SEC Form DEF 14A filed by Monster Beverage Corporation

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.       )

Filed by the Registrant  ☒

Filed by a Party other than the Registrant  ☐

Check the appropriate box:

Payment of Filing Fee (Check the appropriate box):

MONSTER BEVERAGE CORPORATION

1 Monster Way

Corona, California 92879

ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD JUNE 12, 2025

April 25, 2025

Dear Stockholder:

You are cordially invited to attend the Annual Meeting of Stockholders of Monster Beverage Corporation (the “Company”) to be held on Thursday, June 12, 2025 at 2:30 p.m. local time (the “Annual Meeting”). Similar to last year, we will conduct our Annual Meeting exclusively as a virtual meeting via live webcast. You will not be able to attend the Annual Meeting in person. We believe that a virtual meeting will provide meaningful stockholder access and participation. During the virtual meeting, you may ask questions and will be able to vote your shares electronically. Stockholders can access the Annual Meeting by visiting: www.virtualshareholdermeeting.com/MNST2025. This proxy is solicited on behalf of the Board of Directors of the Company.

In addition to the specific matters to be voted on at the Annual Meeting that are listed in the accompanying notice, there will be a report on the Company’s business and an opportunity for stockholders of the Company to ask questions.

I hope that you will be able to join us. Your vote is important to us and to our business. I encourage you to vote by telephone, over the internet, or if you requested to receive printed proxy materials, by marking, signing, dating and returning your proxy card so that your shares will be represented and voted at the Annual Meeting, whether or not you plan to attend. If you attend the Annual Meeting via live webcast, you will, of course, have the right to revoke the proxy and vote your shares electronically.

The proxy materials, including this proxy statement and our Annual Report to Stockholders for the fiscal year ended December 31, 2024, are being distributed and made available on or about April 25, 2025.

MONSTER BEVERAGE CORPORATION

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD JUNE 12, 2025

TO THE STOCKHOLDERS OF THE COMPANY:

NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of Monster Beverage Corporation (“Monster” or the “Company”) will be held on Thursday, June 12, 2025 at 2:30 p.m. local time (the “Annual Meeting”). This year’s Annual Meeting will be exclusively conducted as a virtual meeting via live webcast. You will be able to attend the Annual Meeting, vote your shares electronically and submit questions during the meeting by visiting www.virtualshareholdermeeting.com/MNST2025. You will not be able to attend the Annual Meeting in person. Additional information regarding attending the Annual Meeting, voting your shares and submitting questions can be found in the Proxy Statement for the Annual Meeting of Stockholders (the “Proxy Statement”). The Annual Meeting is being held for the following purposes:

The foregoing items of business are more fully described in the Proxy Statement accompanying this Notice. Only stockholders of the Company of record at the close of business on April 21, 2025 are entitled to notice of, and to vote at, the Annual Meeting and any adjournment or postponement thereof.

All stockholders of the Company are cordially invited to attend the Annual Meeting via live webcast at www.virtualshareholdermeeting.com/MNST2025 and use their 16-digit control number provided in the Notice of Internet Availability of Proxy Materials or on the proxy card. We encourage stockholders to log in to this website and access the webcast before the Annual Meeting’s start time. Please note that there is no in-person annual meeting for you to attend. However, to ensure your representation at the Annual Meeting, you are urged to vote by telephone, over the internet, or if you requested to receive printed proxy materials, by marking, signing, dating and returning your proxy card prior to the Annual Meeting. We encourage you to send your proxies in as early as possible. You may revoke your voted proxy at any time prior to the Annual Meeting or by voting again electronically during the virtual meeting. However, your attendance at the Annual Meeting will not automatically revoke your proxy unless you vote again at the Annual Meeting electronically via live webcast, specifically request in writing that your prior proxy be revoked or are a beneficial holder who requests a legal proxy.

If you encounter any technical difficulties with the virtual meeting platform on the day of the Annual Meeting, please call the technical support line number that will be posted on the virtual meeting login page.

Corona, California

April 25, 2025

IMPORTANT: WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING, YOU ARE REQUESTED TO VOTE YOUR SHARES AS PROMPTLY AS POSSIBLE. IN ADDITION TO VOTING ELECTRONICALLY VIA LIVE WEBCAST, STOCKHOLDERS OF RECORD MAY VOTE VIA A TOLL FREE TELEPHONE NUMBER OR OVER THE INTERNET AS INSTRUCTED IN THESE MATERIALS. IF YOU REQUESTED TO RECEIVE A PROXY CARD OR VOTING INSTRUCTION CARD BY MAIL, YOU MAY ALSO VOTE BY MARKING, SIGNING, DATING AND MAILING THE PROXY CARD PROMPTLY IN THE RETURN ENVELOPE PROVIDED. PLEASE NOTE THAT IF YOUR SHARES ARE HELD BY A BROKER OR OTHER INTERMEDIARY AND YOU WISH TO VOTE AT THE ANNUAL MEETING, YOU MUST OBTAIN A LEGAL PROXY FORM AND VOTE YOUR SHARES IN THE MANNER PRESCRIBED BY THAT RECORD HOLDER.

