112 | (403) |
| Financial liabilities | (630) | (26) | (656) |
| Total identifiable net assets | $2376 | $(340) | $2036 |
| Purchase consideration | $4272 | $— | $4272 |
| Noncontrolling interest <sup>(2)</sup> | $86 | $— | $86 |
| Goodwill | $1982 | $340 | $2322 |

---

(1) In the measurement period, the Company recorded measurement period adjustments to the purchase price allocation as it obtained information and completed its valuation of certain assets and liabilities. The impact of these adjustments was reflected as a net increase in goodwill.

(2) The Company acquired 97.5% of the equity interests of Marel and recognized a non-controlling interest in Marel on the acquisition date. The non-controlling interest was recognized at fair value, which was estimated based upon the trading price of the Company's common stock on the acquisition date and the types of consideration that non-controlling interest holders were eligible to receive. The Company subsequently acquired the remaining 2.5% of Marel's equity interests, as described above.

The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives. The intangible assets acquired have estimated useful lives of 16 years for customer relationships, 21 years for acquired technology, and 26 years for trademarks.

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**NOTE 3. GOODWILL AND INTANGIBLE ASSETS**

The changes in the carrying amount of goodwill by business segment were as follows:

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| | | | |
|:---|:---|:---|:---|
| **(In millions)** | **Protein Solutions** | **Prepared Food and Beverage Solutions** | **Total** |
| Balance as of December 31, 2025 | $2306 | $1122 | $3428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation | (24) | (11) | (35) |
| Balance as of March 31, 2026 | $2282 | $1111 | $3393 |

---

Intangible assets consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **(In millions)** | **Carrying Amount** | **Accumulated Amortization** | **Carrying Amount** | **Accumulated Amortization** |
| Customer relationship | $1670 | $309 | $1691 | $285 |
| Patents and acquired technology | 580 | 171 | 590 | 165 |
| Trademarks | 308 | 37 | 313 | 34 |
| Non-amortizing intangible assets | 11 |  | 11 |  |
| Other | 11 | 11 | 11 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets | $2580 | $528 | $2616 | $494 |

---

Intangible asset amortization expense was $39 million and $42 million for the three months ended March 31, 2026 and 2025, respectively.

**NOTE 4. INVENTORIES**

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
| **(In millions)** | **March 31, 2026** | **December 31, 2025** |
| Raw materials | $206 | $218 |
| Work in process | 96 | 82 |
| Finished goods | 396 | 375 |
| Gross inventories before valuation adjustments | 698 | 675 |
| Valuation adjustments | (31) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net inventories | $667 | $644 |

---

**NOTE 5. PENSION**

***Termination of U.S. qualified defined benefit pension plan***

During 2024, the Company obtained approval from its Board of Directors to settle all outstanding obligations of the U.S. qualified defined benefit pension plan (the "Plan"), through a combination of voluntary lump sum payments and the purchase of an annuity contract. On February 4, 2025, the Company completed the termination of the Plan via the purchase of an annuity contract for $179 million, funded entirely by the Plan assets. No additional cash contribution was required to settle the Company's outstanding obligations and terminate the Plan. Upon the termination, the Company recognized a pre-tax settlement charge of $147 million in Pension expense, other than service cost to recognize the remaining pre-tax accumulated other comprehensive loss related to the Plan.

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**NOTE 6. DEBT**

The components of the Company's borrowings were as follows:

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| | | | |
|:---|:---|:---|:---|
| **(In millions)** | **Maturity Date** | **March 31, 2026** | **December 31, 2025** |
| Revolving credit facility <sup>(1)</sup> | January 2, 2030 | $— | $38 |
| Senior Secured Term Loan B <sup>(2)</sup> | January 2, 2032 | 891 | 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: unamortized debt issuance costs |  | (12) | (13) |
| Senior Secured Term Loan B, net |  | 879 | 880 |
| 2030 Convertible senior notes <sup>(3)</sup> | September 15, 2030 | 575 | 575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: unamortized debt issuance costs |  | (15) | (15) |
| Convertible senior notes, net |  | 560 | 560 |
| 2026 Convertible senior notes <sup>(4)</sup> | May 15, 2026 | 403 | 403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: unamortized debt issuance costs |  |  | (1) |
| Convertible senior notes, net |  | 403 | 402 |
| Other <sup>(5)</sup> |  | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt, including current portion |  | 1843 | 1882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: current portion of debt |  | 411 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net |  | $1432 | $1470 |

---

(1) Weighted-average interest rate at March 31, 2026 was 5.17%.

(2) Effective interest rate for the Term Loan B (as defined below) for the quarter ended March 31, 2026 was 5.44%.

(3) Effective interest rate for the 2030 Notes (as defined below) for the quarter ended March 31, 2026 was 0.93%.

(4) Effective interest rate for the 2026 Notes (as defined below) for the quarter ended March 31, 2026 was 0.82%.

(5) Overdraft facility and foreign line of credit borrowing.

The Company had access to short-term financing of $46 million as of March 31, 2026 and December 31, 2025.

Components of interest expense recognized for the Senior Secured Term Loan B (the "Term Loan B"), the 0.375% Convertible Senior Notes due 2030 (the "2030 Notes"), and the 0.25% Convertible Senior Notes due 2026 (the "2026 Notes" and, together with the 2030 Notes, the "Notes") were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions)** | **2026** | **2025** |
| Contractual interest expense, Term Loan B | $12 | $14 |
| Interest cost related to amortization of issuance costs, Term Loan B | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense, Term Loan B | $13 | $15 |
| Contractual interest expense, the Notes | $1 | $— |
| Interest cost related to amortization of issuance costs, the Notes | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense, the Notes | $2 | $1 |

---

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***Five-year Revolving Credit Facility***

On January 2, 2025, the Company executed the Second Amended and Restated Credit Agreement (the "Second A&R Credit Agreement"), which provides for a $1.8 billion revolving credit facility that matures on January 2, 2030.

The revolving loans bear interest, at the Company's option, at (1) the applicable borrowing rate (i.e. SOFR or EURIBOR) (subject to a floor rate of zero), or (2) an alternate base rate (which is the greater of Wells Fargo's Prime Rate, the Federal Funds Rate plus 0.5%, or SOFR (subject to a floor rate of zero) plus 1.0%), plus, in each case, a margin dependent on the leverage ratio.

The Company's credit facility includes restrictive covenants that, if not met, could lead to renegotiation of its credit facility, a requirement to repay its borrowings, and/or a significant increase in its cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, as well as certain events of default. As of March 31, 2026, the Company was in compliance with its restrictive covenants.

***Senior Secured Term Loan B***

On January 2, 2025, the Company entered into a $900 million Senior Secured Term Loan B under the Second A&R Credit Agreement (the "Term Loan B"), which matures on January 2, 2032. The Company is required to make quarterly principal repayments equal to 0.25% of the initial Term Loan B.

Borrowings under the Term Loan B bear interest at the greater of (1) SOFR (subject to a floor rate of zero) or (2) a floor of 0%, plus an applicable margin of 1.75%.

***The Notes***

On September 9, 2025, the Company closed a private offering of $575 million aggregate principal amount of the 2030 Notes to qualified institutional buyers. Interest on the 2030 Notes is payable semi-annually in arrears on March 15 and September 15 of each year at a rate of 0.375% per year. The 2030 Notes will mature on September 15, 2030, unless earlier converted, redeemed or repurchased. The initial conversion rate of the 2030 Notes is 5.3258 shares of the Company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $187.77 per share. This conversion rate is subject to adjustment upon the occurrence of certain specified events.

On May 28, 2021, the Company closed a private offering of $403 million aggregate principal amount of the 2026 Notes to qualified institutional buyers. Interest on the 2026 Notes is payable semi-annually in arrears on May 15 and November 15 of each year at a rate of 0.25% per year. The 2026 Notes will mature in the second quarter of 2026 and the Company expects to satisfy the outstanding principal amount of these Notes through a cash repayment at maturity, utilizing cash on hand or available under our credit facility. The initial conversion rate of the 2026 Notes is 5.8958 shares of the Company's common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $169.61 per share. This conversion rate is subject to adjustment upon the occurrence of certain specified events.

***Hedge Transactions***

In connection with the issuance of the 2030 Notes and the issuance of the 2026 Notes, the Company entered into certain hedge transactions (collectively, the "Hedge Transactions"). The Hedge Transactions are expected generally to reduce the potential dilutive effect of the conversion of each series of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of each series of converted Notes, subject to customary adjustments.

The Company paid an aggregate amount of approximately $106 million and $66 million, respectively, for the related Hedge Transactions for the 2030 Notes and the 2026 Notes. The Hedge Transactions cover, subject to anti-dilution adjustments, approximately 3.1 million and 2.4 million shares, respectively, of the Company's common stock with respect to the 2030 Notes and the 2026 Notes. These are the same numbers of shares initially underlying the 2030 Notes and the 2026 Notes at strike prices of $187.77 and $169.61, respectively, subject to customary adjustments. The Hedge Transactions will expire upon the maturity of the applicable series of Notes unless earlier exercised or terminated.

The Hedge Transactions meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore are not revalued after issuance.

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The Company has made tax elections to integrate the applicable series of Notes and the related Hedge Transactions, which results in the Hedge Transactions being deductible as original issue discount interest for tax purposes over the term of the applicable series of Notes, with the associated deferred tax assets recorded as adjustments to Additional paid-in capital.

***Warrant Transactions***

In connections with each of the Hedge Transactions, the Company also entered into certain warrant transactions (collectively, the "Warrant Transactions"). The Warrant Transactions relate to warrants to acquire subject to anti-dilution adjustments, approximately 3.1 million and 2.4 million shares of the Company's common stock with respect to the 2030 Notes and the 2026 Notes, at initial strike prices of approximately $283.42 per share and $240.02 per share, respectively. The Company received aggregate proceeds of $51 million and $30 million, respectively, from the related Warrant Transactions for the 2030 Notes and the 2026 Notes, with such proceeds partially offsetting the costs of entering into the related Hedge Transactions. The 2030 warrants expire in September 2030 and the 2026 warrants expire in August 2026.

If the market value per share of the common stock exceeds the strike price of the warrants, the warrants will have a dilutive effect on our earnings per share, unless the Company elects, subject to certain conditions, to settle the warrants in cash. The warrants meet the criteria in ASC 815-40 to be classified within Stockholders' Equity, and therefore the warrants are not revalued after issuance.

**NOTE 7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)**

Accumulated other comprehensive income or loss ("AOCI") represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For the Company, AOCI is composed of adjustments related to pension and other postretirement benefit plans, derivatives designated as hedges, and foreign currency translation adjustments. Changes in the AOCI balances for the three months ended March 31, 2026 and 2025 by component are shown in the following tables:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In millions)** | **Pension and Other Postretirement Benefits** <sup>(1)</sup> | **Derivatives Designated as Hedges** <sup>(1)</sup> | **Foreign Currency Translation and Other** <sup>(1)</sup> | **Total** <sup>(1)</sup> |
| **Beginning balance, December 31, 2025** | $(7) | $(18) | $306 | $281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income before reclassification |  | (1) | (13) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income |  | (1) | (4) | (5) |
| **Ending balance, March 31, 2026** | $(7) | $(20) | $289 | $262 |

---

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2026 were immaterial. Reclassification adjustments for derivatives designated as hedges for the same period $2 million of benefit in other income, net of $1 million income tax provision. Reclassification adjustments for foreign currency translation related to net investment hedges for the three months ended March 31, 2026 were $6 million of benefit in interest expense, net of $2 million income tax provision.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(In millions)** | **Pension and Other Postretirement Benefits** <sup>(1)</sup> | **Derivatives Designated as Hedges** <sup>(1)</sup> | **Foreign Currency Translation** | **Total** <sup>(1)</sup> |
| **Beginning balance, December 31, 2024** | $(113) | $2 | $(113) | $(224) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income before reclassification | 2 | (17) | 154 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income | 110 | (3) |  | 107 |
| **Ending balance, March 31, 2025** | $(1) | $(18) | $41 | $22 |

---

(1) All amounts are net of income taxes.

Reclassification adjustments from AOCI into earnings for pension and other postretirement benefit plans for the three months ended March 31, 2025 were $147 million of charges to pension expense, other than service cost, net of $37 million in benefit for income taxes. Reclassification adjustments for derivatives designated as hedges for the same period were $2 million of

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benefit in interest expense, net of $1 million income tax provision and $2 million of benefit in other income, net of $1 million income tax provision.

**NOTE 8. REVENUE RECOGNITION**

***Transaction price allocated to remaining performance obligations***

The Company has estimated that $1.5 billion in revenue is expected to be recognized in future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of March 31, 2026. The Company expects to complete these obligations and recognize revenue in the range of 70% to 80% during 2026, 20% to 30% during 2027, and the remainder after 2027.

***Disaggregation of Revenue***

In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue to total revenue.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Three Months Ended March 31, 2025** <sup>(3)</sup> | **Three Months Ended March 31, 2025** <sup>(3)</sup> |
| **(In millions)** | **Protein Solutions** | **Prepared Food and Beverage Solutions** | **Protein Solutions** | **Prepared Food and Beverage Solutions** |
| **Type of Good or Service** | | | | |
| Recurring <sup>(1)</sup> | $235 | $250 | $209 | $240 |
| Non-recurring <sup>(1)</sup> | 225 | 226 | 169 | 236 |
| Total | 460 | 476 | 378 | 476 |
| **Geographical Region** <sup>(2)</sup> |  |  |  |  |
| U.S. and Canada | 133 | 223 | 129 | 217 |
| Europe, Middle East and Africa | 257 | 162 | 173 | 174 |
| Asia Pacific | 29 | 39 | 37 | 40 |
| Latin America | 41 | 52 | 39 | 45 |
| Total | 460 | 476 | 378 | 476 |

---

(1) Recurring revenue includes revenue from aftermarket parts and services, re-build services on customer owned equipment, operating leases of equipment, and subscription-based software applications. Non-recurring revenue includes new equipment and installation and the sale of software licenses.

(2) Geographical region represents the region in which the end customer resides.

(3) Segment revenues for the three months ended March 31, 2025 were recast to reflect the Company's realignment of its reportable segments, effective in the fourth quarter of 2025.

***Contract balances***

The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Condensed Consolidated Balance Sheets as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period.

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Contract asset and liability balances for the period were as follows:

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| | | |
|:---|:---|:---|
| | **Balances as of** | **Balances as of** |
| **(In millions)** | **March 31, 2026** | **December 31, 2025** |
| Contract Assets | $142 | $119 |
| Contract Liabilities | 539 | 499 |
|  | **March 31, 2025** | **December 31, 2024** |
| Contract Assets | 145 | 95 |
| Contract Liabilities | 481 | 178 |

---

The revenue recognized during the three months ended March 31, 2026 and 2025 that was included in contract liabilities at the beginning of the period amounted to $131 million and $85 million, respectively. The Company assumed contract liabilities from acquisitions in the amount of $263 million in 2025. The remainder of the change from December 31, 2025 and December 31, 2024 is driven by the timing of advance and milestone payments received from customers, customer returns and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.

**NOTE 9. EARNINGS PER SHARE**

The following table sets forth the computation of basic and diluted earnings per share from net income (loss) for the respective periods and basic and diluted shares outstanding:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions, except per share data)** | **2026** | **2025** |
| **Basic earnings (loss) per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $45 | $(173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of shares outstanding | 52.2 | 51.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share from net income (loss) | $0.86 | $(3.35) |
| **Diluted earnings (loss) per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $45 | $(173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average number of shares outstanding | 52.2 | 51.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted stock <sup>(1)</sup> | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shares and dilutive securities | 52.4 | 51.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share from net income (loss) | $0.86 | $(3.35) |
| Restricted stock shares with anti-dilutive effect excluded from the computation of diluted earnings per share<sup>(1)</sup> |  | 0.2 |

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(1) As a result of the net loss recognized for the three months ended March 31, 2025, the effect of unvested equity awards was antidilutive and has been excluded from the diluted earnings per share calculation.

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**NOTE 10. FAIR VALUE OF FINANCIAL INSTRUMENTS** 

The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment. The three levels are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 1*: Unadjusted quoted prices in active markets for identical assets and liabilities that the Company can assess at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 2*: Observable inputs other than those included in Level 1 that are observable for the asset or liability, either directly or indirectly. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Level 3*: Unobservable inputs reflecting management's own assumptions about the inputs used in pricing the asset or liability.

Financial assets and financial liabilities measured at fair value on a recurring basis are as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **(In millions)** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | $36 | $36 | $— | $— | $36 | $36 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 24 |  | 24 |  | 4 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $60 | $36 | $24 | $— | $40 | $36 | $4 | $— |
| Liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | $109 | $— | $109 | $— | $143 | $— | $143 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $109 | $— | $109 | $— | $143 | $— | $143 | $— |

---

Investments represent securities held in a trust for the non-qualified deferred compensation plan and the executive severance plan. Investments are classified as trading securities and are valued based on quoted prices in active markets for identical assets that the Company has the ability to access. As of March 31, 2026 and December 31, 2025, $1 million and $2 million, respectively, of investments are recorded in Other current assets in the Condensed Consolidated Balance Sheets related to investments that are expected to be redeemed within the next twelve months. The remaining investments are reported separately in Restricted cash and Other assets in the Condensed Consolidated Balance Sheets.

The Company uses the income approach to measure the fair value of derivative instruments on a recurring basis. This approach calculates the present value of the future cash flow by measuring the change between the derivative contract rate and the published market indicative currency rate, multiplied by the contract notional values, and applying an appropriate discount rate as well as a factor of credit risk.

The Notes are not registered securities nor listed on any securities exchange but may be traded by qualified institutional buyers. As of March 31, 2026, the fair values of the 2026 Notes and 2030 Notes estimated using Level 2 inputs were $402 million and $559 million, respectively.

The carrying amounts of cash and cash equivalents, trade receivables and payables, marketable securities, as well as financial instruments included in Other current assets and Other current liabilities, approximate fair values because of their short-term maturities.

