Bio-Techne Corp Files DEF 14A on Executive Compensation

Ticker: TECH · Form: DEF 14A · Filed: Sep 12, 2024 · CIK: 842023

Bio-Techne Corp DEF 14A Filing Summary
FieldDetail
CompanyBio-Techne Corp (TECH)
Form TypeDEF 14A
Filed DateSep 12, 2024
Risk Levellow
Pages14
Reading Time17 min
Key Dollar Amounts$130M, $1.2 billion, $1.05, $1.77, $130 million
Sentimentneutral

Sentiment: neutral

Topics: executive-compensation, corporate-governance, DEF14A

TL;DR

Bio-Techne's DEF 14A is out, showing exec pay details for FY24. Focus on Kelderman & Kummeth's equity awards.

AI Summary

Bio-Techne Corp filed a DEF 14A on September 12, 2024, detailing executive compensation and corporate governance for the fiscal year ending June 30, 2024. The filing includes information on compensation for key executives such as Mr. Kelderman and Mr. Kummeth, and covers equity awards granted during the reporting period.

Why It Matters

This filing provides shareholders with crucial information regarding how executive compensation is structured and approved, impacting their confidence in the company's leadership and long-term strategy.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of executive compensation and corporate governance, not indicating any immediate financial distress or significant operational changes.

Key Numbers

  • 2024-06-30 — Fiscal Year End (Reporting period for compensation details)
  • 20240912 — Filing Date (Date the DEF 14A was submitted to the SEC)

Key Players & Entities

  • BIO-TECHNE Corp (company) — Filer
  • Mr. Kelderman (person) — Executive
  • Mr. Kummeth (person) — Executive

FAQ

What is the primary purpose of a DEF 14A filing?

A DEF 14A filing is used to solicit shareholder votes on important corporate matters, such as the election of directors and executive compensation, and provides detailed information about these matters.

Who are the key executives whose compensation is detailed in this filing?

The filing mentions compensation details related to Mr. Kelderman and Mr. Kummeth for the fiscal years 2021-2024.

What fiscal year does this DEF 14A primarily cover?

This DEF 14A filing primarily covers the fiscal year ending June 30, 2024.

What type of compensation is highlighted for the executives?

The filing references equity awards and compensation tables for the applicable years, indicating a focus on stock-based compensation.

What is Bio-Techne Corp's Standard Industrial Classification (SIC) code?

Bio-Techne Corp's SIC code is 2836, which corresponds to Biological Products (No Diagnostic Substances).

Filing Stats: 4,295 words · 17 min read · ~14 pages · Grade level 14.3 · Accepted 2024-09-12 07:02:10

Key Financial Figures

  • $130M — 4 1% organic growth for the year $130M capital returned to our shareholder
  • $1.2 billion — scal year, with our revenue approaching $1.2 billion. We delivered these results with an ong
  • $1.05 — r. GAAP earnings per diluted share were $1.05 for the fiscal year, while adjusted EPS
  • $1.77 — the fiscal year, while adjusted EPS was $1.77 per diluted share. We also returned $13
  • $130 million — .77 per diluted share. We also returned $130 million in capital to our shareholders through
  • $50 million — in capital to our shareholders through $50 million in dividends and $80 million in share b
  • $80 million — rs through $50 million in dividends and $80 million in share buybacks. We continued to exe
  • $1,137M — e Board MR. KUMMETH'S CONTRIBUTIONS $1,137M REVENUE 10-YEAR CAGR of 13.8% $27
  • $27 billion — 37M REVENUE 10-YEAR CAGR of 13.8% $27 billion TOTAL ADDRESSABLE MARKET vs. ~$3B in
  • $3B — illion TOTAL ADDRESSABLE MARKET vs. ~$3B in FY13 17.8% TOTAL SHAREHOLDER RET
  • $311M — minent achievements: grew revenue from $311M in FY 2013 to $1,137M in FY 2023, a 10-
  • $3 billion — expanded total addressable market from ~$3 billion in FY 2013 to ~$27 billion in FY 2023
  • $1,159.1M — s, and molecular diagnostic products. $1,159.1M Net sales for the full year fiscal 20
  • $1,159.1 million — e full year fiscal 2024 increased 2% to $1,159.1 million. Organic growth was 1%; acquisitions ha
  • $168.1M — reagents, and enzymes across Europe. $168.1M $284.7M $1.05 $1.77 GAAP net ea

Filing Documents

executive compensation program. The Compensation Committee's efforts are summarized below and described in greater

executive compensation program. The Compensation Committee's efforts are summarized below and described in greater detail in Addressing Shareholder Feedback Regarding Executive Compensation within the Compensation Discussion and Analysis on page 40. 80% During all of fiscal 2024, Bio-Techne's management met with representatives of 80% of our shareholders. During engagement discussions from June through October 2023 involving management and directors, we met with representatives of 49% of our shareholders | 2024 Proxy Statement 8 Back to Contents Highlights of Engagement Regarding Executive Compensation What we heard regarding executive compensation How we responded Retiring CEO Compensation: Shareholders requested detail regarding retiring CEO Chuck Kummeth's compensation, including the purpose and design of the performance grant made to Mr. Kummeth in fiscal 2023. The Chair of the Compensation Committee and other Company participants committed to providing additional clarity and transparency regarding CEO compensation. In setting compensation for fiscal 2024, the Compensation Committee maintained and did not modify Mr. Kummeth's compensation package for fiscal 2024, and Mr. Kummeth's fiscal 2024 performance grant failed to pay out—just as it did in fiscal 2023. The Compensation Committee applied the same design and structure to compensation for Mr. Kelderman as it applied to compensation for the other executive officers. Design of Relative Total Shareholder Return (rTSR) input: Shareholders requested greater detail regarding the design of the rTSR input into the performance- vesting portion of fiscal 2024 long-term incentive compensation. We added a relative TSR (rTSR) metric to the long-term equity incentive plan in 2023 for the fiscal 2024 plan. In response to shareholder feedback seeking greater detail regarding this metric, this proxy statement provides additional information about how that metric was designed and is structured. Subs

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