2022 Management Incentive Plan Results for Executive Officers

Summary

This document outlines the results of the 2022 Management Incentive Plan (MIP) for executive officers of the company. Under the plan, executives were eligible for annual cash payments based on performance objectives set by the Compensation Committee. The plan measured performance in four areas: Free Cash Flow, Absolute Revenue, Adjusted Operating Margin, and Environmental, Social and Governance (ESG) criteria. Payments depended on meeting specific thresholds, targets, and maximums for each metric, with the Committee retaining discretion to adjust awards based on individual performance.

EX-10.(F)(33) 12 exhibit10f33_2022mip.htm EX-10.(F)(33) MIP 2022 - RESULTS Document

Exhibit 10(f)(33)

Management Incentive Plan for 2022 (2022 MIP)

Under the 2022 MIP, executive officers of the Company are eligible to receive performance related annual cash payments. Payments are, in general, only made if performance objectives established by the Compensation Committee of the Board of Directors (the “Committee”) are met.

The Committee previously approved incentive opportunities for 2022, expressed as a percentage of base salary for each participating officer. The Committee also established overall threshold, target and maximum performance metrics and payout ranges for the 2022 MIP. Financial performance measures and weightings were: Free Cash Flow (weighted at 40%), Absolute Revenue (unadjusted for currency) (weighted at 20%), Adjusted Operating Margin (weighted at 20%), and an Environmental, Social and Governance measure (weighted at 20%). The Committee maintains the authority to increase or decrease an award based on individual performance.

The performance against the 2022 MIP goals was as follows: Free Cash Flow was below threshold, Absolute Revenue (unadjusted for currency) was between target and maximum, Adjusted Operating Margin was between threshold and target, and ESG was above target.