The carrying values of the Company's revolving credit facility and Term Loan B recorded in Long-term debt on the Condensed Consolidated Balance Sheets approximate their fair values due to the borrowings variable interest rates.

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**NOTE 11. DERIVATIVE FINANCIAL INSTRUMENTS AND RISK MANAGEMENT**

***Derivative financial instruments***

All derivatives are recorded as assets or liabilities in the Condensed Consolidated Balance Sheets at their respective fair values. For derivatives designated as cash flow and fair value hedges, the unrealized gain or loss related to the derivatives is recorded in Other comprehensive income (loss) until the hedged transaction affects earnings. The Company assesses at the inception of the hedge, whether the derivative in the hedging transaction will be highly effective in offsetting changes in cash flows or in fair value of the hedged item. Changes in the fair value of derivatives that do not meet the criteria for designation as a hedge are recognized in earnings.

*Foreign Exchange:* The Company manufactures and sells products in a number of countries throughout the world and, as a result, the Company is exposed to movements in foreign currency exchange rates. The Company's major foreign currency exposures involve the markets in Western Europe, South America and Asia. Some sales and purchase contracts contain embedded derivatives due to the nature of doing business in certain jurisdictions, which the Company takes into consideration as part of its risk management policy. The purpose of foreign currency hedging activities is to manage the economic impact of exchange rate volatility associated with anticipated foreign currency purchases and sales made in the normal course of business. The Company primarily utilizes forward foreign exchange contracts with maturities of less than one year in managing this foreign exchange rate risk. The Company has not designated these forward foreign exchange contracts, which had a notional value at March 31, 2026 of $597 million, as hedges and therefore does not apply hedge accounting.

The fair values of our foreign currency derivative assets are recorded within Other current assets and Other assets, and the fair values of foreign currency derivative liabilities are recorded within Other current liabilities and Other liabilities. The following table presents the fair value of foreign currency derivatives and embedded derivatives included within the Condensed Consolidated Balance Sheets:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| **(In millions)** | **Derivative Assets** | **Derivative Liabilities** | **Derivative Assets** | **Derivative Liabilities** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $3 | $6 | $4 | $3 |

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A master netting arrangement allows counterparties to net settle amounts owed to each other as a result of separate offsetting derivative transactions. The Company enters into master netting arrangements with its counterparties when possible to mitigate credit risk in derivative transactions by permitting it to net settle for transactions with the same counterparty. However, the Company does not net settle with such counterparties. As a result, derivatives are presented at their gross fair values in the Condensed Consolidated Balance Sheets.

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As of March 31, 2026 and December 31, 2025, information related to these offsetting arrangements was as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Offsetting of Assets** | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Presented in the Consolidated Balance Sheets** | **Amount Subject to Master Netting Agreement** | **Net Amount** |
| **Derivatives** | $23 | $— | $23 | $(1) | $22 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| **Offsetting of Liabilities** | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Presented in the Consolidated Balance Sheets** | **Amount Subject to Master Netting Agreement** | **Net Amount** |
| **Derivatives** | $108 | $— | $108 | $(1) | $107 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Offsetting of Assets** | **Gross Amounts of Recognized Assets** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Presented in the Consolidated Balance Sheets** | **Amount Subject to Master Netting Agreement** | **Net Amount** |
| **Derivatives** | $4 | $— | $4 | $(2) | $2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(In millions)** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Offsetting of Liabilities** | **Gross Amounts of Recognized Liabilities** | **Gross Amounts Offset in the Consolidated Balance Sheets** | **Net Presented in the Consolidated Balance Sheets** | **Amount Subject to Master Netting Agreement** | **Net Amount** |
| **Derivatives** | $142 | $— | $142 | $(2) | $140 |

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The following table presents the location and amount of the gain on foreign currency derivatives and on the remeasurement of assets and liabilities denominated in foreign currencies, as well as the net impact recognized in the Condensed Consolidated Statements of Income:

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| | | | |
|:---|:---|:---|:---|
| **Derivatives Not Designated as Hedging Instruments** | **Location of Gain (Loss) Recognized in Income on Derivatives** | **Amount of Gain Recognized in Income** | **Amount of Gain Recognized in Income** |
| | | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(In millions)** |  | **2026** | **2025** |
| Foreign exchange contracts | Revenue | $(1) | $5 |
| Foreign exchange contracts | Cost of sales | 2 | (2) |
| Foreign exchange contracts | Selling, general and administrative expense |  | 2 |
| **Total** |  | 1 | 5 |
| Remeasurement of assets and liabilities in foreign currencies |  | 1 | (2) |
| **Net gain** |  | $2 | $3 |

---

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The following table presents the location and amount of the gain (loss) on derivatives that have been designated as hedging instruments in the Condensed Consolidated Statements of Income:

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| | | | |
|:---|:---|:---|:---|
| **Derivatives Designated as Hedging Instruments** | **Location of Gain (Loss) Recognized in Income on Derivatives** | **Amount of Gain (Loss) Recognized in Income** | **Amount of Gain (Loss) Recognized in Income** |
| | | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(In millions)** |  | **2026** | **2025** |
| Foreign currency derivatives | Other income | $2 | $2 |
| Foreign currency derivatives | Interest expense | 6 |  |
| Interest rate swaps | Interest expense |  | 2 |
| **Total gain** |  | $8 | $4 |

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*Net Investment:* The Company uses cross currency swaps to hedge portions of its net investments denominated in Euro against the effect of adverse foreign exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. The gains or losses on these derivative instruments are included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. The Company elected to use the spot method to assess the effectiveness for these derivatives that are designated as net investment hedges for accounting purposes. Coupons received for the cross currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in Interest expense in the Condensed Consolidated Statements of Income. Cash flows related to coupons received on the swaps are included in operating activities in the Condensed Consolidated Statements of Cash Flows and the final exchange on the swaps will be reported in financing activities.

In the second and third quarter of 2025, the Company entered into a series of cross currency swap agreements that synthetically swap U.S. dollar denominated fixed rate debt to Euro denominated fixed rate debt with a combined notional amount of $2 billion. These cross currency swaps were designated as net investment hedges. Swaps with a combined notional amount of $986 million mature in June 2029, $578 million mature in June 2030, and $581 million mature in June 2031, respectively.

At March 31, 2026, the fair value of these derivatives designated as net investment hedges were recorded in the Condensed Consolidated Balance Sheets as Other assets of $20 million and as Accumulated other comprehensive income, net of tax, of $15 million. At December 31, 2025, the fair value of these derivatives designated as net investment hedges were recorded in the Condensed Consolidated Balance Sheets as Other liabilities of $23 million and as Accumulated other comprehensive income, net of tax, of $17 million.

*Fair Value:* On January 3, 2025, the Company entered into five cross-currency swaps expiring in January 2032 related to the portion of the U.S. dollar denominated Term Loan B drawn down by JBT Marel's European entity. These cross currency swap agreements have a combined notional amount of $693 million and synthetically swap interest rates from SOFR to EURIBOR and hedge the impact of variability in exchange rates on the U.S. dollar denominated debt and related interest payments, excluding the credit spread, by our euro-functional entity.

The Company has designated these swaps as fair value hedges and changes in the fair value of these swaps are recognized in earnings in the period realized. The gains and losses related to the change in the fair value of the hedged components of the swaps are included in other income and substantially offset the change in the fair value of the hedged portion of the underlying debt that is attributable to the change in euro to U.S. dollar exchange rates. Changes in fair value of the swaps related to excluded components of the derivative instruments are recognized in Accumulated other comprehensive income and recognized into earnings systematically over the life of the hedged instrument.

At March 31, 2026, the fair value of these derivatives designated as fair value hedges was recorded in the Condensed Consolidated Balance Sheets as Other liabilities of $102 million and as Accumulated other comprehensive income, net of tax, of $22 million. At December 31, 2025, the fair value of these derivatives designated as fair value hedges was recorded in the Condensed Consolidated Balance Sheets as Other liabilities of $117 million and as Accumulated other comprehensive income, net of tax, of $20 million.

*Interest Rates*: In March 2020, the Company executed four interest rate swaps with a combined notional amount of $200 million and in May 2020 the Company executed one interest rate swap with a notional amount of $50 million. These interest rate swaps fixed the interest rate applicable to certain of the Company's variable-rate debt and swapped one-month SOFR rates for fixed rates. The Company designated these swaps as cash flow hedges and all changes in fair value of the swaps were recognized in Accumulated other comprehensive income. The interest rate swaps expired during the second quarter of 2025.

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Refer to Note 10. Fair Value Of Financial Instruments for a description of how the values of the above financial instruments are determined.

***Credit Risk***

By their nature, financial instruments involve risk including credit risk for non-performance by counterparties. Financial instruments that potentially subject the Company to credit risk primarily consist of trade receivables and derivative contracts. The Company manages the credit risk on financial instruments by transacting only with financially secure counterparties, requiring credit approvals and establishing credit limits, and monitoring counterparties' financial condition. The Company's maximum exposure to credit loss in the event of non-performance by the counterparty, for all receivables and derivative contracts as of March 31, 2026, is limited to the amount drawn and outstanding on the financial instrument. Refer to Note 1. Description of Business and Basis of Presentation in Item 8. Financial Statements and Supplementary Data of the Company's most recent Annual Report on Form 10-K, for a description of how allowance for credit loss is determined on financial assets measured at amortized cost, which includes Trade receivables, Contract assets, and non-current receivables.

**NOTE 12. LEASES**

The following table provides the required information regarding operating leases for which the Company is lessor.

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions)** | **2026** | **2025** |
| Fixed payment revenue | $18 | $16 |
| Variable payment revenue | 11 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease revenue | $29 | $25 |

---

The Company's sales-type lease activity was not material for the three months ended March 31, 2026 and 2025.

**NOTE 13. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Company is at times subject to pending and threatened legal actions, some for which the relief or damages sought may be substantial. Although the Company is not able to predict the outcome of such actions, after reviewing all pending and threatened actions with counsel and based on information currently available, management believes that the outcome of such actions, individually or in the aggregate, will not have a material adverse effect on the Company's results of operations or financial position. However, it is possible that the ultimate resolution of such matters, if unfavorable, may be material to its results of operations in a particular future period as the time and amount of any resolution of such actions and its relationship to the future results of operations are not currently known.

Liabilities are established for pending legal claims only when losses associated with the claims are judged to be probable, and the loss can be reasonably estimated. In many lawsuits and arbitrations, it is considered not probable that a liability has been incurred or not possible to estimate the ultimate or minimum amount of that liability until the case is close to resolution, in which case no liability would be recognized until that time.

***Guarantees and Product Warranties***

In the ordinary course of business with customers, vendors and others, the Company issues standby letters of credit, performance bonds, surety bonds and other guarantees. These financial instruments, which totaled $86 million at March 31, 2026, represent guarantees of future performance. The Company has also provided approximately $9 million of bank guarantees and letters of credit to secure a portion of its existing financial obligations. The majority of these financial instruments expire within one year and are expected to be replaced through the issuance of new or the extension of existing letters of credit and surety bonds.

In some instances, the Company guarantees its customers' financing arrangements. The Company is responsible for payment of any unpaid amounts, but will receive indemnification from third parties for ninety percent of the contract values. In addition, the Company generally retains recourse to the equipment sold. As of March 31, 2026, the gross value of these arrangements was not material.

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The Company provides warranties of various lengths and terms to certain customers based on standard terms and conditions and negotiated agreements. The Company provides for the estimated cost of warranties at the time revenue is recognized for products where reliable, historical experience of warranty claims and costs exist. The Company also provides a warranty liability when additional specific obligations are identified. The warranty obligation reflected in Other current liabilities in the Condensed Consolidated Balance Sheets is based on historical experience by product and considers failure rates and the related costs in correcting a product failure. Warranty cost and accrual information were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions)** | **2026** | **2025** |
| Balance at beginning of period | $21 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expense for new warranties | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to existing accruals | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Claims paid | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Added through acquisition |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Translation |  | 1 |
| Balance at end of period | $21 | $22 |

---

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**NOTE 14. BUSINESS SEGMENT INFORMATION**

In the fourth quarter of 2025, the Company realigned its reportable segments to better reflect the continued integration of its operating model. Giving effect to the realignment, the Company operates through two reportable segments: Protein Solutions and Prepared Food and Beverage Solutions. The Company defines its segments based on which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker (CODM) to analyze financial performance, make decisions and allocate resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Protein Solutions segment includes businesses that provide solutions for initial stage processing and harvesting of animal proteins, primarily focusing on poultry, pork, fish, and beef.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Prepared Food and Beverage Solutions segment includes businesses that offer solutions predominantly for downstream value-added preparation, preservation, and packaging of foods and beverages into ready to eat or drink products. This segment also includes solutions that are often end-market agnostic, spanning protein, beverages, fruit & vegetables, pet food, ready meals, pharmaceuticals and neutraceuticals, and warehouse automation.

The Company's Chief Executive Officer is the CODM, who assesses the segments' performance using each segment's Adjusted EBITDA. The CODM is not regularly provided with and does not evaluate the segments using segment total assets and therefore, each segment's total assets are not disclosed.

***Segment profitability measures and significant expenses***

The following table presents financial information for the Company's reportable segments and significant expenses regularly provided to the CODM:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| **(In millions)** | **Protein Solutions** | **Prepared Food and Beverage Solutions** | **Total** |
| Revenue | $460 | $476 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 289 | 318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 11 | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items <sup>(1)</sup> | 94 | 112 |  |
| Add: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 34 | 31 |  |
| Segment Adjusted EBITDA | $100 | $70 | $170 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring related costs |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;M&A related costs |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  |  | 68 |
| Unallocated amounts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate expense <sup>(2)</sup> |  |  | 28 |
| Income before income taxes |  |  | $60 |
| Capital expenditures |  |  | $26 |

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(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.

(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| **(In millions)** | **Protein Solutions** | **Prepared Food and Beverage Solutions** | **Total** |
| Revenue | $378 | $476 |  |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 247 | 314 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 20 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other segment items <sup>(1)</sup> | 76 | 101 |  |
| Add: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 28 | 27 |  |
| Segment Adjusted EBITDA | $63 | $78 | $141 |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net |  |  | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (income) |  |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension expense, other than service cost |  |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring related costs |  |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&A related costs |  |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  |  | 61 |
| Unallocated amounts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate expense <sup>(2)</sup> |  |  | 28 |
| Loss before income taxes |  |  | $(219) |
| Capital expenditures |  |  | $20 |

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(1) Other segment items for each reportable segment include operating expenses, which primarily consist of selling, general and administrative expenses and corporate and shared service expenses allocated to each segment based upon benefits received. Other segment items exclude the impact of restructuring, M&A and other one-time related costs as they do not reflect the ongoing operations of the underlying business.

(2) Corporate expense is primarily comprised of unallocated selling, general and administrative expenses and activity that does not meet the criteria of a reportable segment. Corporate expense excludes the impact of depreciation and amortization, restructuring, M&A and other one-time related and non-operating costs shown separately in the table above.

**NOTE 15. RESTRUCTURING**

Restructuring charges primarily consist of employee separation benefits under existing severance programs, foreign statutory termination benefits, certain one-time termination benefits, contract termination costs and other costs that are associated with restructuring actions. Certain restructuring charges are accrued prior to payments made in accordance with applicable guidance. For such charges, the amounts are determined based on estimates prepared at the time the restructuring actions were approved by management. Inventory write offs due to restructuring are reported in Cost of sales and all other restructuring charges are reported in Selling, general and administrative expense within the Condensed Consolidated Statements of Income.

In the first quarter of 2025, the Company implemented a restructuring plan (the "JBT Marel 2025 Integration restructuring plan") aiming to achieve a portion of its synergy targets as a result of the Marel acquisition to optimize the overall cost structure for the combined Company on a global basis. The initiatives under this plan include streamlining operations and adjusting our general and administrative infrastructure to meet the strategic needs of the Company. The total estimated cost in connection with this plan is in the range of $55 million to $60 million. The Company recognized cumulative restructuring charges of $29 million and expects to recognize the remaining costs by the end of 2026.

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The following table details the cumulative restructuring charges reported in operating income for the JBT Marel 2025 Integration restructuring plan since its implementation:

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| | | | |
|:---|:---|:---|:---|
| | | **During the Quarter Ended** | |
| **(In millions)** | **Cumulative Amount**<br>**Balance as of December 31, 2025** | **March 31, 2026** | **Cumulative Amount**<br>**Balance as of March 31, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance and related expense, net of release | $29 | $(2) | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of building |  | (1) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 2 | 1 | 3 |
| Total restructuring charges, net | $31 | $(2) | $29 |

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Restructuring charges, net was ($2) million and $11 million for the three months ended March 31, 2026 and 2025, respectively, primarily related to severance and related costs in both periods. Total restructuring charges, net for the three months ended March 31, 2026 included a $4 million release of severance costs no longer expected to be paid as a result of differences between actual severance payments and original estimates, as well as employee attrition.

