UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 17, 2023, the Human Resources and Compensation Committee of the Board of Directors (the “Committee”) of Lindsay Corporation (the “Company”) adopted the Management Incentive Plan for the Company’s fiscal year ending August 31, 2024 (the “2024 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 2024 annual meeting is a participant in the 2024 MIP.
The 2024 MIP establishes target bonus amounts for each participating officer ranging from 40% to 100% 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 individual performance criteria. The Company financial performance component and individual 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 2024 revenue, operating margin percentage, and free cash flow, with target bonuses for these subcomponents keyed to the Company’s fiscal 2024 operating budget. The amount of bonus awarded under the individual performance component is dependent upon an officer’s personal performance as evaluated using individual or team performance objectives established by the Committee for each participating officer.
Item 9.01 Financial Statements and Exhibits.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
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.
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LINDSAY CORPORATION |
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Date: |
October 23, 2023 |
By: |
/s/ Brian L. Ketcham |
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Brian L. Ketcham, Senior Vice President and Chief Financial Officer |
Document And Entity Information |
Oct. 17, 2023 |
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| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Oct. 17, 2023 |
| Entity Registrant Name | Lindsay Corporation |
| Entity Central Index Key | 0000836157 |
| Entity Emerging Growth Company | false |
| Securities Act File Number | 1-13419 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 47-0554096 |
| Entity Address, Address Line One | 18135 Burke Street |
| Entity Address, Address Line Two | Suite 100 |
| Entity Address, City or Town | Omaha |
| Entity Address, State or Province | NE |
| Entity Address, Postal Zip Code | 68022 |
| City Area Code | (402) |
| Local Phone Number | 829-6800 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $1.00 par value |
| Trading Symbol | LNN |
| Security Exchange Name | NYSE |
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