Business Context and Reporting Period
This Form 8-K filing by Apogee Enterprises, Inc. (APOG) was submitted on June 26, 2019. The report discloses the execution of annual cash incentive agreements for fiscal year 2020, which ends on February 29, 2020.
Key Financial Metrics
The filing does not provide specific financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity figures. The document focuses exclusively on executive compensation structures.
Material Changes
On June 26, 2019, the Company entered into new annual cash incentive agreements with five executive officers. These agreements establish performance-based payout ranges for fiscal 2020 based on net sales, earnings before taxes, and days working capital.
Guidance, Outlook, and Management Commentary
- Performance Metrics: Incentive awards are determined by attainment of pre-set metrics: net sales, earnings before taxes, and days working capital.
- Discretionary Authority: The Compensation Committee retains sole discretion to approve payout recommendations and is not bound by the formulaic results. Awards may be adjusted or forfeited under the Company's Clawback Policy.
- Termination Provisions: In cases of disability, retirement, or death, the Committee may determine pro-rata payments based on achieved performance levels.
- Eligibility: Executives must be employed on the date the award amount is determined to receive payment.
Executive Compensation Structure (Fiscal 2020)
| Executive Officer | Position | Target Payout (% of Salary) | Maximum Payout (% of Salary) |
|---|---|---|---|
| Joseph F. Puishys | CEO and President | 105.00% | 210.00% |
| James S. Porter | EVP and CFO | 75.00% | 150.00% |
| Patricia A. Beithon | General Counsel and Secretary | 60.00% | 120.00% |
| Brent C. Jewell | SVP, Business Development and Strategy | 60.00% | 120.00% |
| Gary R. Johnson | SVP and Treasurer | 40.00% | 80.00% |
Investor Verification Checklist
- Verify the specific numerical targets for net sales, earnings before taxes, and days working capital required to achieve threshold, target, and maximum payouts (not disclosed in this filing).
- Review the Company's Clawback Policy to understand specific conditions triggering forfeiture or recoupment.
- Confirm the base salaries of the listed executives to calculate potential absolute dollar values of the incentive awards.
- Monitor future filings for the Compensation Committee's final determination of awards for fiscal 2020.