The liability balance for the JBT Marel 2025 Integration restructuring plan is included in Other current liabilities in the Condensed Consolidated Balance Sheets. The table below details the activities for the three months ended March 31, 2026 for the JBT Marel 2025 Integration restructuring plan:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Impact to Earnings** | **Impact to Earnings** | | |
| **(In millions)** |<br>**Balance as of December 31, 2025** | **Charged to Earnings** | **Releases** |<br>**Cash Payments** |<br>**Balance as of March 31, 2026** |
| &nbsp;&nbsp;Severance and related | $16 | $2 | $(4) | $(5) | $9 |
| **Total** | $16 | $2 | $(4) | $(5) | $9 |

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**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q, our Annual Report on Form 10-K and other materials filed or to be filed by us with the Securities and Exchange Commission, as well as information in oral statements or other written statements made or to be made by us, contain statements that are, or may be considered to be, forward-looking statements. All statements that are not historical facts, including statements about our beliefs or expectations, are forward-looking statements. You can identify these forward-looking statements by the use of forward-looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or the negative version of those words or other comparable words and phrases. Any forward-looking statements contained in this Form 10-Q are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. These forward-looking statements include, among others, statements relating to our business and our results of operations, our strategic plans, our restructuring plans and expected cost savings from those plans and our liquidity. The factors that could cause our actual results to differ materially from expectations include, but are not limited to, the following factors:

• fluctuations in our financial results;

• termination or loss of major customer contracts and risks associated with fixed-price contracts, particularly during periods of high inflation;

• catastrophic loss at any of our facilities and business continuity of our information systems;

• loss of key management and other personnel;

• our ability to remediate the material weaknesses relating to the Marel financial statements;

• deterioration of economic conditions, including impacts from supply chain delays and reduced material or component availability;

• unanticipated delays or acceleration in our sales cycles;

• inflationary pressures, including increases in energy, raw material, freight, and labor costs;

• changes in food consumption patterns;

• weather conditions and natural disasters;

• impacts of pandemic illnesses, food borne illnesses and diseases to various agricultural products;

• work stoppages;

• customer sourcing initiatives;

• competition and innovation in our industries;

• disruptions in the political, regulatory, economic and social conditions of the countries in which we conduct business;

• changes to tariffs, trade regulations, quotas, or duties;

• potential liability arising out of the installation or use of our systems;

• the impact of climate change and environmental protection initiatives;

• our ability to comply with U.S. and international laws governing our operations and industries;

• increases in tax liabilities;

• risks related to acquisitions, such as our ability to integrate the acquisitions we have consummated, including the integration of the legacy businesses of JBT and Marel;

• our ability to develop and introduce new or enhanced products and services and keep pace with technological developments;

• difficulty in developing, preserving and protecting our intellectual property or defending claims of infringement;

• cybersecurity risks such as network intrusion or ransomware schemes;

• our convertible note hedge and warrant transactions;

• the maintenance of two stock exchange listings;

• fluctuations in currency exchange rates and interest rates;

• our level of indebtedness;

• availability of and access to financial and other resources; and

• the factors described under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and in this and any future Quarterly Report on Form 10-Q.

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If one or more of those or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Consequently, actual events and results may vary significantly from those included in or contemplated or implied by our forward-looking statements. The forward-looking statements included in this Form 10-Q are made only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statement made by us or on our behalf, whether as a result of new information, future developments, subsequent events or changes in circumstances or otherwise.

In this section, the Company utilizes non-GAAP measures to provide a more meaningful comparison of its ongoing operating results, consistent with how management evaluates performance. For further information regarding the Company's non-GAAP measures including reconciliations to the most directly comparable GAAP measures, see below "Reconciliation of Non-GAAP Measures."

The Company calculates amounts and percentages using rounded figures as presented in this section. In prior periods, amounts and percentages were calculated using unrounded values. As a result, certain amounts and percentages may differ slightly from previously presented information.

**Executive Overview**

JBT Marel Corporation is a leading global food and beverage technology solutions provider to high-value segments of the food and beverage industry. Fueled by our purpose, to transform the future of food, we help our customers maximize production output and performance through our diverse food application knowledge and integrated solutions offerings.

We specialize in designing, manufacturing, and servicing cutting-edge technology, systems, and software for a broad range of food and beverage end markets. We aim to create better outcomes for our diverse customers by optimizing food yield and efficiency, improving food safety and quality, and enhancing uptime and proactive maintenance, all while reducing waste and resource use across the global food supply chain.

In early 2026, we introduced our NextGen strategy that focuses on delivering comprehensive solutions to customers through our leading technology, life cycle support, and food application expertise. Our NextGen strategy includes four key pillars to deliver continued organic growth and margin expansion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Customer First Service Organization***. Leveraging our global footprint and large installed base to strengthen customer partnerships through a more prescriptive service model. Our enhanced regional service capabilities and data driven approach allow us to improve on-time parts delivery, reduce unplanned downtime events, and optimize our customers' operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Integrated Value Proposition.*** Broadening and deepening our product leadership through targeted innovation. Our priorities include strengthening our full-line capabilities, allowing technology to seamlessly flow together as a cohesive system. We also are addressing customer pain points by creating differentiated solutions that increase yield and throughput while reducing waste, labor requirements, and energy usage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Capture Full Market Potential.*** Elevating commercial execution through our customer focused go-to-market strategy that drives cross-selling, accelerates growth in emerging markets, and enhances customer retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Operational Distinctiveness.*** Harnessing our enterprise-wide relentless continuous improvement culture to reduce operational complexity, unlock efficiency gains, and enable margin improvement.

Our approach to Environmental, Social and Governance (ESG) initiatives is embedded in our overall company strategy and is advanced through five key pillars, related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Our customers,*** to whom we offer diverse solutions, operational scale and application, service, and digital expertise focused on enabling customers to reach their sustainability goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Our products and service solutions*** that offer efficient energy and water usage, extend product shelf life and equipment lifespans, contribute to food traceability and safety, and help minimize food loss;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Our people and communities,*** for and with whom we are creating a values-driven workplace, ensuring all employees have the tools they need to succeed and experience a sense of belonging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Our operations,*** where we are integrating practices to reduce our greenhouse gas (GHG) emissions, curb energy use, minimize waste generation, and optimize water use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Our supply partners,*** with whom we are engaging to better understand their environmental impact and identify collaborative opportunities to more effectively achieve common sustainability goals.

***Strategic Acquisition of Marel hf.***

On January 2, 2025, the Company closed the acquisition of Marel, a multi-national food processing company based in Gardabaer, Iceland that manufactures equipment and provides other services for food processing in the poultry, meat, fish, and pet food industries. The purpose of the Marel Transaction was to create a leading and diversified global food and beverage technology solutions provider by bringing together two renowned companies with long histories, complementary product portfolios, highly respected brands, and cutting-edge technology to enable global customers to more efficiently access industry leading technology worldwide. Refer to Note 2. Acquisitions of the Notes to the Consolidated Financial Statements for additional information on the Marel Transaction.

The disclosures in this "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of the Quarterly Report on Form 10-Q speak to the combined company subsequent to the Marel Transaction unless otherwise noted.

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**Business Conditions and Outlook**

For the first quarter 2026, we delivered year-over-year growth in revenue, margins, and earnings per share. Our bottom-line performance was driven primarily by lower non-recurring and transaction related costs as well as margin enhancement efforts and lower interest expense. Orders remained strong, reflecting continued commercial momentum from global poultry customers and healthy demand from meat and fruit and vegetable end markets.

For the full year 2026, we continue to expect year-over-year growth in revenue, margins, and earnings per share. At the same time, we are closely monitoring how rising inflation may impact the price-cost dynamics for both JBT Marel and our customers.

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**CONSOLIDATED RESULTS OF OPERATIONS**

**THREE MONTHS ENDED MARCH 31, 2026 AND 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Favorable / (Unfavorable)** | **Favorable / (Unfavorable)** |
| **(In millions, except %)** | **2026** | **2025** | **Change** | **%** |
| Revenue | 936 | 854 | 82 | 9.6% |
| Cost of sales | 607 | 562 | (45) | (8.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 329 | 292 | 37 | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Gross profit margin* | *35.1%* | *34.2%* | *90 bps* |  |
| Selling, general and administrative expense | 261 | 325 | 64 | 19.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss)** | 68 | (33) | 101 | (306.1)% |
| Pension expense, other than service cost |  | 147 | 147 | 100.0% |
| Interest expense, net | 10 | 41 | 31 | 75.6% |
| Other (income) | (2) | (2) |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) before income taxes** | 60 | (219) | 279 | (127.4)% |
| Income tax provision (benefit) | 15 | (46) | (61) | 132.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | $45 | $(173) | $218 | (126.0)% |
| **Adjusted EBITDA** <sup>(1)</sup> | $142 | $112 | $30 | 26.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;*Net income (loss) margin* | *4.8%* | *(20.3)%* | *2510 bps* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Adjusted EBITDA margin* | *15.2%* | *13.1%* | *210 bps* |  |

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(1) Refer to the 'Reconciliation of Non-GAAP Measures' section below for additional information on Adjusted EBITDA.

***Revenue***

Total revenue for the three months ended March 31, 2026 increased $82 million or 9.6% compared to the same period in 2025. Organic revenue contributed $30 million and foreign currency translation was favorable by $52 million compared to the prior year. The increase in organic revenue was primarily the result of increases in volume for recurring and non-recurring revenue.

***Gross Profit and Gross Profit Margin***

Gross profit margin increased 90 bps to 35.1% compared to 34.2% in 2025. The increase was primarily attributable to an increase in revenue and benefits from synergies, partially offset by higher tariff costs compared to the prior year.

***Selling, general and administrative expense***

Selling, general and administrative expense decreased $64 million compared to the same period in the prior year. Selling, general and administrative expense as a percentage of revenue decreased 1,020 bps to 27.9% compared to 38.1% in the same period last year. This decrease is primarily driven by benefits from our JBT Marel 2025 Integration restructuring plan and lower M&A costs compared to the prior year.

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***Pension expense, other than service cost***

Pension expense, other than service cost decreased $147 million compared to the same period in the prior year. This decrease was primarily due to the settlement charge of $147 million recognized in the first quarter of 2025 upon the termination of the U.S. qualified defined benefit pension plan.

***Interest expense, net***

Interest expense, net decreased $31 million compared to the prior-year period, primarily due to the release of capitalized debt issuance costs associated with the termination of the Company's bridge credit agreement in the first quarter of 2025 and the benefit from the Company's net investment hedges executed in the second and third quarters of 2025.

***Income tax provision (benefit)***

The effective tax rate on net income for the three months ended March 31, 2026 was 25.5%. The tax rate for the three months ended March 31, 2026 was unfavorably impacted by discrete items totaling $1 million. The discrete items are primarily driven by an expense from a change in management's indefinite reinvestment assertion related to foreign earnings and a benefit related to stock compensation.

The effective tax rate on the Company's net loss for the three months ended March 31, 2025 was 21.1%. The tax benefit for the period was reduced by discrete items totaling $2 million, primarily driven by non-deductible acquisition costs.

***Net income (loss) and Adjusted EBITDA***

Net income for the three months ended March 31, 2026 was $45 million compared to a net loss of $173 million for the same period in 2025, representing an increase of $218 million. This increase was primarily the result of lower non-recurring costs and lower interest expense compared to the prior year.

Adjusted EBITDA was $142 million for the three months ended March 31, 2026 compared to $112 million during the same period in 2025, representing an increase of $30 million. The increase in Adjusted EBITDA was driven by increased volume and gross profit from synergies.

Net income (loss) margin increased to 4.8% compared to (20.3)% for the same period in 2025. This increase was primarily the result of lower non-recurring costs and lower interest expense compared to the same period in 2025. Adjusted EBITDA margin increased 210 bps to 15.2% compared to 13.1% for the same period in 2025. This increase was driven by a higher gross profit margin and lower selling, general and administrative expense due to volume leverage on fixed costs compared to the prior year.

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**OPERATING RESULTS OF BUSINESS SEGMENTS**

**THREE MONTHS ENDED MARCH 31, 2026 AND 2025** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31, 2026** | **Three Months Ended<br>March 31, 2026** | **Favorable / (Unfavorable)** | **Favorable / (Unfavorable)** |
| **(In millions, except %)** | **2026** | **2025** | **Change** | **%** |
| **Revenue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Protein Solutions | $460 | $378 | $82 | 21.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepared Food and Beverage Solutions | 476 | 476 |  | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $936 | $854 | $82 | 9.6% |
| **Segment Adjusted EBITDA** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Protein Solutions | $100 | $63 | $37 | 58.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepared Food and Beverage Solutions | 70 | 78 | (8) | (10.3)% |
| ***Segment Adjusted EBITDA margin*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Protein Solutions* | *21.7 %* | *16.5 %* | *520 bps* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Prepared Food and Beverage Solutions* | *14.7 %* | *16.4 %* | *-170 bps* |  |

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(1) Refer to Note 14. Business Segment Information of the Notes to Condensed Consolidated Financial Statements for additional information on segment Adjusted EBITDA.

**Protein Solutions**

Protein Solutions segment revenue increased by $82 million or 21.7% during the three months ended March 31, 2026 compared to the same period in 2025, of which favorable currency translation accounted for $31 million. Organic revenue growth was driven by higher recurring revenue and a recovery in nonrecurring project activity related to poultry customer end markets compared to the prior-year period.

Protein Solutions segment Adjusted EBITDA was $100 million or 21.7% of segment revenue, for the three months ended March 31, 2026, compared to $63 million or 16.5% for the same period in 2025. The increase of $37 million or 58.7% was primarily driven by higher gross margin and benefits from synergies, partially offset by higher tariff costs compared to the prior-year period.

**Prepared Food and Beverage Solutions**

Prepared Food and Beverage Solutions segment revenue was flat for the three months ended March 31, 2026 compared to the same period in 2025, including a $21 million benefit from favorable foreign currency translation. The decline in organic revenue was primarily driven by lower volume across certain segment end markets during the period.

Prepared Food and Beverage Solutions segment Adjusted EBITDA was $70 million, or 14.7% of segment revenue, for the three months ended March 31, 2026, compared to $78 million, or 16.4% for the same period in 2025. The decrease of $8 million or 10.3%, was primarily driven by lower overall performance, higher tariff costs and lower volume across certain segment end markets during the period.

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**Reconciliation of Non-GAAP Measures**

We present non-GAAP financial measures in this quarterly report on Form 10-Q. These non-GAAP financial measures adjust for certain amounts that are otherwise included or excluded from a measure calculated under U.S. GAAP. By adjusting for these items, we believe we provide greater transparency into our operating results and trends, and a more meaningful comparison of our ongoing operating results, consistent with how management evaluates performance. Management uses these non-GAAP financial measures in financial and operational evaluation, planning and forecasting. We also believe that these non-GAAP measures are useful to investors as a way to evaluate and compare our operating performance against peers in the Company's industry. The adjustments generally fall within the following categories: restructuring related costs, M&A related costs, pension-related costs, and other major items affecting comparability of our ongoing operating results.

The non-GAAP financial measures presented in this report may differ from similarly-titled measures used by other companies. The non-GAAP financial measures are not intended to be used as a substitute for, nor should they be considered in isolation of, financial measures prepared in accordance with U.S. GAAP.

Additional details for each Non-GAAP financial measure follow:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Adjusted EBITDA and Adjusted EBITDA margin:* We define Adjusted EBITDA as earnings adjusted for income taxes, interest expense (income), net, other financing income, pension expense other than service cost, restructuring related costs, M&A related costs and depreciation and amortization, including acquisition related depreciation and amortization. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Adjusted income and Adjusted diluted earnings per share:* We adjust earnings for restructuring related costs, M&A related costs, which include integration costs, amortization of inventory step-up from business combinations, impacts of foreign currency derivatives and trades to hedge variability of exchange rates on the cash consideration paid for business combination, advisory and transaction costs for both potential and completed M&A transactions and strategy, acquisition related amortization and depreciation, amortization of debt issuance costs related to financing for M&A transactions, non-cash pension plan related settlement costs and the related tax impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Free cash flow:* We define free cash flow as cash provided by operating activities, less capital expenditures, plus proceeds from sale of fixed assets and pension contributions.

The tables below reconcile each non-GAAP financial measure to the most comparable GAAP financial measure.

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The following table presents a reconciliation of the Company's reported income (loss) to Adjusted EBITDA.

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions)** | **2026** | **2025** |
| Net income (loss) | $45 | $(173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) | 15 | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 10 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing (income) <sup>(1)</sup> | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension expense, other than service cost <sup>(2)</sup> |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and related costs, net <sup>(3)</sup> | (2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&A related costs <sup>(4)</sup> | 8 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(5)</sup> | 68 | 61 |
| Adjusted EBITDA | $142 | $112 |

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(1) Other financing income represents transaction gains from fair value hedges on our foreign currency denominated debt, and are considered non-operating as they relate to our cost of borrowing on this debt.

(2) Pension expense, other than service cost, is excluded as it represents all non service-related pension expense, which consists of non-cash interest cost, expected return on plan assets, amortization of actuarial gains and losses, and settlement charges.

(3) Restructuring and related costs, net incurred as a direct result of the restructuring program primarily consists of severance and related costs and are excluded as they are not part of the ongoing operations of our underlying business.

(4) M&A related costs for the three months ended March 31, 2026, include advisory, strategy and integration related costs for completed M&A transactions. M&A related costs are excluded as they are generally short-term in nature and turn over quickly or are not part of the ongoing operations of our underlying business.

(5) Depreciation and amortization, including the acquisition related amortization and depreciation expense, is excluded to determine Adjusted EBITDA.

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The table below provides a reconciliation of income (loss) as reported to adjusted income and adjusted diluted earnings per share.

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions, except per share data)** | **2026** | **2025** |
| Net income (loss) | $45 | $(173) |
| Non-GAAP adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring related costs, net | (2) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&A related costs | 8 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition related amortization and depreciation | 45 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact on tax provision from Non-GAAP adjustments <sup>(1)</sup> | (13) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of bridge financing debt issuance cost |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recognition of non-cash pension plan related settlement costs |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact on tax provision from non-cash pension plan related settlement costs |  | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discrete tax adjustment from M&A activity |  | 5 |
| Adjusted income | $83 | $50 |
| Net income (loss) | $45 | $(173) |
| Total shares and dilutive securities | 52.4 | 51.7 |
| Diluted earnings (loss) per share | $0.86 | $(3.35) |
| Adjusted income | $83 | $50 |
| Total shares and dilutive securities | 52.4 | 51.7 |
| Adjusted diluted earnings per share | $1.58 | $0.97 |

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(1) Impact on tax provision was calculated using the enacted rate for the relevant jurisdiction for the quarters ended March 31, 2026 and 2025, respectively.