TABLE OF CONTENTS

MONSTER BEVERAGE CORPORATION

PROXY STATEMENT FOR ANNUAL MEETING OF STOCKHOLDERS

INFORMATION CONCERNING SOLICITATION AND VOTING

General

The Board of Directors of Monster Beverage Corporation (“Monster” or the “Company”) is soliciting proxies to be voted at the Annual Meeting of Stockholders of the Company (the “Annual Meeting”) to be held on Thursday, June 12, 2025 at 2:30 p.m. local time, for the purposes set forth herein and in the accompanying Notice of Annual Meeting of Stockholders of the Company. The Annual Meeting will be exclusively conducted as a virtual meeting via live webcast. You will be able to attend the Annual Meeting, vote your shares electronically and submit questions during the meeting by visiting www.virtualshareholdermeeting.com/MNST2025. To enter the Annual Meeting, you will need the 16-digit control number that is printed on your proxy card. We encourage stockholders to log in to this website and access the webcast before the Annual Meeting’s start time. You will not be able to attend the Annual Meeting in person. In this proxy, unless the context requires otherwise, references to “we,” “our” or “us” refer to Monster.

The proxy materials, including this proxy statement and our Annual Report to Stockholders for the fiscal year ended December 31, 2024, are being distributed and made available on or about April 25, 2025. This proxy statement contains important information for you to consider when deciding how to vote on matters brought before the Annual Meeting. Please read it carefully.

Notice of Internet Availability of Proxy Materials

In accordance with rules and regulations adopted by the U.S. Securities and Exchange Commission (“SEC”), we have elected to provide our stockholders access to our proxy materials over the internet. Accordingly, a Notice of Internet Availability of Proxy Materials (the “Notice”) will be mailed on or about April 25, 2025 to our stockholders who owned the Company’s common stock, par value $0.005 per share (“Common Stock”), at the close of business on April 21, 2025. Stockholders will have the ability to access the proxy materials on the website referred to in the Notice, or request that a printed set of the proxy materials be sent to them by following the instructions in the Notice.

Householding

If you are a beneficial owner, your bank or broker may deliver a single proxy statement, along with individual proxy cards, or individual Notices to any household at which two or more stockholders reside unless contrary instructions have been received from you. This procedure, referred to as householding, reduces the volume of duplicate materials stockholders receive and reduces mailing expenses. Stockholders may revoke their consent to future householding mailings or enroll in householding mailings by contacting Equiniti Trust Company, LLC at 1-800-937-5449, or by writing to Equiniti Trust Company, LLC at 55 Challenger Road 2^nd Floor, Ridgefield Park, NJ 07660. Alternatively, if you wish to receive a separate set of proxy materials for this year’s Annual Meeting, we will deliver them promptly upon request to Monster Beverage Corporation, 1 Monster Way, Corona, CA 92879, or by calling (951) 739-6200 or (800) 426-7367.

Record Date, Outstanding Voting Securities

Holders of record of Common Stock at the close of business on April 21, 2025 are entitled to notice of, and to vote at, the Annual Meeting. Each share entitles its holder to one vote. As of the record

date, 975,212,504 shares of our Common Stock were issued and outstanding. There are no other outstanding voting securities of the Company.

Quorum

The presence, via live webcast or by proxy, of the holders of one-third of the shares of Common Stock entitled to vote at the Annual Meeting is necessary to constitute a quorum at the Annual Meeting. Such stockholders are counted as present at the Annual Meeting if they (i) are present via live webcast at the Annual Meeting or (ii) have properly submitted their vote by telephone, over the internet or by returning their proxy card. Abstentions and withheld votes will be counted for determining whether a quorum is present for the Annual Meeting.

Required Vote

In accordance with the Fourth Amended and Restated By-laws of the Company, as amended through November 6, 2024 (the “By-laws”):

in each case, provided a quorum is present.

With respect to the election of directors, each director nominee must receive a vote “for” their election from a majority of the votes cast in order to be elected as a director. If an incumbent director is not elected by a majority of votes cast in an uncontested election, the director shall promptly tender his or her resignation to the Board, and the Board shall respond in accordance with the director resignation procedures further detailed in the Company’s Corporate Governance Guidelines, a copy of which is available on our website at http://investors.monsterbevcorp.com/governance.cfm.

For all other proposals, the affirmative vote of a majority of the votes cast is required to approve each proposal.

Abstentions and broker non-votes are not treated as cast either “for” or “against” a matter and therefore will not affect the outcome of the vote.

Non-Discretionary Proposals

If you are a beneficial owner and hold your shares in street name and do not provide the organization that holds your shares with voting instructions, the broker or other intermediary will

determine if it has the discretionary authority to vote on the particular matter. Brokers and other intermediaries may not vote uninstructed shares in (i) the election of directors and (ii) the approval of the Say-on-Pay Proposal. If your shares are held by a broker or other intermediary and you do not instruct your broker or other intermediary how to vote for each of these proposals, no votes will be cast on your behalf. Therefore, it is important that you cast your vote if you want it to count for each of these proposals.

