Item 9B. Other Information

The Company recently reviewed and updated its peer group companies for purposes of executive compensation benchmarking. Based on the recommendation of the Compensation Committee, the Board approved on September 24, 2024, the following overall changes to the pay structure for the Company’s President & Chief Executive Officer and Chief Financial Officer for fiscal year 2025 in order to provide pay opportunities that better align with U.S. benchmarking and market practices:

The short-term incentive (“STI”) program components and their weighting remain unchanged (adjusted operating profit (70%), cash to cash days (20%) and ESG scorecard metrics (10%)). However, the ranges of achievement levels (between threshold and maximum) for each component were expanded. Further, the maximum payout for each component was changed from 170% to 200%.

The long-term incentive (“LTI”) program components and their weighting remain unchanged (rTSR, adjusted EPS growth (diluted), and ROCE; 33.3% each). In addition, the LTI design for fiscal 2025 will introduce stock options into the award mix, with LTI awards now comprised of 50% PSUs (down from 70% in fiscal 2024), 30% RSUs, and 20% stock options.

More details about the Company’s peer group changes and the compensation program design changes will be provided in the Company’s 2024 Proxy Statement.