The table below provides a reconciliation of cash provided by operating activities to free cash flow:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(in millions)** | **2026** | **2025** |
| Cash provided by operating activities | $119 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: capital expenditures | 26 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: proceeds from sale of fixed assets | 7 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: pension contributions |  | 3 |
| Free cash flow (FCF) | $100 | $18 |

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***Restructuring***

In the first quarter of 2025, the Company implemented a restructuring plan (the "JBT Marel 2025 Integration Restructuring Plan") to achieve a portion of its synergy targets as a result of the Marel acquisition to optimize the overall cost structure for the combined Company on a global basis. The initiatives under this includes streamlining operations and adjusting our general and administrative infrastructure to meet the strategic needs of the Company. The total estimated cost in connection with this plan is in the range of $55 million to $60 million. The Company recognized cumulative restructuring charges of $29 million through March 31, 2026 and expects to recognize the remaining costs by the end of 2026.

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The following table details the cumulative amount of annualized savings and incremental savings for the JBT Marel 2025 Integration restructuring plan:

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| | | | |
|:---|:---|:---|:---|
| | | **Incremental Amount** | |
| **(In millions)** | **Cumulative Amount**<br>**As of December 31, 2025** | **During the quarter ended March 31, 2026** | **Cumulative Amount**<br>**As of March 31, 2026** |
| Cost of sales | $4 | $2 | $6 |
| Selling, general and administrative | 23 | 9 | 32 |
| Total restructuring savings | $27 | $11 | $38 |

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Cumulative cost savings for the JBT Marel 2025 Integration restructuring plan are expected to be between $65 million and $75 million.

For additional financial information about restructuring, refer to Note 15. Restructuring of the Notes to the Condensed Consolidated Financial Statements.

**Liquidity and Capital Resources**

***Overview of Sources and Uses of Cash***

Our primary sources of liquidity include our cash flows generated from operations and availability under our revolving credit facility.

For the three months ended March 31, 2026, we had total operating cash flows of $119 million. Our liquidity as of March 31, 2026, or cash plus borrowing ability under our existing revolving credit facility, was $2.1 billion.

In the second quarter of 2026, the Company's 0.25% Convertible Senior Notes, which were originally issued in the second quarter of 2021, are scheduled to mature. The Company expects to satisfy the outstanding principal amount of $403 million through cash repayment at maturity, utilizing cash on hand or available under our revolving credit facility. Based on our current capital allocation objectives, we anticipate capital expenditures to be between $105 million and $120 million during 2026. Our level of capital expenditures varies from time to time as a result of actual and anticipated business conditions. During 2026, we also expect to incur integration costs and other synergy-related costs in the range of $45 million to $55 million related to the acquisition of Marel in the first quarter of 2025.

Additionally, the cash flows generated by our operations are expected to be sufficient to satisfy our principal cash requirements that include our working capital needs, new product development, restructuring expenses, capital expenditures, income taxes, debt interest and repayments, dividends, and other financing arrangements.

As of March 31, 2026, we had $211 million of cash and cash equivalents, $103 million of which was held by our foreign subsidiaries. Although certain funds are considered permanently invested in our foreign subsidiaries, we are not presently aware of any restriction on the repatriation of these funds. We maintain significant operations outside of the U.S., and many of our uses of cash for working capital and capital expenditures arise in these foreign jurisdictions. If these funds were needed to fund our operations or satisfy obligations in the U.S., they could be repatriated and their repatriation into the U.S. could cause us to incur additional U.S. income tax and foreign withholding taxes. The foreign withholding taxes on these repatriations to the U.S. would potentially be partially offset by U.S. foreign tax credits.

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As noted above, certain funds held outside of the U.S. are considered permanently invested in our non-U.S. subsidiaries. At times, these foreign subsidiaries have cash balances that exceed their immediate working capital or other cash needs. In these circumstances, the foreign subsidiaries may loan funds to the U.S. parent company on a temporary basis; the U.S. parent company has in the past and may in the future use the proceeds of these temporary intercompany loans to reduce outstanding borrowings under our committed credit facilities. By using available non-U.S. cash to repay our debt on a short-term basis, we can optimize our leverage ratio, which has the effect of lowering our interest costs.

***Cash Flows***

Cash flows for the three months ended March 31, 2026 and 2025 were as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| **(In millions)** | **2026** | **2025** |
| Cash provided by operating activities | $119 | $34 |
| Cash required by investing activities | (19) | (1766) |
| Cash (required) provided by financing activities | (54) | 621 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (3) | 2 |
| **Net increase (decrease) in cash** | $43 | $(1109) |

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Cash provided by operating activities during the three months ended March 31, 2026 was $119 million, representing a $85 million increase compared to the same period in 2025. The increase was driven by higher net income, increased customer advance collections, and lower accounts payable payments, partially offset by higher inventory purchases and receivable growth.

Cash required by investing activities was $19 million during the three months ended March 31, 2026, compared to cash required of $1,766 million during the same period in 2025. The decrease in cash outflows during the period reflects the absence of acquisition-related payments, as the acquisition of Marel occurred in the first quarter of 2025.

Cash required by financing activities was $54 million during the three months ended March 31, 2026, compared to cash provided of $621 million during the same period in 2025. The year-over-year decrease in net cash provided by financing activities was due to the absence of the prior-year financing activities utilized to fund the acquisition of Marel in the first quarter of 2025.

***Financing Arrangements***

As of March 31, 2026, we had $1.8 billion of availability under the revolving credit facility.

Our Second A&R Credit Agreement includes restrictive covenants that, if not met, could lead to a renegotiation of our credit lines, a requirement to repay our borrowings and/or a significant increase in our cost of financing. Restrictive covenants include a minimum interest coverage ratio, a maximum leverage ratio, as well as certain events of default. As of March 31, 2026, we were in compliance with all covenants in the Second A&R Credit Agreement. We expect to remain in compliance with all covenants.

On January 2, 2025, we executed takeout financing consisting of an amended and restated 5-year, $1.8 billion revolving credit facility and a 7-year, $900 million senior secured term loan B.

Concurrently with the issuances of the 2026 Notes and the 2030 Notes, we entered into convertible note hedge transactions and warrant transactions.

For additional information about our borrowings, refer to Note 6. Debt of the Notes to the Condensed Consolidated Financial Statements.

As of March 31, 2026, a portion of our total gross outstanding debt of $1,869 million effectively remained fixed rate debt, with the 2026 Notes and the 2030 Notes subject to a fixed rate of 0.25% and 0.375%, respectively. Our revolving credit facility and Term Loan B are subject to floating, or market rates, in addition to a premium charged for their respective credit spreads. Approximately $892 million or 48% of the total debt balance as of March 31, 2026 was variable rate debt and subject to floating rates.

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On January 3, 2025, we entered into five cross-currency swaps expiring in January 2032 related to the portion of the U.S. dollar denominated Term Loan B debt drawn down by JBT Marel's European entity. These cross currency swap agreements have a combined notional amount of $693 million and synthetically swapped an average SOFR interest rate of 3.69% with an average EURIBOR rate of 1.93% for the three months ended March 31, 2026, to hedge the impact of variability in exchange rates on the U.S. dollar dominated debt and related interest payments, excluding credit spread, by our euro-functional entity.

**CRITICAL ACCOUNTING ESTIMATES**

There were no material changes in our judgments and assumptions associated with the development of our critical accounting estimates during the period ended March 31, 2026. Refer to our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of our critical accounting estimates.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

There have been no material changes in reported market risks from the information reported in our Annual Report on Form 10-K for the year ended December 31, 2025.

**ITEM 4**. **CONTROLS AND PROCEDURES**

***Evaluation of Disclosure Controls and Procedures***

As of the end of the period covered by this Quarterly Report on Form 10-Q, management of the Company carried out an evaluation, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")).

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended 2025, prior to the acquisition of Marel hf. ("Marel"), Marel management identified material weaknesses in its internal control over financial reporting, which are described below. The acquired business was previously excluded from the Company's internal control over financial reporting assessment under SEC staff guidance but is included in the Company's assessment for the current fiscal year.

***Conclusion on Effectiveness***

In accordance with SEC guidance, the Company recognizes the substantial overlap between a company's disclosure controls and procedures and its internal control over financial reporting. Due to the material weaknesses in internal control over financial reporting described below, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were not effective as of March 31, 2026. Notwithstanding this conclusion, in the opinion of management, including the Company's Chief Executive Officer and Chief Financial Officer, the unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial condition as reported in conformity with U.S. GAAP.

***Previously Identified Material Weaknesses in Internal Control Over Financial Reporting***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis.

Prior to the acquisition, the management of Marel, which was not previously required to comply with the internal controls requirement of the Sarbanes-Oxley Act or U.S. GAAP, identified the following material weaknesses in its internal control over financial reporting, which remained unremediated as of March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Information Technology:** The Company's acquired entity, Marel, did not design and maintain effective information technology general controls for information systems that are relevant to financial reporting. Specifically, the acquired entity did not design and maintain: (i) program change management controls to ensure that information technology program and data changes are identified, tested, authorized, and implemented appropriately; (ii) user access controls to ensure appropriate segregation of duties and to adequately restrict user and privileged access to appropriate personnel; (iii) computer operations controls to ensure that processing and transfer of data, and data backups and recovery are monitored; and (iv) program development controls to ensure that new software development is tested, authorized and implemented appropriately.

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These IT deficiencies did not result in a material misstatement to the consolidated financial statements, however, the deficiencies, when aggregated, could impact maintaining effective segregation of duties, as well as the effectiveness of IT-dependent controls (such as automated controls that address the risk of material misstatement to one or more assertions, along with the IT controls and underlying data that support the effectiveness of system-generated data and reports) that could result in misstatements potentially impacting all financial statement accounts and disclosures that would not be prevented or detected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Journal entries:** The Company's acquired entity, Marel, did not design and maintain effective controls over the recording and review of journal entries for validity, accuracy, and completeness. Specifically, certain key accounting personnel have the ability to prepare and post journal entries without an appropriately designed independent review. This material weakness did not result in a material misstatement to the consolidated financial statements.

While the above material weaknesses have not resulted in a material misstatement to the consolidated financial statements, such material weaknesses resulted in misstatements that were not material to our consolidated financial statements as of and for the three months ended March 31, 2025. The above material weaknesses could result in misstatements of Marel's financial statement accounts or disclosures to the annual or interim consolidated financial statements that would not be prevented or detected.

***Remediation Plan and Progress***

The Company is committed to remediating the material weaknesses and has taken, or is in the process of taking, the following remediation measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Applied a risk-based approach to prioritize the design of controls related to information technology and journal entry processing controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Configuration of controls related to user access and change management within information technology environments impacting financial reporting, with ongoing evaluation of control design, implementation and operating effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Configured system-based, role-based access controls over journal entry processing, with ongoing evaluation of control design, implementation and operating effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing to perform manual control activities designed to mitigate risks associated with the identified control deficiencies while remediation efforts are ongoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued engagement of external advisors to support remediation efforts, including project management and guidance on control design and documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducting targeted training efforts and hired personnel with relevant internal control experience to support remediation and ongoing control performance.

As management continues to evaluate the Company's internal control over financial reporting, the Company may take additional measures to address control deficiencies or may modify certain remediation measures described above.

The material weaknesses will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls operate effectively.

***Changes in Internal Control Over Financial Reporting***

There were no changes in our internal control over financial reporting identified in the evaluation for the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

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**PART II — OTHER INFORMATION**

**ITEM 1**. **LEGAL PROCEEDINGS**

From time to time, we may be subject to legal proceedings and claims arising in the ordinary course of our business. We are not currently a party to or aware of any proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations.

**ITEM 1A. RISK FACTORS**

There have been no material changes in reported risk factors from the information reported in Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

***Rule 10b5-1 Trading Plans***

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement," or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

***Appointment of Officer***

On April 29, 2026, the Board of Directors appointed Andrew Moller as the Company's Vice President and Chief Accounting Officer, effective as of June 1, 2026. Mr. Moller, age 51, will serve as the Company's principal accounting officer. Mr. Moller has served as Vice President and Corporate Controller of CONMED Corporation, a medical device manufacturer, since January 2025. Previously, Mr. Moller served in several roles at Smith & Nephew plc, a medical technology manufacturer: Vice President, Finance Transformation from January 2024 through December 2025, Chief Financial Officer, Asia Pacific Group from April 2023 to February 2024, Vice President Finance – Global Controller from January 2023 through March 2023, Chief Financial Officer, Global ENT from January 2022 through March 2023, and Vice President Finance, Americas Controller from January 2020 to January 2023.

As Vice President and Chief Accounting Officer, Mr. Moller will receive an annual salary of $410,000. Mr. Moller will be eligible to participate in the Company's short-term incentive compensation program, with a target annual incentive award of 45% of his base salary. Mr. Moller will also be eligible to participate in the Company's long-term incentive compensation program, with a target annual grant value of $200,000, starting in 2027. Mr. Moller will receive an initial grant of restricted stock units in June 2026 with a value of $100,000. The restricted stock units will have the same vesting conditions as those awarded to other officers under the Company's long-term incentive compensation program. Additionally, Mr. Moller will receive certain relocation benefits and will be eligible for certain employee benefits generally available to employees at a similar level.

There are no arrangements or understandings between Mr. Moller and any other persons pursuant to which he was selected as an officer of the Company. Mr. Moller has no family relationships with any of the Company's directors or executive officers or any persons nominated or chosen by the Company to become a director or executive officer, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

------

**ITEM 6. EXHIBITS**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Number in<br>Exhibit Table** | **Description** |
| 10.1\* | <u>[C](a033126-jbtexhibit101.htm)[ontract of Employment between Marel Poultry B.V. and Roger Claessens,](a033126-jbtexhibit101.htm)</u> |
| 10.2\* | <u>[F](a033126-jbtexhibit102.htm)[orm of Exe](a033126-jbtexhibit102.htm)[cutive Officer Time-Based Restricted Stock Unit Grant Agreement Ratable Vesting](a033126-jbtexhibit102.htm)[(Effective 2026)](a033126-jbtexhibit102.htm)[.](a033126-jbtexhibit102.htm)</u> |
| 10.3\* | <u>[Form of Executive Officer](a033126-jbtexhibit103.htm)[Long Term Incentive Performance Sh](a033126-jbtexhibit103.htm)[are](a033126-jbtexhibit103.htm)[Restricted Stock Unit Grant Agreement](a033126-jbtexhibit103.htm)[Cliff](a033126-jbtexhibit103.htm)[Vesting (Effective 2026).](a033126-jbtexhibit103.htm)</u> |
| 31.1\* | <u>[Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) /15d-14(a).](a033126-jbtexhibit311.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) /15d-14(a).](a033126-jbtexhibit312.htm)</u> |
| 32.1\* | <u>[Certification of Chief Executive Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](a033126-jbtexhibit321.htm)</u> |
| 32.2\* | <u>[Certification of Chief Financial Officer Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](a033126-jbtexhibit322.htm)</u> |
| 101.INS\* | XBRL Instance Document |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
| \* | Filed herewith. |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| |
|:---|
| **JBT Marel Corporation** |
| (Registrant) |
| /s/ Matthew J. Meister |
| Matthew J. Meister |
| Executive Vice President and Chief Financial Officer |
| (Principal Financial Officer and Principal Accounting Officer) |

---

Date: May 5, 2026

## Exhibit 10.1

![image.jpg](image.jpg)

**Exhibit 10.1**

APRIL 1, 2025

------------

**Contract of Employment**

between

Marel poultry b.v

and

ROGER CLASSENS

------

**Contents**

**Clause**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.INTERPRETATION............................................................................................................4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.[BACKGROUND AND] TERM OF APPOINTMENT.................................................... 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.EMPLOYEE WARRANTIES............................................................................................ 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.DUTIES.............................................................................................................................. 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.HOLDING OFFICE AS A DIRECTOR............................................................................. 8

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.PLACE OF WORK........................................................................................................... 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.HOURS OF WORK.......................................................................................................... 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.SALARY........................................................................................................................... 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.CAR ALLOWANCE........................................................................................................ 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.BONUS............................................................................................................................. 11

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.PENSION AND OTHER BENEFITS.............................................................................. 12

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.EXPENSES....................................................................................................................... 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.HOLIDAYS...................................................................................................................... 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.INCAPACITY.................................................................................................................. 14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.OTHER PAID LEAVE..................................................................................................... 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.TRAINING....................................................................................................................... 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.OUTSIDE INTERESTS................................................................................................... 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.INTELLECTUAL PROPERTY....................................................................................... 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.CONFIDENTIAL INFORMATION AND POST-TERMINATION RESTRICTIONS. 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.CEASING TO BE A DIRECTOR................................................................................... 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.GARDEN LEAVE........................................................................................................... 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.TERMINATION WITHOUT NOTICE........................................................................... 20

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.OBLIGATIONS ON TERMINATION............................................................................ 21

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.SEVERANCE AGREEMENTS....................................................................................... 22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.DISCIPLINARY AND GRIEVANCE PROCEDURES.................................................. 22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.COLLECTIVE AGREEMENTS...................................................................................... 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.DIVERSITY AND EQUAL OPPORTUNITY................................................................ 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.HEALTH AND SAFETY................................................................................................. 23

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.DATA PROTECTION...................................................................................................... 24

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.NOTICES.......................................................................................................................... 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.THIRD PARTIES............................................................................................................. 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.ENTIRE AGREEMENT................................................................................................... 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.VARIATION.................................................................................................................... 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.GOVERNING LAW......................................................................................................... 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.JURISDICTION............................................................................................................... 25

------

**THIS AGREEMENT** is dated

**PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)**Marel Poultry B.V,** having its registered office in Handelstraat 3, 5831 AV, Boxmeer, Netherlands, hereinafter referred to as the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)**Mr. Roger Claessens,** currently residing at […], hereinafter referred to as the Employee.

WHEREAS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.the Employee was appointed director under the Employer's articles of association effective January 3, 2025 by means of a legally valid resolution adopted by the general meeting of shareholders on January 3, 2025, and the Employee has accepted that appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.the Parties wish to record the terms of employment agreed between them in the present contract.

**Agreed terms**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The definitions and rules of interpretation in this clause 1 apply in this agreement.

Appointment**:** the employment of the Employee by the Company on the terms of this agreement.

**Board:** the board of directors of any Group Company (including any committee of the board duly appointed by it).

**Commencement Date:** April 1, 2025

**Confidential Information:** information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to the business, products, affairs and finances of the Company or any other Group Company for the time being confidential to the Company or any other Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of the Company or any other Group Company or any of its or their business contacts.