Discretionary Proposals

Brokers that do not receive instructions are entitled to vote on the ratification of the independent registered public accounting firm.

Brokers and other intermediaries may vote uninstructed shares in the ratification of the Company’s independent registered public accounting firm, which is considered a routine matter. Accordingly, we do not expect to receive any broker non-votes with respect to such proposal.

No stockholder shall be entitled to cumulative voting. Broadridge Financial Solutions, Inc. will receive and tabulate the proxies.

Board of Directors’ Recommendations

The Board of Directors of the Company (the “Board of Directors” or the “Board”) recommends a vote:

How to Vote

If on April 21, 2025 your shares are registered directly in your name with the Company’s registrar and transfer agent, Equiniti Trust Company, LLC, you are considered a stockholder of record with respect to those shares and the Notice was sent to you directly by the Company. As the stockholder of record, you have the right to grant your voting proxy directly to the Company or to vote electronically via live webcast at the Annual Meeting.

If you are a stockholder of record and you sign and submit a proxy card, but you do not provide voting instructions on the card, your shares will be voted “FOR” proposals 1, 2, and 3.

If on April 21, 2025 your shares are held in a brokerage account, bank, broker-dealer, trust or similar organization, you are considered the “beneficial owner” of those shares held in street name and the Notice was forwarded to you by that organization. The organization that holds your shares is considered the stockholder of record for purposes of voting at the Annual Meeting. Because you are not the stockholder of record, you may not vote your shares at the Annual Meeting unless you request and/or obtain a valid proxy from the organization that holds your shares giving you the right to vote your shares at the Annual Meeting. As the beneficial owner, you have the right to direct your broker or other intermediary how to vote your shares and you are also invited to attend the Annual Meeting via live webcast.

Your vote is very important to us, and we hope that you will attend the Annual Meeting via live webcast. However, whether or not you plan to attend the Annual Meeting, please vote by proxy in accordance with the instructions on your proxy card, voting instruction form (from your broker or other

intermediary) or the instructions that you received through electronic mail. There are three convenient ways of submitting your vote:

Revocability of Proxies

If you are a stockholder of record, you may revoke your proxy and change your vote at any time before the Annual Meeting by: (i) delivering a written notice of revocation to the Office of the Secretary at the Company’s principal executive offices; (ii) voting again over the internet or by telephone (only your latest internet or telephone proxy submitted prior to the Annual Meeting will be counted) or, if you requested and received written proxy materials, by signing and returning a new proxy card with a later date; or (iii) by attending the Annual Meeting via live webcast and voting electronically.

If you are a beneficial owner, you may revoke your proxy and change your vote at any time before the Annual Meeting by: (i) submitting new voting instructions to your broker or other intermediary; or (ii) if you have obtained a legal proxy from your broker or other intermediary, by attending the Annual Meeting via live webcast and voting electronically.

However, your attendance at the Annual Meeting will not automatically revoke your proxy unless you vote again at the Annual Meeting electronically via live webcast, specifically request in writing that your prior proxy be revoked or are a beneficial holder who requests a legal proxy.

Solicitation

The cost of soliciting proxies will be borne by the Company. The Company will reimburse brokerage firms and other persons representing beneficial owners of shares for their expenses in forwarding solicitation material to such beneficial owners. In addition to solicitation by use of the mail or via the internet, proxies may also be solicited by certain of the Company’s directors, officers and regular employees, without additional compensation, personally or by telephone, facsimile or letter. In addition,

the Company has engaged D.F. King & Co., Inc. to act as its proxy solicitor and has agreed to pay approximately $13,000 plus reasonable expenses for such services.

Questions

In order to submit a question at the Annual Meeting, you will need your 16-digit control number provided in the Notice or on your proxy card and visit www.virtualshareholdermeeting.com/MNST2025. You may log in 15 minutes before the start of the Annual Meeting and submit questions online, and you will be able to submit questions during the Annual Meeting as well. We encourage you to submit any question that is relevant to the business of the meeting. Relevant questions will be read and addressed during the meeting, subject to time limitations. The questions and answers from the Annual Meeting will be available at www.monsterbevcorp.com in the “Events & Presentations” section as soon as practicable following the Annual Meeting and archived for approximately one year.

Technical Support

If you encounter any technical difficulties with the virtual meeting platform on the Annual Meeting day, please call the technical support line number that will be posted on the virtual meeting login page.

PRINCIPAL STOCKHOLDERS AND SECURITY OWNERSHIP OF MANAGEMENT

The following table sets forth, as of the most recent practical date, April 11, 2025 (unless otherwise noted below), the beneficial ownership of the Company’s Common Stock of (a) those persons known to the Company to be the beneficial owners of more than 5% of the Company’s Common Stock; (b) each of the Company’s directors and nominees for director; (c) the Company’s named executive officers; and (d) all of the Company’s current directors and executive officers as a group. In computing the number and percentage of shares beneficially owned by each person, we include any shares of Common Stock that could be acquired within 60 days of April 11, 2025 by the exercise of options or the vesting of restricted stock units. Such shares, however, are not counted in computing the percentage ownership of any other person.

