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|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 19, 2020, the Human Resources and Compensation Committee of the Board of Directors of Lindsay Corporation (the “Company”) adopted the Management Incentive Plan for the Company’s fiscal year ending August 31, 2021 (the “2021 MIP”) under which the Company’s senior officers can earn annual cash incentive awards. Each current senior officer who will be a named executive officer in the Company’s proxy statement for its fiscal 2021 annual meeting is a participant in the 2021 MIP.
The 2021 MIP establishes target bonus amounts for each participating officer ranging from 40% to 110% of such officer’s base salary. Participants are eligible for awards of between 0% and 200% of their target bonus depending on the achievement of certain Company financial performance criteria and strategic goal performance criteria. The Company financial performance component and strategic goal performance component are weighted as 80% and 20% of the overall performance criteria for each participant, respectively. The Company financial performance component is based on achieving stated goals for fiscal 2021 revenue and operating margin percentage, with target bonuses for these subcomponents keyed to the Company’s fiscal 2021 operating budget. The amount of bonus awarded under the strategic goal performance component is dependent upon demonstrated employee alignment with the Company’s culture of continuous improvement, based on the results of an organizational health survey to be administered by a third-party consultant.
|Item 9.01.|| |
Financial Statements and Exhibits.
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document).|
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 hereunto duly authorized.
|Dated: October 23, 2020||LINDSAY CORPORATION|
Brian L. Ketcham, Senior Vice President and
Chief Financial Officer