**Copies:** copies or records of any Confidential Information in whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations or any other way of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information.

------

**Data Protection Rules:** All applicable data protection and privacy legislation in force from time to time including the General Data Protection Regulation ((EU) 2016/679), the General Data Protection Regulation (Implementation) Act (*Uitvoeringswet Algemene verordening gegevensbescherming*), the Privacy and Electronic Communications Directive 2002/58/EC (as updated by Directive 2009/136/EC) and any related Policies and Procedures.

**Employment Inventions:** any Invention which is made wholly or partially by the Employee at any time during the course of the Appointment (whether or not during working hours or using the Company's premises or resources, and whether or not recorded in material form).

**Garden Leave:** any period during which the Company has exercised its rights under clause 22.

**Group Company:** the Company, its Subsidiaries or Holding Companies from time to time and any Subsidiary of any Holding Company from time to time.

**Incapacity:** any sickness, injury or other medical disorder or condition which prevents the Employee from carrying out their duties.

**Intellectual Property Rights:** patents, rights to Inventions, copyright and related rights, trade marks, trade names and domain names, rights in get-up, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to preserve the confidentiality of information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (or rights to apply) for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which may now or in the future subsist in any part of the world.

**Inventions:** inventions, ideas and improvements, whether or not patentable, and whether or not recorded in any medium.

**Policies and Procedures:** rules, policies or procedures issued by any Group Company and which apply to the Employee or which are introduced by the Company, in both cases as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;The headings in this agreement are inserted for convenience only and shall not affect its construction.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;Unless the context otherwise requires, words in the singular include the plural and, in the plural, include the singular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;The appendices to this agreement form part of (and are incorporated into) this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;**BACKGROUND AND TERM OF APPOINTMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;The Appointment shall commence on the Commencement Date of January 3, 2025 and the Employee is employed by the Employer on the basis of an open-ended employment contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;The first two months of the employment contract will be considered to be a probationary period. During the probationary period, the Employer and the Employee may each terminate the employment contract with immediate effect. The conditions regarding the probationary period can be found in Title 7.10 of the Dutch Civil Code (**DCC**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee and Employer may terminate the employment contract prior to its contractual end date by giving written notice with due observance of a notice period. The notice period of the Employer is twelve months. The notice period of the Employer is six months. The notice period ends on the last day of a calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;This employment contract ends by operation of law on the day on which the Employee reaches the state pension age applicable to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating Employee years of service, the Employment with the Company which started on 28 May 2001 counts towards the Employee's period of continuous employment with the Company.

3.&nbsp;&nbsp;&nbsp;&nbsp;**EMPLOYEE WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee represents and warrants to the Company that, by entering into this agreement or performing any of their obligations under it, they will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on them and

------

undertakes to indemnify the Company against any claims, costs, damages, liabilities or expenses which the Company may incur if they is in breach of any such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee warrants that they are entitled to work in the Netherlands without any additional approvals and will notify the Company immediately if they cease to be so entitled during the Appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee warrants that they are not subject to any restrictions which prevent them from holding office as a director.

4.&nbsp;&nbsp;&nbsp;&nbsp;**DUTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Employee shall serve the Company as Executive Vice President, Poultry subject to the terms of this agreement. In addition to their normal duties, the Employee may be required to undertake such additional duties as are necessary from time to time to meet the reasonable needs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee will have a direct daily reporting structure to the CEO of JBT Marel Corporation or such other person as the Company notifies them from time to time (**Line Manager**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;During the Appointment the Employee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;unless prevented by Incapacity, devote the whole of their time, attention and abilities to the business of the Company and the business of any other Group Company of which they are an officer or consultant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;faithfully and diligently exercise such powers and perform such duties as may from time to time be assigned to them by the Company together with such person or persons as the Company may appoint to act jointly with them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;comply with all reasonable and lawful directions given to them by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;promptly make such reports to their Line Manager or the HR Department in connection with the affairs of any Group Company on such matters and at such times as are reasonably required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;report their own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of any Group Company to their Line Manager or HR Department on becoming aware of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;use their best endeavours to promote, protect, develop and extend the Company's business and the business of any other Group Company; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;comply with any electronic communication systems policy that any Group Company may issue from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall behave professionally and is subject to the requirements outlined in the JBT Marel Ethics and Code of Conduct Guide and the policies referenced therein as updated from time to time. The Employee acknowledges and agrees to comply with the JBT Marel Guide to Ethical Conduct and the policies referenced therein as updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;The Company takes a zero-tolerance approach to tax evasion. The Employee must not engage in any form of facilitating tax evasion, whether under Dutch law, or under the law of any other foreign country. The Employee must immediately report to their Line Manager or HR Department any request or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall comply with any Policies and Procedures, which do not form part of this agreement, and the Company may amend these at any time. To the extent that there is any conflict between the terms of this agreement and the Company's Policies and Procedures, this agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;All documents, manuals, hardware and software provided for the Employee's use by the Company, and any data or documents (including copies) produced, maintained or stored on the Company's computer systems or other electronic equipment utilized for the Company's or any other Group Companies (including mobile phones), remain the Company's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8&nbsp;&nbsp;&nbsp;&nbsp;The Employee is responsible for the maintenance and care of all Company property made available to the Employee. Should any Company property suffer from damage, be declared lost or stolen, the Employee may be liable for the replacement or repair of such Company property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9&nbsp;&nbsp;&nbsp;&nbsp;At the end of the employment contract, the Employee is obliged to immediately return to the Company all matters, in the broadest sense, that are in the Employee's possession but that belong to the Company and/or its affiliated enterprises and/or business relations (including but not limited to the company car and fuel card, laptop, mobile telephone, documents and other data carriers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10&nbsp;&nbsp;&nbsp;&nbsp;If the Employee has been suspended and/or has been incapacitated for work for more than [two] months, the Company will have the right to demand the return of the [company car and fuel card, laptop and mobile telephone] with due observance of one week's notice [and to discontinue the expense allowance and/or travel allowance].

------

5.&nbsp;&nbsp;&nbsp;&nbsp;**HOLDING OFFICE AS A DIRECTOR**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;The Company may from time to time appoint the Employee as a director of any Group Company, the appointment as statutory director will occur by the general meeting of shareholders as per the articles of association. Additionally, an addendum to this employment agreement will be drawn up confirming the employment at the relevant Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee undertakes to perform the management duties imposed on the Employee by the general meeting of shareholders and will report to the general meeting of shareholders on a regular basis. The Employee's job description, which sets forth the Employee's duties, responsibilities and powers as director under the articles of association, is attached to this employment contract as Annex [**X**] and forms an integral part of this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee is obliged to act and refrain from acting as a prudent director would act or would refrain from acting under the same circumstances. The Employee will perform these duties to the best of the Employee's abilities. The Employee's own efforts, capacity for work and network will be employed in the Employer's interests to the best of the Employee's abilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;As director under the articles of association, the Employee has all the rights and obligations that ensue from the law or the Employer's articles of association, or that have been or will be granted to or imposed on the Employee by the general meeting of shareholders. The Employee is obliged to comply with all statutory provisions and the provisions of the Employer's articles of association, as these currently read or will read in the future, and must furthermore comply with the orders and instructions which the general meeting of shareholders gives to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;While the Employee holds the office of director of any Group Company they must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;comply with the articles of association (as amended from time to time) of any Group Company of which they are a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;properly discharge the responsibilities of a director and carry out such duties as the Board may reasonably require, including (if so requested) acting as an officer of any Group Company;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;abide by any statutory duty and generally act as a prudent director to any Group Company of which they are a director, which for the avoidance of doubt shall include, without limitation, (a) the duty to act within powers; (b) the duty to promote the success of any Group Company of which they are a director; (c) the duty to exercise independent judgment; (d) the duty to exercise reasonable care, skill and diligence; (e) the duty to avoid conflicts of interest; (f) the duty not to accept benefits from third parties; and (g) the duty to declare an interest in a proposed transaction or existing arrangement with any Group Company of which they are a director if they should have any interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;do such things as are reasonable and necessary to ensure compliance by them and any relevant Group Company in accordance with applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;not do anything that would cause them to be disqualified from acting as a director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;not, without the prior consent of the Board, incur, on behalf of any Group Company, any capital expenditure in excess of such sum as is authorised from time to time by resolution of the Board, or enter into any commitment, contract or arrangement which is outside the normal course of business or outside the scope of their normal duties or of an unusual, onerous or long term nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;On the termination of their employment, for any reason, the Employee shall (without compensation or payment):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;resign with immediate effect as a director of any Group Company and from any other offices they may hold by virtue of their employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;transfer to the Company or as it directs any shares or other securities held by them as a nominee or trustee for the Company or any Group Company and deliver to the Company the related certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;The Employee irrevocably appoints such person as the Board may nominate to be their attorney with power in their name and on their behalf to execute any documents and do anything necessary to give effect to any such requirement to resign or to transfer shares or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;While the Employee holds the office of director of any Group Company, the Company shall procure that directors' and officers' liability insurance (**D&O Insurance** (*bestuurdersaansprakelijkheidsverzekering****)***) is maintained in respect of those liabilities which they may incur as a director or officer of any Group Company. The D&O Insurance (including risks covered, sums insured and time limitations) is subject to the terms of the scheme, policy and rules, in each case as amended from time to time.

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6.&nbsp;&nbsp;&nbsp;&nbsp;**PLACE OF WORK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee's normal place of work will be Boxmeer, Netherlands or such other place which the Company may require for the proper performance and exercise of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee agrees to travel on the Company's or any Group Company's business (both within the Netherlands, to the United Kingdom or elsewhere) as may be required for the proper performance of their duties under the Appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;During the Appointment the Employee shall not be required to work outside the Netherlands for any continuous period of more than one month without prior agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;**HOURS OF WORK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee's normal working hours shall be 40 hours per week, Monday to Friday, and these hours and days are not variable although they may be required to work such additional hours as are necessary for the proper performance of their duties. The Employee acknowledges that they shall not receive further remuneration in respect of such additional hours.

8.&nbsp;&nbsp;&nbsp;&nbsp;**SALARY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;Effective April 1, 2025, the Employee's gross basic salary is EUR 31,636 per month (annualized including holiday allowance EUR 410,000). The salary will be paid before the end of each month directly into the Employee's bank account (inclusive of any fees due to them by any Group Company as an officer of any Group Company), less deductions for tax and national insurance and as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;Each May, the Employee will be paid an annual holiday allowance of 8% of the gross basic salary earned from the Employer over the preceding 12 months. The holiday allowance is paid out with the salary of May.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee's salary shall be reviewed annually. The Company is under no obligation to award an increase following a salary review. There will be no review of the salary after notice has been given by either party to terminate the Appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;By signing this agreement, the Employee agrees that the Company may deduct from the salary, or any other sums owed to the Employee, any money owed to the

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Company or any Group Company by the Employee to the extent permitted in accordance with applicable law.

9.&nbsp;&nbsp;&nbsp;&nbsp;**CAR ALLOWANCE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall be eligible to receive the equivalent benefits outlined in Clause 4 of the Employee's previous employment contract signed on April 16, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;Any allowances outlined in Clause 4 of the Employee's previous employment contract signed on April 16, 2019, does not form part of the Employee's basic salary and is therefore not included for the purpose of calculating any bonus entitlement or pension contribution. Any car allowance will be paid monthly through the payroll and therefore subject to the usual statutory deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;The Company's car allowance policy may be amended, replaced or withdrawn at any time on reasonable notice to the Employee.

10.&nbsp;&nbsp;&nbsp;&nbsp;**BONUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;Annual Cash Bonus: The Employee shall be eligible to participate in the JBT Marel Management Incentive Plan (MIP). The Employee's target payout will be 65% of their base salary. The cash incentive bonus is based on both Business Performance Indicators (BPI) and Personal Performance Indicators (PPI). The BPI measures the Company's actual financial performance compared to pre-determined financial metrics established annually by the Compensation and Human Resources Committee of the Board of Directors. BPI is weighted at 75%. Payouts for the BPI measures can range from 0.0 to 2.5 times target. The PPI measures the Employee's individual performance to objectives and is weighted at 25%. Payouts for the PPI can range from 0.0 to 2.0 times target. The total MIP payment (including the BPI and PPI components) shall not exceed 200% of the target payout. All salary and other compensation paid to the Employee under this Agreement shall be subject to deductions for tax and any other deductions mandatorily and customarily required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;**Long-Term Incentive Plan**: The Employee will also be eligible to participate in the John Bean Technologies Corporation Long Term Incentive Plan (LTIP) which provides for periodic equity awards at the discretion of the Board of Directors. Equity awards are determined annually by the Compensation Committee of the Board of Directors. The Employee's annual award in 2025 will have an expected grant date value of $550,000 (USD). In 2024 these awards were comprised of two components; 40% of the award consisted of time-based restricted stock units (RSUs) and 60% consisted of performance-based restricted stock units (PSUs). The time-based portion had a three-year

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ratable vesting. The performance-based portion had a three-year performance period, with a three-year cliff vesting. Performance payouts can range from 0 to 200%. Financial performance objectives for the LTIP are also established annually by the Compensation Committee. All other terms and conditions relating to the LTIP are as set out in the LTIP plan document and award grant agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee acknowledges that the decision to award a bonus, and the amount of that bonus are at the Employer's discretion and that a bonus paid in any given year does not imply any entitlement to a bonus in another year. Notwithstanding clauses 10.1 and 10.2, the Employee shall in any event have no right to a bonus or LTIP if their employment terminates for any reason or they are under notice of termination (whether given by the Employee or the Company) at or prior to the date when a bonus or LTIP might otherwise have been payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding clause 34 any rights and obligations pertaining to the MIP and/or LTIP shall be governed by the laws of the state of Delaware and shall be subject to the dispute resolution procedures (including, without limitation, required arbitration) set forth in the MIP or LTIP plans and policies as updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;The Company reserves the right to modify, amend, or withdraw the MIP or LTIP plans and policies at its discretion based upon future business needs.

11.&nbsp;&nbsp;&nbsp;&nbsp;**PENSION AND OTHER BENEFITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Employee will participate in the Employer's existing collective pension scheme in accordance with the provisions of the Pension Scheme Rules, provided that the Employee meets the conditions set out therein. A copy of the Pension Scheme Rules has been provided to the Employee. The Employee certifies to have taken cognizance of those Rules and undertakes to comply with the obligations set out therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall be eligible for the benefits offered by the Company consistent with similarly situated executives in their work location. The Employee's healthcare coverage will be provided under an applicable international healthcare plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;The Company also takes out travel insurance for business trips, TFA (Occupational injury insurance) and TGL (Occupational group life insurance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;As a member of the Executive Leadership Team, the Company will provide the Employee with the EUR equivalent of $20,000 (USD) per year, less any deductions for tax and any other deductions mandatorily and customarily required, for personal financial planning and tax services. The Company reserves the right to modify, amend, or withdraw this business needs.

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12.&nbsp;&nbsp;&nbsp;&nbsp;**EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;The Company shall reimburse (or procure the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred by the Employee in the course of the Appointment, subject to production of VAT receipts or other appropriate evidence of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall abide by the Company's policies on expenses which can be obtained from the Finance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3&nbsp;&nbsp;&nbsp;&nbsp;Any credit card supplied to the Employee by the Company shall be used only for expenses incurred by them in the course of the Appointment.

13.&nbsp;&nbsp;&nbsp;&nbsp;**HOLIDAYS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1&nbsp;&nbsp;&nbsp;&nbsp;The Company's holiday year runs between 1<sup>st</sup> January and 31<sup>st</sup> December. If the Appointment commences or terminates part way through a holiday year, the Employee's entitlement during that holiday year shall be calculated on a pro-rata basis rounded up to the nearest half day. A holiday entitlement table is available from the HR Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall be entitled to 32 days' paid holiday in each holiday year together with the usual public holidays in The Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3&nbsp;&nbsp;&nbsp;&nbsp;Holiday shall be taken at such time or times as shall be approved in advance by the Employee's Line Manager (no arrangements should be made prior to the request being granted). The Company may require the Employee to take (or not to take) holiday on particular dates, including during their notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not pay the Employee in lieu of untaken holiday except on termination of the Appointment. On termination the Company shall pay the Employee in lieu of any accrued but untaken holiday for the holiday year in which termination takes place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5&nbsp;&nbsp;&nbsp;&nbsp;If the Company has terminated or would be entitled to terminate the Appointment under clause 2 or if the Employee has terminated the Appointment in breach of this agreement any payment due under clause 13.4 shall be limited to their statutory entitlement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6&nbsp;&nbsp;&nbsp;&nbsp;If on termination of the Appointment the Employee has taken more holiday than their accrued holiday entitlement, the Company shall be entitled to deduct the excess holiday pay from any payments due to the Employee.