Officers and Directors as a group (14 members: 81,399,295 shares or 8.3% in aggregate).

* Except as noted otherwise, the address for each of the named stockholders is 1 Monster Way, Corona, California 92879.

** Less than 1%.

¹ The mailing address of Brandon Limited Partnership No. 1 (“Brandon No. 1”) is 10th Floor, 430 Park Avenue, New York, NY 10022. The general partners of Brandon No. 1 are Rodney C. Sacks and Hilton H. Schlosberg.

² The mailing address of Brandon Limited Partnership No. 2 (“Brandon No. 2”) is 10th Floor, 430 Park Avenue, New York, NY 10022. The general partners of Brandon No. 2 are Rodney C. Sacks and Hilton H. Schlosberg.

³ Based on Schedule 13G/A filed February 13, 2024 by The Vanguard Group, based on common shares held on December 29, 2023. The mailing address of this reporting person is 100 Vanguard Blvd., Malvern, PA 19355.

⁴ Based on Schedule 13D/A filed January 28, 2025 by The Coca-Cola Company and European Refreshments, based on common shares held on October 31, 2024 for which they have shared beneficial ownership. The mailing address of The Coca-Cola Company is One Coca-Cola Plaza, Atlanta, GA 30313. The mailing address of European Refreshments is Southgate, Dublin Road, Drogheda, County Meath, Ireland.

⁵ Based on Schedule 13G/A filed November 8, 2024 by BlackRock, Inc., based on common shares held on September 30, 2024. The mailing address of this reporting person is 50 Hudson Yards, New York, NY 10001.

⁶ Includes 733,340 common shares owned by Mr. Sacks; 100,000 shares beneficially held by RCS1, LLC as Mr. Sacks is the managing member of the limited liability company through his personal trust; 11,291,136 shares beneficially held by Brandon No. 1 because Mr. Sacks is one of Brandon No. 1’s general partners; 58,773,888 shares beneficially held by Brandon No. 2 because Mr. Sacks is one of Brandon No. 2’s general partners; 276,109 shares beneficially held by Hilrod Holdings XV, L.P. because Mr. Sacks is one of Hilrod Holdings XV’s general partners and 231,754 shares beneficially held by Hilrod Holdings XVIII, L.P. because Mr. Sacks is one of Hilrod Holdings XVIII’s general partners. Also includes options presently exercisable to purchase 630,000 common shares, exercisable at $21.99 per share, granted pursuant to a stock option agreement dated March 14, 2016 between the Company and Mr. Sacks (of which options to purchase 194,514

common shares are currently held by Hilrod Holdings XVIII, L.P. and options to purchase 430,944 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 611,000 common shares, exercisable at $23.14 per share, granted pursuant to a stock option agreement dated March 14, 2017 between the Company and Mr. Sacks (of which options to purchase 49,926 common shares are currently held by Hilrod Holdings XVIII, L.P., options to purchase 153,742 common shares are currently held by Hilrod Holdings XXIII, L.P. and options to purchase 403,006 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 528,000 common shares, exercisable at $29.37 per share, granted pursuant to a stock option agreement dated March 14, 2018 between the Company and Mr. Sacks (of which options to purchase 172,596 common shares are currently held by Hilrod Holdings XXIII, L.P. and options to purchase 352,000 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 583,200 common shares, exercisable at $29.84 per share, granted pursuant to a stock option agreement dated March 14, 2019 between the Company and Mr. Sacks (of which options to purchase 194,400 common shares are currently held by Hilrod Holdings XXIII, L.P. and options to purchase 194,400 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 382,800 common shares, exercisable at $31.20 per share, granted pursuant to a stock option agreement dated March 13, 2020 between the Company and Mr. Sacks (of which options to purchase 170,132 common shares are currently held by Hilrod Holdings XXIII, L.P.); options presently exercisable to purchase 259,800 common shares, exercisable at $44.47 per share, granted pursuant to a stock option agreement dated March 12, 2021 between the Company and Mr. Sacks; options presently exercisable to purchase 291,400 common shares, exercisable at $36.62 per share, granted pursuant to a stock option agreement dated March 14, 2022 between the Company and Mr. Sacks; options presently exercisable to purchase 122,000 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Mr. Sacks and options presently exercisable to purchase 51,167 common shares, exercisable at $60.30 per share, granted pursuant to a stock option agreement dated March 14, 2024 between the Company and Mr. Sacks. Mr. Sacks has pledged 100,000 common shares.

Mr. Sacks disclaims beneficial ownership of all shares deemed beneficially owned by him hereunder except (i) 733,340 common shares; (ii) 100,000 shares beneficially held by RCS1, LLC because Mr. Sacks is the managing member of the limited liability company through his personal trust; (iii) 3,459,367 shares presently exercisable or exercisable within 60 days under the stock option agreements; (iv) 2,761 shares beneficially held by Hilrod Holdings XV, L.P. because Mr. Sacks is one of Hilrod Holdings XV’s general partners and (v) 2,318 shares beneficially held by Hilrod Holdings XVIII, L.P. because Mr. Sacks is one of Hilrod Holdings XVIII’s general partners.

⁷ Includes 2,354,994 common shares owned by Mr. Schlosberg; 11,291,136 shares beneficially held by Brandon No. 1 because Mr. Schlosberg is one of Brandon No. 1’s general partners; 58,773,888 shares beneficially held by Brandon No. 2 because Mr. Schlosberg is one of Brandon No. 2’s general partners; 276,109 shares beneficially held by Hilrod Holdings XV, L.P. because Mr. Schlosberg is one of Hilrod Holdings XV’s general partners and 231,754 shares beneficially held by Hilrod Holdings XVIII, L.P. because Mr. Schlosberg is one of Hilrod Holdings XVIII’s general partners. Also includes options presently exercisable to purchase 630,000 common shares, exercisable at $21.99 per share, granted pursuant to a stock option agreement dated March 14, 2016 between the Company and Mr. Schlosberg (of which options to purchase 194,514 common shares are currently held by Hilrod Holdings XVIII, L.P. and options to purchase 430,944 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 611,000 common shares, exercisable at $23.14 per share, granted pursuant to a stock option agreement dated March 14, 2017 between the Company and Mr. Schlosberg (of which options to purchase 49,926 common shares are currently held by Hilrod Holdings XVIII, L.P., options to purchase 153,742 common shares are currently held by Hilrod Holdings XXIII, L.P. and options to purchase 403,006 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 528,000 common shares, exercisable at $29.37 per share, granted pursuant to a stock option agreement dated March 14, 2018 between the Company and Mr. Schlosberg (of which options to purchase 172,596 common shares are currently held by Hilrod Holdings XXIII, L.P. and options to purchase 352,000 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 583,200 common shares, exercisable at $29.84 per share, granted pursuant to a stock option agreement dated March 14, 2019 between the Company and Mr. Schlosberg (of which options to purchase 194,400 common shares are currently held by Hilrod Holdings XXIII, L.P. and options to purchase 194,400 common shares are currently held by Hilrod Holdings XXVI, L.P.); options presently exercisable to purchase 382,800 common shares, exercisable at $31.20 per share, granted pursuant to a stock option agreement dated March 13, 2020 between the Company and Mr. Schlosberg (of which options to purchase 170,132 common shares are currently held by Hilrod Holdings XXIII, L.P.); options presently exercisable to purchase 259,800 common shares, exercisable at $44.47 per share, granted pursuant to a stock option agreement dated March 12, 2021 between the Company and Mr. Schlosberg; options presently exercisable to purchase 291,400 common shares, exercisable at $36.62 per share, granted pursuant to a stock option agreement dated March 14, 2022 between the Company and Mr. Schlosberg; options

presently exercisable to purchase 122,000 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Mr. Schlosberg and options presently exercisable to purchase 51,167 common shares, exercisable at $60.30 per share, granted pursuant to a stock option agreement dated March 14, 2024 between the Company and Mr. Schlosberg. Mr. Schlosberg has pledged 100,000 common shares.

Mr. Schlosberg disclaims beneficial ownership of all shares deemed beneficially owned by him hereunder except (i) 2,354,994 common shares; (ii) 3,459,367 shares presently exercisable or exercisable within 60 days under the stock option agreements; (iii) 2,761 shares beneficially held by Hilrod Holdings XV, L.P. because Mr. Schlosberg is one of Hilrod Holdings XV’s general partners and (iv) 2,318 shares beneficially held by Hilrod Holdings XVIII, L.P. because Mr. Schlosberg is one of Hilrod Holdings XVIII’s general partners.

⁸ Includes 299,246 shares beneficially held by the MJCF Hall Family Trust as Mr. Hall and his spouse are trustees and beneficiaries of the MJCF Hall Family Trust and options presently exercisable to purchase 6,000 common shares, exercisable at $60.30 per share, granted pursuant to a stock option agreement dated March 14, 2024 between the Company and Mr. Hall.

⁹ Does not include 12,230 deferred stock units which are settled (other than fractional units) in stock and 3,592 unvested restricted stock units.

¹⁰ Does not include 3,592 unvested restricted stock units.

¹¹ Does not include 49,492 deferred stock units which are settled (other than fractional units) in stock and 3,592 unvested restricted stock units.

¹² Does not include 9,627 deferred stock units which are settled (other than fractional units) in stock and 3,592 unvested restricted stock units.

¹³ Does not include 30,308 deferred stock units which are settled (other than fractional units) in stock and 3,592 unvested restricted stock units.

¹⁴ Does not include 20,208 deferred stock units which are settled (other than fractional units) in stock and 3,592 unvested restricted stock units.

¹⁵ Does not include 3,592 unvested restricted stock units.