14.&nbsp;&nbsp;&nbsp;&nbsp;**INCAPACITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1&nbsp;&nbsp;&nbsp;&nbsp;If the Employee is absent from work due to Incapacity, the Employee shall notify their Line Manager of the reason for the absence as soon as possible but no later than 9.00 am on the first day of absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall certify their absence in accordance with the Company sickness policy which is available from the HR Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee agrees to consent to medical examinations (at the Company's expense) by doctor(s) nominated by the Company should the Company so require. The Employee agrees that any report(s) produced in connection with any such examination(s) may be disclosed to the Company and the Company may discuss the contents of the report with the relevant doctor(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4&nbsp;&nbsp;&nbsp;&nbsp;The Employee must make every effort to speed up the return to work, and must follow the rules set out in the Employer's Sick Leave Protocol, with which the Employee is deemed to be familiar and that was provided to the Employee when this employment contract was signed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5&nbsp;&nbsp;&nbsp;&nbsp;At the Employer's request, the Employee must at all times cooperate with an examination by the company medical officer or employment expert and must at all times follow the reasonable instructions given by the Employer and/or the company medical officer or employment expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6&nbsp;&nbsp;&nbsp;&nbsp;If the Employee's incapacity for work is due to illness, during the first year of illness until no later than the end of the employment contract, the Employee will be entitled to 100% of the Employee's most recent gross salary plus holiday allowance; however, the Employee will, at a minimum, be entitled to the appropriate minimum wage and any benefits paid in connection with the Employee's incapacity for work will be deducted from the aforementioned salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7&nbsp;&nbsp;&nbsp;&nbsp;If the incapacity for work is due to illness, during the second year of illness until no later than the end of the employment contract, the Employee will be entitled to 70% of the Employee's most recent gross salary plus holiday allowance; however, any benefits

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paid in connection with the Employee's illness will be deducted from the aforementioned salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8&nbsp;&nbsp;&nbsp;&nbsp;If the Employee becomes incapacitated for work within four weeks after the end of the Employee's employment contract and the Employee is not employed by another employer and is not receiving unemployment benefits at that time, the Employee must immediately contact the Employer to call in sick in accordance with the organisation's sick leave procedures. In that case, or if the Employee is incapacitated for work at the end of the Employee's employment contract, the Employee must fulfil the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Employee must comply with any request to visit the company medical officer and/or employment expert designated by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Employee must provide all information that must be shared with the Employer and/or the Employee Insurance Agency (*Uitvoeringsinstituut Werknemersverzekeringen*, 'UWV') under the Dutch Sickness Benefits Act (*Ziektewet*) or the Dutch Work and Income Capacity for Work Act (*Wet Werk en Inkomen naar Arbeidsvermogen*, 'WIA Act') (if the Employee is a risk bearer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Employee must provide all relevant medical data as soon as requested by the company medical officer or the physician and authorised representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Employee must comply with all obligations arising from the Sickness Benefits Act and the WIA Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Employee must cooperate with a return-to-work process or trial placement offered on behalf of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the Employee must submit an application (or a pre-application) for benefits under the Dutch Fully Disabled Persons Income Scheme (*Regeling inkomsvoorziening volledig arbeidsongeschikten*, 'IVA').

The above-listed obligations end as soon as the Employee is fully recovered, unless the Employee becomes incapacitated for work again within four week after recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9&nbsp;&nbsp;&nbsp;&nbsp;If the Incapacity is or appears to be occasioned by actionable negligence, nuisance or breach of any statutory duty on the part of a third party in respect of which damages are or may be recoverable, the Employee shall immediately notify the Board of that fact and of any claim, settlement or judgment made or awarded in connection with it and all relevant particulars that the Board may reasonably require. The Employee shall if required by the Company, co-operate in any related legal proceedings and refund to the Company that part of any damages or

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compensation recovered by them relating to the loss of earnings for the period of the Incapacity as the Board may reasonably determine less any costs borne by them in connection with the recovery of such damages or compensation, provided that the amount to be refunded shall not exceed the total amount paid to the Employee by the Company in respect of the period of Incapacity.

15.&nbsp;&nbsp;&nbsp;&nbsp;**OTHER PAID LEAVE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee may be eligible to take other types of paid leave, subject to any statutory eligibility requirements or conditions and the Company's rules applicable to each type of leave in force from time to time. Such leave includes the statutory pregnancy, maternity, post-birth, adoption and parental leave as laid down in the Dutch Work and Care Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2&nbsp;&nbsp;&nbsp;&nbsp;The Company may replace, amend or withdraw the Company's policy on any of the above types of leave at any time.

16.&nbsp;&nbsp;&nbsp;&nbsp;**TRAINING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee will be required to take part in various training courses which the Company may provide from time to time, including but not limited to on the Company's compliance procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2&nbsp;&nbsp;&nbsp;&nbsp;The Company reserves the right to modify training requirements as the needs of the business dictate.

17.&nbsp;&nbsp;&nbsp;&nbsp;**OUTSIDE INTERESTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1&nbsp;&nbsp;&nbsp;&nbsp;Subject to clause 17.2, during the Appointment and during the agreed contractual hours, the Employee shall not, except as the Company's representative or with its prior written approval, whether paid or unpaid, be directly or indirectly engaged, concerned or have any financial interest as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity in any other business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation). If such activities are to be performed by the Employee outside the agreed contractual hours, the Employee must also ask the Employer's prior written permission, and the Employer may refuse such permission if there is an objective reason for doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding clause 17.1, the Employee may hold an investment by way of shares or other securities of not more than 5% of the total issued share capital of any company (whether or not it is listed or dealt in on a recognised stock exchange) where

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such company does not carry on (or intend to carry on) a business similar to or competitive with any business for the time being carried on by any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee agrees to disclose to the Company any matters relating to their spouse or civil partner (or anyone living as such), children or parents which may, in the Company's reasonable opinion, be considered to interfere, conflict or compete with the proper performance of their obligations under this agreement.

18.&nbsp;&nbsp;&nbsp;&nbsp;**INTELLECTUAL PROPERTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1&nbsp;&nbsp;&nbsp;&nbsp;All rights relating to works, new products or new working methods, two-dimensional designs or three-dimensional designs or models, concepts, marks, trade names, databases and knowhow that fall within the scope of the Employer's product group within the meaning of the Dutch Copyrights Act (*Auteurswet*), the Dutch Patents Act (*Rijksoctrooiwet*), the Benelux Convention on Intellectual Property, the Dutch Trade Names Act (*Handelsnaamwet*), the Dutch Neighbouring Rights Act (*Wet op de naburige rechten*), the Dutch Databases (Legal Protection) Act (*Databankwet*) or related legislation, or corresponding non-Dutch notions and legislation, that the Employee has created or helped to create, whether independently or otherwise, accrue to the Employer, regardless of whether the Intellectual Property was created during or outside working hours, while this employment contract was in place or within a period of one year thereafter, and likewise regardless of whether or not the creation by the Employee or at the Employee's instructions of the Intellectual Property is directly or indirectly part of the Employee's duties, or whether the Employee's appointment was intended entirely or partly for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee hereby also waives the rights under Sections 25 (1 under a, b and c) of the Copyrights Act (personality rights) in so far as that it possible. No independent right of attribution accrues to the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3&nbsp;&nbsp;&nbsp;&nbsp;In so far as necessary, the Employee, for no consideration and without imposing any further conditions, will transfer the Intellectual Property to the Employer and make all notifications and complete all formalities that are necessary to enable the Employer to become the owner of the Intellectual Property, including after this employment contract has ended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4&nbsp;&nbsp;&nbsp;&nbsp;The Employee acknowledges that, because of the nature of their duties and the particular responsibilities arising from the nature of those duties, they have, and shall have at all times while employed by the Company, a special obligation to further its interests.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5&nbsp;&nbsp;&nbsp;&nbsp;The Employee agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to give the Company full written details of all Employment Inventions which relate to or are capable of being used in the business of any Group Company promptly on their creation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;at the Company's request and in any event on the termination of the Appointment to give the Company all originals and Copies of correspondence, documents, papers and records on all media which record or relate to any of the Employment IPRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;not to attempt to register any Employment IPR nor patent any Employment Invention unless requested to do so by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to keep confidential each Employment Invention unless the Company has consented in writing to its disclosure by the Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6&nbsp;&nbsp;&nbsp;&nbsp;The Employee waives all their present and future moral rights which arise under applicable intellectual property legislation, and all similar rights in other jurisdictions relating to any copyright which forms part of the Employment IPRs, and agrees not to support, maintain or permit any claim for infringement of moral rights in such copyright works.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7&nbsp;&nbsp;&nbsp;&nbsp;The Employee acknowledges that, except as provided by law, no further remuneration or compensation other than that provided for in this agreement is or may become due to them in respect of their compliance with this clause 18. This clause 18 is without prejudice to their rights under applicable patent legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8&nbsp;&nbsp;&nbsp;&nbsp;The Employee undertakes to use their best endeavours to execute all documents and do all acts both during and after the Appointment as may, in the opinion of the Company, be necessary or desirable to vest the Employment IPRs in the Company, to register them in the Company's name and to protect and maintain the Employment IPRs and the Employment Inventions. Such documents may, at the Company's request, include waivers of all and any statutory moral rights relating to any copyright works which form part of the Employment IPRs. The Company agrees to reimburse the Employee's reasonable expenses of complying with this clause 18.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9&nbsp;&nbsp;&nbsp;&nbsp;The Employee agrees to give all necessary assistance to the Company to enable it to enforce its Intellectual Property Rights against third parties, to defend claims for infringement of third party Intellectual Property Rights and to apply for registration of

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Intellectual Property Rights, where appropriate throughout the world, and for the full term of those rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10&nbsp;&nbsp;&nbsp;&nbsp;The Employee hereby irrevocably appoints the Company to be their attorney in the Employee's name and on the Employee's behalf to execute documents, use their name and do all things which are necessary or desirable for the Company to obtain for itself or its nominee the full benefit of this clause 18.

19.&nbsp;&nbsp;&nbsp;&nbsp;**CONFIDENTIAL INFORMATION AND POST-TERMINATION RESTRICTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee acknowledges that in the course of the Appointment they will have access to Confidential Information. The Employee has therefore agreed to accept the restrictions in this clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall not (except in the proper course of their duties), as authorised or required by law) either during the Appointment or at any time after its termination (however arising):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;use any Confidential Information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;make or use any Copies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;disclose any Confidential Information to any person, company or other organisation whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3&nbsp;&nbsp;&nbsp;&nbsp;The restriction in clause 19.2 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any use or disclosure authorised by the Board or required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;any information which is already in, or comes into, the public domain other than through the Employee's unauthorised disclosure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any protected disclosure in accordance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall be responsible for protecting the confidentiality of the Confidential Information and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;use their best endeavours to prevent the use or communication of any Confidential Information by any person, company or organisation (except in the

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proper course of their duties, as required by law or as authorised by the Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;inform the Company immediately on becoming aware, or suspecting, that any such person, company or organisation knows or has used any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5&nbsp;&nbsp;&nbsp;&nbsp;The Employees agrees to be bound by the restrictions in Appendix 1.

20.&nbsp;&nbsp;&nbsp;&nbsp;**CEASING TO BE A DIRECTOR**

Where the general meeting of shareholders has adopted a resolution to dismiss the Employee as director under the articles of association, the Employer will be deemed to have cancelled the employment contract.

21.&nbsp;&nbsp;&nbsp;&nbsp;GARDEN LEAVE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1&nbsp;&nbsp;&nbsp;&nbsp;Following service of notice to terminate the Appointment by either party, or if the Employee purports to terminate the Appointment in breach of contract, the Company may by written notice place the Employee on Garden Leave for the whole or part of the remainder of the Appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2&nbsp;&nbsp;&nbsp;&nbsp;During any period of Garden Leave:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall be under no obligation to provide any work to the Employee and may revoke any powers they hold on any Group Company's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Company may require the Employee to carry out alternative duties or to only perform such specific duties as are expressly assigned to them, at such location (including their home) as it may decide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Employee shall continue to receive their basic salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Employee shall remain the Company's employee and be bound by the terms of this agreement (including any implied duties of good faith and fidelity);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Employee shall ensure that their Line Manager knows where they will be and how they can be contacted during each working day (except during any periods taken as holiday in the usual way);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Company may exclude them from any Group Company's premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Company may require the Employee not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of any Group Company.

22.&nbsp;&nbsp;&nbsp;&nbsp;**TERMINATION WITHOUT NOTICE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1&nbsp;&nbsp;&nbsp;&nbsp;The Company may also terminate the Appointment with immediate effect without notice and with no liability to make any further payment to the Employee (other than in respect of amounts accrued due at the date of termination) if the Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;is disqualified from acting as a director or resigns as a director from any Group Company without the prior written approval of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;is guilty of any gross misconduct affecting the business of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;fails or ceases to meet the requirements of any regulatory body whose consent is required to enable them to undertake all or any of their duties under the Appointment or is guilty of a serious breach of the rules and regulations of such regulatory body or of any Group Company's compliance manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;is in breach of their obligations under clause 4.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;commits any serious or repeated breach or non-observance of any of the provisions of this agreement or refuses or neglects to comply with any reasonable and lawful directions of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;is, in the reasonable opinion of the Company, negligent and incompetent in the performance of their duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;is declared bankrupt or makes any arrangement with or for the benefit of their creditors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;is convicted of any criminal offence or any offence under any regulation or legislation relating to insider dealing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;ceases to hold any qualification or licence that directly impact the Employee's ability and right to carry on their duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;is, in the opinion of a medical practitioner physically or mentally incapable of performing their duties and may remain so for more than three months and the medical practitioner has given a medical opinion to the Company to that effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;ceases to be eligible to work in the United Kingdom or at any other location to which they have been assigned to work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;is guilty of any fraud or dishonesty or acts in any manner which in the opinion of the Company brings or is likely to bring the Employee or the Company or any Group Company into disrepute or is materially adverse to the interests of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;is in breach of the Company's anti-corruption and bribery policy and related procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;commit any act of unlawful discrimination, harassment or victimisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;is guilty of a serious breach of any rules issued by the Company from time to time regarding its electronic communications systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2&nbsp;&nbsp;&nbsp;&nbsp;The rights of the Company under clause 23.1 are without prejudice to any other rights that it might have at law to terminate the Appointment or to accept any breach of this agreement by the Employee as having brought the agreement to an end. Any delay by the Company in exercising its rights to terminate shall not constitute a waiver of these rights.

23.&nbsp;&nbsp;&nbsp;&nbsp;**OBLIGATIONS ON TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1&nbsp;&nbsp;&nbsp;&nbsp;On termination of the Appointment (however arising) or, if earlier, at the start of a period of Garden Leave, the Employee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;resign immediately without compensation from any office that they hold in or on any Group Company's behalf;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;transfer to the Company or as may be directed by the Company any shares or other securities held by the Employee in any Group Company as any Group Company's nominee or trustee and deliver to the Company the related certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;immediately deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the business or affairs of the Company or any Group Company and their business contacts, any keys, credit card and any other property of the Company or any Group Company including any car that may be provided to the Employee, which is in their possession or under their control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;irretrievably delete any information relating to the business of the Company or any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in their possession or under their control outside the Company's premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;provide a signed statement that they have complied fully with their obligations under this clause 23.1 together with such reasonable evidence of compliance as the Company may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2&nbsp;&nbsp;&nbsp;&nbsp;The Employee hereby irrevocably appoints the Company to be their attorney to execute and do any such instrument or thing and generally to use their name for the purpose of giving the Company or its nominee the full benefit of clause 23.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3&nbsp;&nbsp;&nbsp;&nbsp;On termination of the Appointment however arising the Employee shall not be entitled to any compensation for the loss of any rights or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by the Company or any Group Company in which they may participate. The Employee's rights in relation to any Group Company award under the JBT Long Term Incentive Plan or plans or otherwise shall be governed by the governing documents of such plan or plans from time to time in force, including any grant agreements or amendments thereto in respect of such plan or plans.

24.&nbsp;&nbsp;&nbsp;&nbsp;**SEVERANCE AGREEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1&nbsp;&nbsp;&nbsp;&nbsp;As an executive officer, the Employee will be eligible to enter into an executive severance agreement (Change of Control Agreement) that extends benefits in the event the Group undergoes a qualified change in control action. The Change of Control Agreement will be forwarded for execution upon commencement of the Appointment and shall be effective for so long as Employee serves as an executive officer of JBT Marel Corporation. The Employee will also be eligible to participate in the Group's Executive

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Severance Pay Plan (Severance Plan) which includes fifteen (15) months' base salary (inclusive of any notice period referred to at clause 2.1 above), target bonus and compensation for costs associated with vacation pay, outplacement assistance and other benefits in connection with an involuntary termination. The Company reserves the right to modify, or amend, or withdraw the Severance Plan at its discretion based upon future business needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2&nbsp;&nbsp;&nbsp;&nbsp;If the Employee is entitled to a statutory payment as laid down in Section 673(2) of Book 7 of the DCC, the statutory payment is deemed to be included in the Severance Plan in clause 24.1 and will not constitute a separate payment.

25.&nbsp;&nbsp;&nbsp;&nbsp;**DISCIPLINARY AND GRIEVANCE PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1&nbsp;&nbsp;&nbsp;&nbsp;If the Employee wants to raise a grievance, they may apply in writing to their Line Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2&nbsp;&nbsp;&nbsp;&nbsp;The Company may suspend the Employee from any or all of their duties for no longer than is necessary to investigate any disciplinary matter involving the Employee or so long as is otherwise reasonable while any disciplinary procedure against the Employee is outstanding or whether the Company otherwise considers it appropriate. The Employee is entitled to their full pay during this time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3&nbsp;&nbsp;&nbsp;&nbsp;During any period of suspension:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Employee shall continue to receive their basic salary and all contractual benefits in the usual way and subject to the terms of any benefit arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Employee shall remain an employee of the Company and bound by the terms of this agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Employee shall ensure that their Line Manager knows where they will be and how they can be contacted during each working day (except during any periods taken as holiday in the usual way);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Company may exclude the Employee from their place of work or any other premises of the Company or any Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Company may require the Employee not to contact or deal with (or attempt to contact or deal with) any officer, employee, consultant, client,

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customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Group Company.

26.&nbsp;&nbsp;&nbsp;&nbsp;**COLLECTIVE AGREEMENTS**

There is no collective agreement which directly affects the Appointment.

27.&nbsp;&nbsp;&nbsp;&nbsp;**DIVERSITY AND EQUAL OPPORTUNITY**

The Company is an equal opportunities employer and values diversity amongst its employees and, as such, recognises and rewards its employees regardless of their age, disability, gender reassignment, married / civil partnership, pregnancy or maternity, race, colour, nationality, ethic or national origin, religion, belief, sex or sexual orientation. This policy of equality of opportunity applies to all aspects of employment with the Company, including recruitment, pay and conditions, training, appraisals, promotion, conduct at work, disciplinary and grievance procedures, and termination of employment.