¹⁶ Includes 72,273 common shares owned by Mr. Kelly; options presently exercisable to purchase 5,782 common shares, exercisable at $29.37 per share, granted pursuant to a stock option agreement dated March 14, 2018 between the Company and Mr. Kelly; options presently exercisable to purchase 2,248 common shares, exercisable at $44.47 per share, granted pursuant to a stock option agreement dated March 12, 2021 between the Company and Mr. Kelly; options presently exercisable to purchase 6,668 common shares, exercisable at $36.62 per share, granted pursuant to a stock option agreement dated March 14, 2022 between the Company and Mr. Kelly; options presently exercisable to purchase 3,334 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Mr. Kelly; options presently exercisable to purchase 3,334 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Mr. Kelly and options presently exercisable to purchase 3,000 common shares, exercisable at $60.30 per share, granted pursuant to a stock option agreement dated March 14, 2024 between the Company and Mr. Kelly.

¹⁷ Includes 89,501 common shares owned by Ms. Tirre; options presently exercisable to purchase 12,000 common shares, exercisable at $31.20 per share, granted pursuant to a stock option agreement dated March 13, 2020 between the Company and Ms. Tirre; options presently exercisable to purchase 14,000 common shares, exercisable at $44.47 per share, granted pursuant to a stock option agreement dated March 12, 2021 between the Company and Ms. Tirre; options presently exercisable to purchase 20,700 common shares, exercisable at $36.62 per share, granted pursuant to a stock option agreement dated March 14, 2022 between the Company and Ms. Tirre; options presently exercisable to purchase 5,000 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Ms. Tirre; options presently exercisable to purchase 13,332 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Ms. Tirre and options presently exercisable to purchase 1,800 common shares, exercisable at $60.30 per share, granted pursuant to a stock option agreement dated March 14, 2024 between the Company and Ms. Tirre.

¹⁸ Includes 21,993 common shares owned by Mr. Carling; options presently exercisable to purchase 6 common shares, exercisable at $25.75 per share, granted pursuant to a stock option agreement dated June 1, 2018 between the Company

and Mr. Carling; options presently exercisable to purchase 9,000 common shares, exercisable at $44.47 per share, granted pursuant to a stock option agreement dated March 12, 2021 between the Company and Mr. Carling; options presently exercisable to purchase 16,100 common shares, exercisable at $36.62 per share, granted pursuant to a stock option agreement dated March 14, 2022 between the Company and Mr. Carling; options presently exercisable to purchase 5,000 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Mr. Carling; options presently exercisable to purchase 13,332 common shares, exercisable at $50.82 per share, granted pursuant to a stock option agreement dated March 14, 2023 between the Company and Mr. Carling and options presently exercisable to purchase 1,800 common shares, exercisable at $60.30 per share, granted pursuant to a stock option agreement dated March 14, 2024 between the Company and Mr. Carling.

DEADLINES FOR RECEIPT OF STOCKHOLDER PROPOSALS

Stockholders may present a proper proposal for consideration at the 2026 annual meeting of stockholders by submitting their proposal in writing to the Office of the Secretary of the Company at the Company’s principal executive offices in a timely manner.

For stockholders who wish to present a proposal, other than a director nomination to the proxy access provision of the By-laws (the “Proxy Access By-law”), to be considered for inclusion in our proxy statement and for consideration at the 2026 annual meeting, pursuant to Rule 14a-8 under the Exchange Act, the proposal must be delivered to the Office of the Secretary at the Company’s principal executive offices no later than December 26, 2025. Stockholder proposals must otherwise comply with the requirements of Rule 14a-8 of the Exchange Act.

For stockholders who wish to present a proposal for nominations or other business for consideration at the 2026 annual meeting, but who do not intend for the proposal to be included in our proxy statement, pursuant to the advance notice provisions contained in the By-laws, the proposal must be delivered to the Office of the Secretary at the Company’s principal executive offices no earlier than February 12, 2026 and no later than March 14, 2026, provided, however, that in the event that the date of the 2026 annual meeting is more than thirty days before or more than seventy days after the first anniversary of the preceding year’s annual meeting, notice by the stockholder must be so delivered no earlier than the close of business on the one hundred twentieth day prior to the 2026 annual meeting and no later than the close of business on the later of the ninetieth day prior to the 2026 annual meeting or the tenth day following the day on which public announcement of the date of the 2026 annual meeting is first made by the Company.

In 2018, the Board adopted the Proxy Access By-law. The Proxy Access By-law permits a stockholder, or a group of up to twenty stockholders, owning three percent or more of the Company’s outstanding Common Stock continuously for at least three years to nominate and include in the Company’s proxy materials director nominees consisting of two nominees or twenty percent of the Board, whichever is greater, provided that the stockholder(s) and nominee(s) comply with the requirements of Article 1, Section 16 of the By-laws. To be timely for inclusion in the Company’s proxy materials for our 2026 annual meeting, pursuant to the Proxy Access By-law, the stockholder(s) notice to nominate a director must be delivered to the Office of the Secretary at the Company’s principal executive offices no earlier than November 26, 2025 and no later than December 26, 2025. The notice must contain the information required by the By-laws, and the stockholder(s) and nominee(s) must comply with the information and other requirements in the By-laws relating to the inclusion of stockholder nominees in our proxy materials.