28.&nbsp;&nbsp;&nbsp;&nbsp;**HEALTH AND SAFETY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1&nbsp;&nbsp;&nbsp;&nbsp;The Employee should take reasonable care with regard to health and safety and co-operate with the Company in complying with its legal responsibilities in such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2&nbsp;&nbsp;&nbsp;&nbsp;It is a condition of the Employee's employment that they comply with the health and safety principles and regulations and that they adopt and participate with all requested steps, initiatives, projects and actions the Company puts in place to provide all employees with a safe and clean working environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3&nbsp;&nbsp;&nbsp;&nbsp;When working on client premises the Employee should follow their rules concerning health and safety procedures and report any issues to the customers and to the JBT Marel Health and Safety (H&S) Department. Details of the safe ways of working can be provided by the Company's H&S Manager.

29.&nbsp;&nbsp;&nbsp;&nbsp;**DATA PROTECTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1&nbsp;&nbsp;&nbsp;&nbsp;The Company will process the personal data of the Employee and persons associated with the Employee, such as emergency contacts, in connection with the employment contract. The Company will process those data in accordance with the General Data Protection Regulation (Regulation (EU) 2016/679, 'GDPR') and related laws and regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2&nbsp;&nbsp;&nbsp;&nbsp;The Company will collect and process information relating to the Employee in accordance with the Company's privacy notice and, in more general terms, will act as may be expected of a prudent employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3&nbsp;&nbsp;&nbsp;&nbsp;The Employee shall comply with the GDPR and the Company's data protection policy when handling personal data in the course of employment including personal data relating to any employee, worker, contractor, customer, client, supplier or agent of the Company.

30.&nbsp;&nbsp;&nbsp;&nbsp;**NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.1&nbsp;&nbsp;&nbsp;&nbsp;A notice given to a party under this agreement shall be in writing in the English language and signed by the party giving it. It shall be delivered by hand or sent to the party at the address given in this agreement or as otherwise notified in writing to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.2&nbsp;&nbsp;&nbsp;&nbsp;Any such notice shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if delivered by hand, at the time the notice is left at the address or given to the addressee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of pre-paid first class post or other next working day delivery service, at 9.00 am on the second business day after posting or at the time recorded by the delivery service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3&nbsp;&nbsp;&nbsp;&nbsp;A notice shall have effect from the earlier of its actual or deemed receipt by the addressee. For the purpose of calculating deemed receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all references to time are to local time in the place of deemed receipt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if deemed receipt would occur on a Saturday or Sunday or a public holiday when banks are not open for business, deemed receipt is at 9.00 am on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4&nbsp;&nbsp;&nbsp;&nbsp;This clause does not apply to the service of any proceedings or other documents in any legal action.

31.&nbsp;&nbsp;&nbsp;&nbsp;**THIRD PARTIES**

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No-one other than a party to this agreement shall have any right to enforce any of its terms.

32.&nbsp;&nbsp;&nbsp;&nbsp;**ENTIRE AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.1&nbsp;&nbsp;&nbsp;&nbsp;This agreement (and any document referred to in it) constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.2&nbsp;&nbsp;&nbsp;&nbsp;Each party acknowledges that in entering into this agreement it does not rely on, and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.3&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this clause shall limit or exclude any liability for fraud.

33.&nbsp;&nbsp;&nbsp;&nbsp;**VARIATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.1&nbsp;&nbsp;&nbsp;&nbsp;The Company reserves the right to make reasonable changes to the Employee's terms and conditions of employment if its interest in doing so is sufficiently serious that, by standards of reasonableness and fairness, the Employee's interest that would be prejudiced by the amendment must yield to the amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.2&nbsp;&nbsp;&nbsp;&nbsp;Any alterations in terms and conditions of employment will be notified to the Employee in writing. Such changes shall be deemed to be accepted unless the Employee notifies the Company of any objections in writing within 14 days.

34.&nbsp;&nbsp;&nbsp;&nbsp;**GOVERNING LAW**

This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the laws of The Netherlands.

35.&nbsp;&nbsp;&nbsp;&nbsp;**JURISDICTION**

Each party irrevocably agrees that the courts of The Netherlands shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this agreement or its subject matter or formation.

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**Appendix 1 – Post-Termination Restrictions**

In this Appendix, the following terms have the meanings set out below:

"**Company**" and "**Group Company**" shall have the meanings given to these terms in the Contract of Employment.

"**Company Customer**" means each and every customer to whom the Company or any other Group Company has provided goods, equipment and services within the twelve (12) month period preceding the Termination Date, with whom the Employee or any person who reported directly to them had material business-related contact or about whom the Employee became aware of in the course of their employment.

"**Company Employee**" means each and every person employed or otherwise engaged by the Company or any other Group Company, including independent contractors, within the twelve (12) month period preceding the Termination Date who reported to or who had material dealings with the Employee in the course of their employment.

"**Company Prospective Customer**" means each and every prospective customer to whom the Company or any other Group Company has submitted a tender, taken part in a pitch or made a presentation or with whom or which it was otherwise negotiating for the supply of goods, equipment and services within the twelve (12) month period preceding the Termination Date with whom the Employee or any person who reported directly to them had material business-related contact or about whom the Employee became aware of in the course of their employment.

"**Company Supplier**" means any person, firm or company who or which at any time within the period of twelve (12) months immediately preceding the Termination Date: (i) supplied goods or services (other than utilities and goods or services supplied for administrative purposes) to the Company or any other Group Company or (ii) was negotiating with or had pitched to the Company or any other Group Company to supply goods or services (other than utilities and goods or services supplied for administrative purposes) to the Company or any other Group Company, and in each case with whom or which the Employee or any person who reported directly to them had material dealings during the said period of twelve (12) months.

"**Competing Business**" or "**Competitive Business Activity**" means any person, firm, company or other business concern which is similar to or which competes with or proposes to compete with, those parts of any Group Company's business with which the Employee was involved to a material extent in the period of twelve (12) months immediately preceding the Termination Date (including without limitation the design, development, production or sale of manufactured food, packaging and health equipment with a primary location in either the United Kingdom, the European Union or the United States).

**"Termination Date**" means the effective date of termination of the Employee's employment with the Company irrespective of cause or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Competition</u>. At all times during employment and for a period of [nine] ([9]) months following the Termination Date, the Employee covenants with the Company (on its own behalf and as trustee and agent for each Group Company) that they will not, without the Company's prior written consent, directly or indirectly and through another person or entity or by assisting others on the Employee's own account or on behalf of others: (a) fund, own, invest in, incorporate, set up or start, or be involved in any other capacity in, a Competing Business or (b) become employed by, work for or

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otherwise provide services to or on behalf of a Competing Business, in a role or with responsibilities similar to the role or responsibilities the Employee had with the Company as at the Termination Date or within the twelve (12) month period preceding the Termination Date. This Section 2 shall not prevent the Employee from working for a wholly separate and independent subsidiary, affiliate or division of a Competing Business which is not undertaking business which is competitive with the business conducted by the Company (provided that the Company receives reasonable advance, written assurances from the Employee and the Competing Business that the Employee will not, directly or indirectly through another person or entity or by assisting others, render services to or on behalf of any part of the Competing Business). This Section 2 shall not prevent the Employee from being interested: (1) in securities in a company whose shares or other securities are listed, traded and/or dealt in on any securities exchange or market provided that the Employee does not hold (and is not interested in, directly or indirectly) shares or securities conferring more than three (3) per cent of the votes that could be cast at a general meeting of that body corporate; or (2) in any class of securities not so listed, traded or dealt provided that the Employee does not hold (and is not interested in, directly or indirectly) shares or securities conferring more than five (5) per cent of the votes that could be cast at a general meeting of that body corporate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Customer Contact</u>. At all times during employment and for a period of twelve (12) months following the Termination Date, the Employee covenants with the Company (on its own behalf and as trustee and agent for each Group Company) that they will not, without the Company's prior written consent, directly or indirectly and through another person or entity or by assisting others on the Employee's own account or on behalf of others: (a) solicit, call upon or contact any Company Customer or Company Prospective Customer for the purpose of providing goods, equipment and services in competition with any Competitive Business Activity; (b) contract with, or sell to a Company Customer or Company Prospective Customer in connection with Competitive Business Activity; (c) deal with in any way or perform services for or on behalf of a Company Customer or Company Prospective Customer in connection with Competitive Business Activity; or (d) divert, interfere with, or attempt to divert or interfere with, the Company's business relationship with any Company Customer or Company Prospective Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Solicitation of Employees</u>. At all times during employment and for a period of [six] ([6]) months following the Termination Date, the Employee covenants with the Company (on its own behalf and as trustee and agent for each Group Company) that they will not, directly or indirectly, on the Employee's own account or through another person or entity or by assisting others: (a) solicit, induce or encourage any Company Employee to terminate their employment or other association with the Company or any other Group Company on behalf of a Competing Business or for purposes of engaging in Competitive Business Activity; or (b) hire or employ (or otherwise facilitate the hiring or employment of) any Company Employee on behalf of a Competing Business or for purposes of engaging in Competitive Business Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Solicitation of Suppliers</u>. At all times during employment and for a period of twelve (12) months following the Termination Date, the Employee covenants with the Company (on its own behalf and as trustee and agent for each Group Company) that they will not interfere or seek to interfere with the supply to the Company or any other Group Company of any goods or services by any Company Supplier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Connection with Group.</u> The Employee shall not at any time after the Termination Date, represent themselves as connected with any Group Company in any capacity, other than as a former employee, or use any registered names or trading names associated with any Group Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Garden Leave.</u> The period for which the restrictions under this Appendix apply shall be reduced by any period that the Employee spends on Garden Leave immediately before the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Reasonableness of Restrictions.</u> The Employee acknowledges and agrees that the restrictions and obligations in this Appendix are reasonable (including the time periods and activity limitations) and necessary for the protection of the Company's legitimate business interests, do not prohibit the Employee from using general skills and know-how acquired during or prior to employment with the Company, and do not preclude the Employee from earning a livelihood, working in the Employee's chosen field or otherwise impose any undue hardship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Breach</u>. The Employee acknowledges that irreparable harm and damage will result to the Company if the Employee breaches any of the restrictions or obligations detailed herein. In the event of a breach of the obligations set out in articles 1-4 of this Appendix, the Employee will forfeit – in deviation from Section 650(3), (4) and (5) of Book 7 of the DCC – without further notice of default or judicial intervention an immediately due and payable penalty of EUR 1.,000 for each breach, plus EUR 1.000 for each day that the breach continues. The penalty is payable to the Employer. Payment of the penalty described in this article will not release the Employee from the obligations set out in articles 1-4 of this Appendix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability/Modification</u>. In the event that any foregoing provision of this Appendix is deemed to be invalid or unenforceable, in whole or in part, by a court of competent jurisdiction for any reason, but would be valid if part of its wording were deleted, such provision shall apply with such deletion as may be necessary to make it valid or effective and the remaining provisions shall continue to be valid and enforceable. In the event that any provision of this Appendix is declared by a court of competent jurisdiction to exceed the maximum time period, or activity limitation that such court deems reasonable and enforceable under circumstances then existing, the parties authorize the court to modify and alter such provision so that it may be enforced to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Absence of Prior Restrictions</u>. The Employee represents and warrants that, except to the extent previously disclosed in writing to the Company, the Employee is not bound by any agreement or contract provision that would restrict the Employee's performance of services on behalf of the Company. The Employee further represents and warrants that, in the course of performing services on behalf of the Company, the Employee will not disclose to the Company or use on behalf of the Company any confidential or proprietary information belonging to a prior employer or other third party. The Employee will indemnify and hold the Company harmless from all claims, liabilities, losses, damages, costs and expenses, including reasonable legal fees, which the Company may incur as a result of any breach of the foregoing representations and warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Duty to Disclose</u>. During employment with the Company and for a period of twelve (12) months following the Termination Date, the Employee will provide a copy of this Appendix to any Competing Business from whom they receive an approach or offer to be involved in any capacity and, as soon as reasonably practicable after accepting any offer of further employment or engagement, shall provide advance written notice to the Company of any subsequent employment or business activity to be undertaken by the Employee. Such notice shall include the name and address of the Employee's new employer or entity for whom the Employee plans to provide services, as well as the nature of such association and the Employee's new position and job responsibilities. The Employee consents to the Company's notifying such employer or entity about the Employee's restrictions and obligations under this Appendix or pursuant to any other agreements between the parties that contain post-employment restrictions or obligations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification and Waiver.</u> Except as detailed in Section 9 above, no provision of this Appendix may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing by the parties. The waiver by the Company of the breach of any provision of this Appendix by the Employee shall not operate or be construed as a waiver of any subsequent or other breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment and Successors</u>. This Appendix may be transferred or assigned by the Company and shall otherwise inure to the benefit of, and be binding and effective upon, the Company's successors and assigns. The Employee may not assign the Employee's rights or obligations hereunder without the written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The headings in this Appendix are for convenience of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. The restrictions and obligations herein survive termination of the Employee's employment with the Company and/or assignment of this Appendix by the Company to any successor or other assign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Review</u>. The Employee has read all provisions contained herein and fully understands their meaning and has had the opportunity to take independent legal advice concerning the same. By signing the Contract of Employment, the Employee further acknowledges that the restrictions and obligations in this Appendix are legally binding and affirms that the Employee shall comply therewith.

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This document has been agreed on [28-03-2025] and signed in duplicate in [Boxmeer, the Netherlands]:

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| | |
|:---|:---|
| **AGREED BY**<br>**ENTITY NAME** acting b**y [NAME OF AUTHORISED SIGNATORY],[POSITION]** |) __________________________________) Signature of Authorised Signatory ) Date______________________________ |
| **AGREED BY Roger Claessens** |) <u>/s/ Roger Claessens</u> ) Signature of Employee) Date <u>28-03-25</u>  |

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## Exhibit 10.2

**Exhibit 10.2**

**LONG TERM INCENTIVE RESTRICTED STOCK UNIT AGREEMENT PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION2017 INCENTIVE COMPENSATION AND STOCK PLAN**

This Agreement is made as of **<u><></u>** (the "Grant Date") by JBT MAREL CORPORATION, a Delaware corporation, (the "Company") and **<u><></u>** (the "Employee").

In 2017, the Board of Directors of the Company (the "Board") adopted the John Bean Technologies Corporation 2017 Incentive Compensation and Stock Plan (the "Plan"). The Plan, as it may be amended and continued, is incorporated by reference and made a part of this Agreement and will control the rights and obligations of the Company and the Employee under this Agreement. Except as otherwise expressly provided herein, all capitalized terms have the meanings provided in the Plan. To the extent there is a conflict between the Plan and this Agreement, the provisions of the Plan will control.

The Compensation and Human Resources Committee of the Board (the "Committee") determined that it would be to the competitive advantage and interest of the Company and its stockholders to grant an award of restricted stock units to the Employee as an inducement to remain in the service of the Company or one of its affiliates (collectively, the "Employer"), and as an incentive for increased efforts during such service.

The Committee, on behalf of the Company, grants to the Employee an award of **<u><></u>** restricted stock units (the "RSUs"), which is equal to an equivalent number of shares of the Company's common stock, par value of $0.01 per share (the "Common Stock").

The award is made upon the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Vesting</u>. The RSUs will vest ratably over a three-year period from issuance, one-third on each of the first, second and third anniversary of the Grant Date (each, a "Vesting Date"), subject to the Employee's continued employment with the Employer through each applicable Vesting Date. On each Vesting Date, 1/3<sup>rd</sup> of the total RSUs granted hereunder will be immediately settled in shares of Common Stock and will be immediately transferable thereafter. In the event of the Employee's Retirement (as defined below), any portion of the RSUs not yet vested will not vest until the Vesting Dates following such Retirement and, on each such Vesting Date, the vesting portion of such RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter (and, in any event, within 70 days thereafter) (the "Retirement Treatment"). Notwithstanding the foregoing, the RSUs will vest and will be immediately settled in shares of Common Stock and be immediately transferable thereafter (but in any event, within 70 days) upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Employee's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Employee's Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a Change in Control under which the successor corporation does not assume the Awards that remain outstanding under the Plan as of the effective date of the Change in Control, provided, if the Employee is or could be eligible for Retirement prior to the Expiration Date of the Employee's Award, this Section 1(c) shall not be applicable and, as such, the Employee's Award shall not vest and be settled under this Section 1(c) and instead will be settled in accordance with the Retirement Treatment. For purposes herein, upon a Change in Control, the successor corporation shall be deemed to have assumed the Awards that remain outstanding under the Plan as of the effective date of the Change in Control if and only if such Awards are either (i) assumed or continued by the successor corporation, preserving the terms and conditions and existing value of the Awards as of the effective date of the Change in Control or (ii) replaced by the successor corporation with equity awards that preserve the existing value of the Awards as of the effective date of the Change in Control and provide terms and conditions that are the same or more favorable to the participants as those existing as of the effective date of the Change in Control and that otherwise comply with, and do not result in a violation of, Section 409A of the Code, which replacement shall be subject to the Committee's approval;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)an involuntary Termination of Employment of the Employee by the Company for reasons other than Cause within twenty-four (24) calendar months following the date on which a Change in Control of the Company occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)a voluntary Termination of Employment by the Employee for Good Reason within twenty-four (24) calendar months following the date on which a Change in Control of the Company occurs pursuant to a notice of termination of employment delivered to the Company by the Employee.

In the event of the Termination of Employment of the Employee by the Company under circumstances where the Employee is entitled to the benefits under the Company's Executive Severance Pay Plan, the Employee shall be entitled to retain the ratable portion of the total RSUs granted hereunder determined under the terms of that plan, which will vest on the Vesting Date or Vesting Dates following the termination date in the manner stated in Section 1 of this Agreement.

Any portion of the RSUs not yet vested will be forfeited upon termination of the Employee's employment with the Employer prior to any remaining Vesting Dates for a reason other than death, Disability, the circumstances of a Change in Control described above, as provided for by the Company's Executive Severance Pay Plan, or Retirement.