In addition to satisfying the foregoing requirements under the By-laws, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other

than the Company’s nominees must also comply with all applicable requirements of Rule 14a-19 under the Exchange Act. The advance notice requirement under Rule 14a-19 does not override or supersede the longer advance notice requirement under the By-laws.

It is presently intended that the 2026 annual meeting will be held in June 2026.

Proposals should be sent to the Office of the Secretary by mail to Monster Beverage Corporation, 1 Monster Way, Corona, California, 92879.

PROPOSAL ONE

ELECTION OF DIRECTORS

Nominees

The Board is currently comprised of eleven members. Gary P. Fayard is not standing for reelection and will retire from the Board effective as of the Annual Meeting. Our Board thanks Mr. Fayard for his many years of exemplary service. Upon the recommendation of the Nominating and Corporate Governance Committee of the Board of Directors (the “Nominating and Corporate Governance Committee”), our Board has nominated ten directors identified on the following pages for election at the Annual Meeting. Unless otherwise instructed, the proxy holders will vote the proxies received by them for the Company’s ten nominees named below. In the event that any nominee is unable or declines to serve as a director at the time of the Annual Meeting, the proxies will be voted for any nominee designated by the present Board to fill the vacancy. The Company is not aware of any nominee who will be unable or expects to decline to serve as a director. The term of office of each person elected as a director will continue until the 2026 annual meeting or until a successor has been elected and qualified.

The names of the nominees, the committees they will serve on if re-elected, and certain biographical information about them, are set forth below.

¹ Effective as of 11:59 p.m. on June 12, 2025, Mr. Sacks will no longer serve as Co-Chief Executive Officer of the Company. Effective June 13, 2025, Mr. Schlosberg will serve as the Company’s sole Chief Executive Officer.

Each of our directors brings extensive management and leadership experience gained through their service in our industry and various other businesses. In these roles, they have assumed day-to-day leadership or other senior leadership responsibilities. In addition, most directors bring board experience acquired by either significant experience on other boards or long service on our Board of Directors that broadens their knowledge of board policies and processes, rules and regulations, issues and solutions. The Nominating and Corporate Governance Committee’s process for selecting and nominating qualified director candidates is described under the section entitled “Nominating and Corporate Governance Committee.” In the paragraphs below, we describe specific individual qualifications and skills of our directors that contribute to the overall effectiveness of our Board of Directors and its committees.

Rodney C. Sacks—Chairman of the Board of Directors of the Company and a director of the Company from November 1990 to the present. Co-Chief Executive Officer of the Company since January 2021 and until his resignation, effective as of 11:59 p.m. on June 12, 2025. Member of the Executive Committee of the Board of Directors (the “Executive Committee”) since October 1992. Chief Executive Officer of the Company from November 1990 to January 2021. Chairman of the Board of Directors, Co-Chief Executive Officer and a director of Monster Energy Company (“MEC”). Mr. Sacks has led the Company for over 35 years and has extensive experience in the food and beverage industry. Mr. Sacks has detailed knowledge and valuable perspective and insights regarding our business and has responsibility for development and implementation of our business strategy.

Hilton H. Schlosberg—Vice Chairman of the Board of Directors of the Company and a director of the Company from November 1990 to the present. Co-Chief Executive Officer of the Company since January 2021 and effective June 13, 2025, sole Chief Executive Officer of the Company. Member of the Executive Committee since October 1992. President, Chief Operating Officer and Secretary of the Company from November 1990 to January 2021. Chief Financial Officer of the Company from July 1996 to January 2021. Vice Chairman, Co-Chief Executive Officer and a director of MEC. Mr. Schlosberg has also led the Company for over 35 years, was the Company’s Chief Financial Officer for 24 years and has extensive experience in the food and beverage industry. Mr. Schlosberg has a high level of financial literacy, and his day-to-day supervision of business operations and co-leadership with Mr. Sacks brings valuable insight to the Board. Mr. Schlosberg has detailed knowledge and valuable perspective and insights regarding our business and has responsibility for development and implementation of our business strategy.

Mark J. Hall—Director of the Company since January 2014, employee of MEC focusing on ideation, design and development of new products since May 2017 and President of Beverage Alcohol since May 2023. Chief Marketing Officer of MEC from January 2015 to May 2017. Chief Brand Officer of MEC from January 2014 to December 2014, and President of the Monster Beverage Division from January 2007 to December 2013. Mr. Hall joined MEC in 1997 as a Senior Vice President. Prior to joining MEC, Mr. Hall was employed by the Arizona Beverage Co. as Vice President of Sales, where he was responsible for sales and distribution of products through a national network of beer distributors and soft drink bottlers in the United States. Mr. Hall has detailed knowledge of and valuable perspectives and insights into both our business and the beverage industry in general.