For purposes of this Agreement, "Retirement" means the Employee's Termination of Employment due to such Employee's retirement when the Employee's age plus Years of Service with the Employer equals at least 70; provided, that the Employee has attained at least age 55 and has provided at least five Years of Service to the Employer,as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment</u>. The Committee shall make equitable substitutions or adjustments in the RSUs as it determines to be appropriate in the event of any corporate event or transaction such as a stock split, merger, consolidation, separation, including a spin-off or other distribution of stock or property of the Company, reorganization or any partial or complete liquidation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Until any portion of the RSUs vest and are settled in shares of Common Stock, the Employee shall have no rights as a stockholder of the Company. The vested portion of the RSUs will be settled in shares of Common Stock and issued in the form of a book entry registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to any Vesting Date, the Employee may not vote, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of the RSUs, and thereafter only the portion vested. The RSUs have Dividend Equivalent Rights subject to the same vesting requirements as stated in Section 1 of this Agreement and such rights are subject to forfeiture to the same extent as the underlying RSUs for unvested portions of the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on Rights of the Company</u>. The granting of RSUs will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment</u>. Nothing in this Agreement or in the Plan will be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Employer will continue to employ the Employee, or as affecting in any way the right of the Employer to terminate the employment of the Employee at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Government Regulation</u>. The Company's obligation to deliver Common Stock following the Vesting Date will be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. The Employer will comply with all applicable withholding tax laws, and will be entitled to take any action necessary to effectuate such compliance. The Company may withhold a portion of the Common Stock to which the Employee or beneficiary otherwise would be entitled on each Vesting Date equivalent in value to the taxes required to be withheld, determined based upon the Fair Market Value of the Common Stock

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vested. For purposes of withholding, Fair Market Value shall be equal to the closing price of the Common Stock vested on each Vesting Date, or, if a Vesting Date is not a business day, the next business day immediately following such Vesting Date.

8,&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice to the Company provided for in this Agreement will be addressed to it in care of its Secretary, JBT Marel Corporation, 333 West Wacker Drive, Suite 3400, Chicago, Illinois 60606, and any notice to the Employee (or other person entitled to receive the RSUs) will be addressed to such person at the Employee's address now on file with the Company, or to such other address as either may designate to the other in writing. Any notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as stated above and deposited, postage paid, in a post office or branch post office regularly maintained by the United States government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. The Employee's rights under this Agreement are expressly subject to the terms and conditions of the Plan, a copy of which may be accessed through the Fidelity NetBenefits website, including any guidelines the Committee adopts from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sole Agreement</u>. This Agreement is the entire agreement between the parties to it, and any and all prior oral and written representations are merged into this Agreement. This Agreement may only be amended by written agreement between the Company and the Employee. Employee expressly acknowledges that the form of the grant agreement that the Employee accepts electronically through the Fidelity NetBenefits website is intended to facilitate the administration of this RSU award and may not be a full version of this Agreement due to limitations inherit in such website that are imposed by Fidelity. The terms of this Agreement will govern the Employee's award in the event of any inconsistency with the agreement viewed or accepted by the Employee on the Fidelity NetBenefits website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. The interpretation, performance and enforcement of this Agreement will be governed by the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Privacy</u>. Employee acknowledges and agrees to the Employer transferring certain personal data of such Employee to the Company for purposes of implementing, performing or administering the Plan or any related benefit. Employee expressly gives his consent to the Employer and the Company to process such personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A.</u> This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent. In the event the terms of this Agreement would subject Employee to taxes or penalties under Section 409A of the Code ("409A Penalties"), the Company and Employee shall cooperate diligently to amend the terms of this Agreement to avoid such 409A Penalties, to the extent possible. To the extent the RSUs under this Agreement are payable by reference to Employee's "termination of employment" such term and similar terms shall be deemed to refer to Employee's "separation from service," within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent the RSUs constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) if such RSUs are conditioned upon Employee's execution of a release and are scheduled to be paid during a designated period that begins in one taxable year and ends in a second taxable year, such RSUs shall be paid in the later of the two taxable years and (ii) if Employee is a specified employee (within the meaning of Section 409A of the Code) as of the date of Employee's separation from service, if such RSUs are payable upon Employee's separation from service and would have been paid prior to the six-month anniversary of Employee's separation from service, then the payment of such RSUs shall be delayed until the earlier to occur of (A) the first day of the seventh month following Employee's separation from service or (B) the date of Employee's death.

Executed as of the Grant Date.

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**JBT MAREL CORPORATION**

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| | |
|:---|:---|
| <br>By: |  |
|  | EVP & CFO |

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**This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.**

## Exhibit 10.3

**Exhibit 10.3**

**LONG TERM INCENTIVE PERFORMANCE SHARE RESTRICTED STOCK UNIT AGREEMENT PURSUANT TO THE JOHN BEAN TECHNOLOGIES CORPORATION 2017 INCENTIVE COMPENSATION AND STOCK PLAN**

This Agreement is made as of **<u><></u>** (the "Grant Date") by JBT MAREL CORPORATION, a Delaware corporation, (the "Company") and **<u><></u>** (the "Employee").

In 2017, the Board of Directors of the Company (the "Board") adopted the John Bean Technologies Corporation 2017 Incentive Compensation and Stock Plan (the "Plan"). The Plan, as it may be amended and continued, is incorporated by reference and made a part of this Agreement and will control the rights and obligations of the Company and the Employee under this Agreement. Except as otherwise expressly provided herein, all capitalized terms have the meanings provided in the Plan. To the extent there is a conflict between the Plan and this Agreement, the provisions of the Plan will control.

The Compensation and Human Resources Committee of the Board (the "Committee") determined that it would be to the competitive advantage and interest of the Company and its stockholders to grant an award of restricted stock units to the Employee, the amount of which will vary based on the Company's performance, as an inducement to remain in the service of the Company or one of its affiliates (collectively, the "Employer"), and as an incentive for increased efforts during such service.

The Committee, on behalf of the Company, grants to the Employee an award (the "Award") of **<u><< Quantity Granted>></u>** restricted stock units (the "RSUs"), which is equal to an equivalent number of shares of the Company's common stock par value of $0.01 per share (the "Common Stock"). The number of RSUs ultimately earned by the Employee will depend upon the Company's performance in each year during a three-year performance period, **<u><></u>** as measured by two performance criteria –**EPS and average operating ROIC** – as potentially adjusted by one performance modifier – **relative TSR** – calculated over the full, completed three-year period. One-third of the total RSUs subject to the Award will relate to performance during each year of the three-year performance period ("Performance Period"). The performance criteria will be measured independently for each year during the Performance Period and any applicable performance modifier will be measured at the end of entire Performance Period. The actual number of RSUs earned by the Employee with respect to each year of the Performance Period will be determined at a meeting of the Committee following the completion of each year of the Performance Period, at which time the Committee will determine whether the performance criteria have been satisfied for the year most recently ended and will review and approve the Company's calculation of the Company's performance on the two measures' specified performance criteria. The total number of RSUs earned with respect to each year of the Performance Period will vary between 0-200% of one-third of the total target RSU award amount depending on where in the specified performance range for each measure the Company's performance on the two measures falls for such performance year. For each performance year, there will be a minimum level for each measure below which the Employee will receive 0% of the one-third of the total target RSU award associated with that year, and correspondingly a maximum performance level which, even if exceeded, will not generate more than 200% of the one-third of the total target RSU award associated with that year. In between the minimum and maximum performance targets, the performance level of each measure will be plotted on a predefined curve which will indicate, for each year, the percentage of the total target RSU award amount associated with the year that has been achieved. The performance results achieved for each measure will be weighted 70% for EPS and 30% for ROIC, and the weighted amounts will be then added together to determine the actual percentage payout of the total target RSU award amount associated with that year. At the end of the Performance Period, the Committee will review and may approve the Company's calculation of the performance modifier and determine the amount of any adjustment to the total amount of RSUs earned for the three-year Performance Period. The performance criteria set forth herein shall also be referred to in this Agreement as the "Performance Criteria."

The award is made upon the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Vesting</u>. The RSUs ultimately earned by the Employee will vest on the third anniversary of the Grant Date (the "Vesting Date"), subject to the Employee's continued employment with the Employer through the Vesting Date and achievement of the Performance Criteria. Upon the Vesting Date, the RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter. In the event of the Employee's Retirement (as defined below), the RSUs will not vest until the Vesting Date,

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subject to the achievement of the Performance Criteria and, upon such Vesting Date, such RSUs will be immediately settled in shares of Common Stock and will be immediately transferable thereafter (and, in any event, within 70 days thereafter), with the amount of the resulting award to be determined on the basis of the Company's achievement of the Performance Criteria; provided, that if the date of the Employee's Retirement is before the first anniversary of the start date of the applicable Performance Period, the amount of the resulting award will be determined on a prorated basis based on the number of days the Employee was employed during the applicable Performance Period (collectively, the "Retirement Treatment"). Notwithstanding the foregoing, the RSUs will vest and will be immediately settled in shares of Common Stock and be immediately transferable thereafter (but in any event within 70 days) upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Employee's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Employee's Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a Change in Control under which the successor corporation does not assume the Awards that remain outstanding under the Plan as of the effective date of the Change in Control, provided, if the Employee is or could be eligible for Retirement prior to the Expiration Date of the Employee's Award, this Section 1(c) shall not be applicable and, as such, the Employee's Award shall not vest and be settled under this Section 1(c) and instead will be settled in accordance with the Retirement Treatment. For purposes herein, upon a Change in Control, the successor corporation shall be deemed to have assumed the Awards that remain outstanding under the Plan as of the effective date of the Change in Control if and only if such Awards are either (i) assumed or continued by the successor corporation, preserving the terms and conditions and existing value of the Awards as of the effective date of the Change in Control or (ii) replaced by the successor corporation with equity awards that preserve the existing value of the Awards as of the effective date of the Change in Control and provide terms and conditions that are the same or more favorable to the participants as those existing as of the effective date of the Change in Control and that otherwise comply with, and do not result in a violation of, Section 409A of the Code, which replacement shall be subject to the Committee's approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)an involuntary Termination of Employment of the Employee by the Company for reasons other than Cause within twenty-four (24) calendar months following the date on which a Change in Control of the Company occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)a voluntary Termination of Employment by the Employee for Good Reason within twenty-four (24) calendar months following the date on which a Change in Control of the Company occurs pursuant to a notice of termination of employment delivered to the Company by the Employee.

For purposes of determining the amount of the resulting award in such an event, the number of RSUs relating to any then-completed year(s) in the performance period that are deemed earned will be determined based on actual performance and, for any year(s) that have not then been completed, it will be assumed that the Company achieved "target" performance on each of the performance measures for such year(s), resulting in the payment of 100% of the one-third of the total target RSU award amount of this grant relating to such year(s). Performance modifiers will not be considered nor will they apply in any case when the full three-year performance period has not been completed.

All RSUs granted to the Employee will be forfeited upon a Termination of Employment with the Employer before the Vesting Date for any reason other than death, Disability, the circumstances of a Change in Control described above, as provided for by the Company's Executive Severance Pay Plan under the circumstances described above, or Retirement.

In the event of the Termination of Employment of the Employee by the Company under circumstances where the Employee is entitled to the benefits under the Company's Executive Severance Pay Plan, the RSUs may be prorated solely at the discretion of the Company's Chief Executive Officer and the Committee as specified under the terms of that plan, and any of which RSUs that are prorated will vest and will be immediately settled in shares of Common Stock and be immediately transferable on the Vesting Date.

For purposes of this Agreement, "Retirement" means the Employee's Termination of Employment due to such Employee's retirement when the Employee's age plus Years of Service with the Employer equals at least 70;

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provided, that the Employee has attained at least age 55 and has provided at least five Years of Service to the Employer, as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment</u>. The Committee shall make equitable substitutions or adjustments in the RSUs as it determines to be appropriate in the event of any corporate event or transaction such as a stock split, merger, consolidation, separation, including a spin-off or other distribution of stock or property of the Company, reorganization or any partial or complete liquidation of the Company and shall make equitable adjustments to the financial results utilized for determining the level of achievement of the performance criteria as it determines to be appropriate to eliminate the impact of subsequent events that are objective, represent unusual or extraordinary items or events or are otherwise determined to be appropriate to adjust for, including (i) restructurings, discontinued operations, foreign currency translation, acquisitions and dispositions and mark-to-market accounting, (ii) charges relating to impairment and other unusual or nonrecurring charges and (iii) a change in tax law or accounting standards, practices or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Until the RSUs are vested and settled in shares of Common Stock, the Employee shall have no rights as a stockholder of the Company. The vested RSUs will be settled in shares of Common Stock and issued in the form of a book entry registration in the amount earned as a result of Company performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Vesting Date, the Employee may not vote, sell, exchange, transfer, pledge, hypothecate or otherwise dispose of any of the RSUs**.** The RSUs have Dividend Equivalent Rights subject to the same vesting requirements as stated in Section 1 of this Agreement and such rights are subject to forfeiture to the same extent as the underlying RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on Rights of the Company</u>. The granting of RSUs will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment</u>. Nothing in this Agreement or in the Plan will be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that the Employer will continue to employ the Employee, or as affecting in any way the right of the Employer to terminate the employment of the Employee at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Government Regulation</u>. The Company's obligation to deliver Common Stock following the Vesting Date will be subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. The Employer will comply with all applicable withholding tax laws and will be entitled to take any action necessary to effectuate such compliance. The Company may withhold a portion of the Common Stock to which the Employee or beneficiary otherwise would be entitled equivalent in value to the taxes required to be withheld, determined based upon the Fair Market Value of the Common Stock. For purposes of withholding, Fair Market Value shall be equal to the closing price of the amount of Common Stock earned by the Employee pursuant to this award on the Vesting Date, or, if the Vesting Date is not a business day, the next business day immediately following the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice to the Company provided for in this Agreement will be addressed to it in care of its Secretary, JBT Marel Corporation, 333 West Wacker Drive, Suite 3400, Chicago, Illinois 60606, and any notice to the Employee (or other person entitled to receive the RSUs) will be addressed to such person at the Employee's address now on file with the Company, or to such other address as either may designate to the other in writing. Any notice will be deemed to be duly given when enclosed in a properly sealed envelope addressed as stated above and deposited, postage paid, in a post office or branch post office regularly maintained by the United States government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. The Employee's rights under this Agreement are expressly subject to the terms and conditions of the Plan, a copy of which may be accessed through the Fidelity NetBenefits website, including any guidelines the Committee adopts from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sole Agreement</u>. This Agreement is the entire agreement between the parties to it, and any and all prior oral and written representations are merged into this Agreement. This Agreement may only be amended by written agreement between the Company and the Employee. Employee expressly acknowledges that the form of the grant agreement that the Employee accepts electronically through the Fidelity NetBenefits website is intended to facilitate the administration of this RSU award and may not be a full version of this Agreement due to limitations inherit in such website that are imposed by Fidelity. The terms of this Agreement will govern the Employee's award in the event of any inconsistency with the agreement viewed or accepted by the Employee on the Fidelity NetBenefits website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. The interpretation, performance and enforcement of this Agreement will be governed by the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Privacy</u>. Employee acknowledges and agrees to the Employer transferring certain personal data of such Employee to the Company for purposes of implementing, performing or administering the Plan or any related benefit. Employee expressly gives consent to the Employer and the Company to process such personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A.</u> This Agreement is intended to comply with the requirements of Section 409A of the Code and shall be interpreted and construed consistently with such intent. In the event the terms of this Agreement would subject Employee to taxes or penalties under Section 409A of the Code ("409A Penalties"), the Company and Employee shall cooperate diligently to amend the terms of this Agreement to avoid such 409A Penalties, to the extent possible. To the extent the RSUs under this Agreement are payable by reference to Employee's "termination of employment" such term and similar terms shall be deemed to refer to Employee's "separation from service," within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Agreement, to the extent the RSUs constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) if such RSUs are conditioned upon Employee's execution of a release and are scheduled to be paid during a designated period that begins in one taxable year and ends in a second taxable year, such RSUs shall be paid in the later of the two taxable years and (ii) if Employee is a specified employee (within the meaning of Section 409A of the Code) as of the date of Employee's separation from service, if such RSUs are payable upon Employee's separation from service and would have been paid prior to the six-month anniversary of Employee's separation from service, then the payment of such RSUs shall be delayed until the earlier to occur of (A) the first day of the seventh month following Employee's separation from service or (B) the date of Employee's death.

Executed as of the Grant Date.

**JBT MAREL CORPORATION**

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| | | |
|:---|:---|:---|
| <br>By: |  | <> |
|  | EVP & CFO | <> |
|  |  | <> |

---

**This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933.**

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF** 

**THE SARBANES-OXLEY ACT OF 2002**

I, Brian A. Deck, certify that:

1. I have reviewed this quarterly report on Form 10-Q of JBT Marel Corporation (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting, to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2026

---

| |
|:---|
| /s/ Brian A. Deck |
| Brian A. Deck |
| Chief Executive Officer |
| (Principal executive officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF** 

**THE SARBANES-OXLEY ACT OF 2002**

I, Matthew J. Meister, certify that:

1. I have reviewed this quarterly report on Form 10-Q of JBT Marel Corporation (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting, to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 5, 2026

---

| |
|:---|
| /s/ Matthew J. Meister |
| Matthew J. Meister |
| Executive Vice President and Chief Financial Officer |
| (Principal financial officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Brian A. Deck, Chief Executive Officer of JBT Marel Corporation (the "Company"), do hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)&nbsp;&nbsp;&nbsp;&nbsp;the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 5, 2026

---

| |
|:---|
| /s/ Brian A. Deck |
| Brian A. Deck |
| Chief Executive Officer |
| (Principal executive officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

I, Matthew J. Meister, Executive Vice President and Chief Financial Officer of JBT Marel Corporation (the "Company"), do hereby certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(a)&nbsp;&nbsp;&nbsp;&nbsp;the Quarterly Report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2026, as filed with the Securities and Exchange Commission (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(b)&nbsp;&nbsp;&nbsp;&nbsp;the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 5, 2026

---

| |
|:---|
| /s/ Matthew J. Meister |
| Matthew J. Meister |
| Executive Vice President and Chief Financial Officer |
| (Principal financial officer) |

---

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