Ana Demel—Director of the Company since December 2021 and if re-elected, member of the Compensation Committee starting on June 13, 2025. Director of Pro Mujer, Inc. and Adjunct Professor at the New York University School of Law. Ms. Demel is currently a member of the board of directors of Pro Mujer, Inc., a women’s development non-profit that brings financial services, entrepreneurship training and basic health services to low-income women in Latin America, and previously served as the board’s Chair (from January 2021 to December 2024) and prior to that role, as its Secretary and Chair of

the Governance Committee. Ms. Demel has also served as an Adjunct Professor at the New York University School of Law since 2009. Prior to 2009, Ms. Demel was a partner at the international law firm of Cleary Gottlieb Steen & Hamilton, LLP where her practice focused on international financing and business transactions, particularly in Latin America. Ms. Demel advised public and private sector clients on a variety of transactions, including structured finance, project finance and mergers and acquisitions. Ms. Demel brings extensive legal knowledge and experience as well as a strong background in business to the Board.

James L. Dinkins—Director of the Company since November 2020. Chief Executive Officer of the Honey Baked Ham Company, LLC since May 2021 and Director of Bloomin’ Brands, Inc. since February 2025. Mr. Dinkins joined The Coca-Cola Company (“TCCC”) in 1988, serving in various account management, marketing and bottler franchise leadership roles with Coca-Cola USA until June 1999. He rejoined TCCC in August 2002 and held positions of increasing responsibility in Coca-Cola North America, including Chief Retail Sales Officer and President of the Minute Maid Business Unit. Mr. Dinkins was appointed President of Coca-Cola North America and elected Senior Vice President of TCCC effective January 1, 2018 until August 2020. Mr. Dinkins served as a Senior Advisor to TCCC through February 2021. He also served as a director of Coca-Cola FEMSA, S.A.B. de C.V. from 2020 through 2023. Mr. Dinkins is also a trustee of The University of Georgia Foundation. Mr. Dinkins has substantial business and leadership experience in the beverage industry.

William “Bill” W. Douglas III—Director of the Company since January 2025 and if re-elected, member of the Audit Committee starting on June 13, 2025. Lead Director of SiteOne Landscape Supply, Inc., Director of Coca-Cola Hellenic Bottling Company and Director of Dollar Tree, Inc. Mr. Douglas has served on the board of directors of Dollar Tree, Inc. since February 2025 and the boards of SiteOne Landscape Supply, Inc. and Coca-Cola Hellenic Bottling Company since 2016 (and indicated that he will not stand for re-election for the board of Coca-Cola Hellenic in May 2025). Before his retirement in June 2016, Mr. Douglas served as the Executive Vice President, Supply Chain of Coca-Cola Enterprises, Inc. and prior to that, served as executive vice president and chief financial officer, controller, and principal accounting officer, among other roles. Prior to Coca-Cola Enterprises, Inc., Mr. Douglas served as chief financial officer of Coca-Cola HBC. Mr. Douglas also currently serves on the boards of North Highland ESOP and Classic City Bank. Mr. Douglas has a strong background in accounting and finance as well as substantial business and leadership experience in the beverage industry.

Tiffany M. Hall—Director of the Company since October 2021 and if re-elected, member of the Nominating and Corporate Governance Committee starting on June 13, 2025. General Counsel and a member of the Management Committee at Mastercard Incorporated. Ms. Hall joined Mastercard in May 2013 and has served in various roles of increasing responsibility, most recently acting as Executive Vice President, General Counsel, Americas. Prior to joining Mastercard, Ms. Hall served as Acting Head of Marketing Legal Support & Counsel at Pernod Ricard USA and held several marketing and advertising roles at Sotheby’s, Atlantic Records and Ogilvy & Mather. Ms. Hall is also the Founder and Chief Executive Officer of Empower Cocktails, a ready-to-pour cocktail brand. Ms. Hall currently serves as a director on the board of the Children’s Museum of Manhattan. Ms. Hall brings strong legal, marketing, advertising, and entrepreneurship experience to the Board.

Jeanne P. Jackson—Director of the Company since June 2019 and member of the Compensation Committee since April 2021. Ms. Jackson has served as the Executive Chair of Spanx HoldCo LLC, a portfolio company of Blackstone, Inc., since February 2024 and as a Director of Moncler S.p.A. since April 2022. Ms. Jackson has previously served on the boards of Delta Air Lines, Inc., Kraft Heinz Company, Kraft Foods Group, Inc., McDonald’s Corporation, Nike, Inc., Nordstrom, Inc., Williams-Sonoma, Inc., Motorola Mobility Holdings, Inc., Harrah’s Entertainment Inc. and others. Ms. Jackson is

the founder of MSP Capital and served as its Chief Executive Officer from 2002 to 2009 and is again serving as its Chief Executive Officer from 2018 to present. At Nike, Inc., Ms. Jackson served as President and Senior Strategic Advisor to the Chief Executive Officer from June 2016 to August 2017, President of Product & Merchandising from July 2013 to April 2016 and President of Direct to Consumer from March 2009 to July 2013. Ms. Jackson has also served in senior leadership roles in many other organizations, including Wal-Mart.com USA, LLC, the Gap, Inc., Banana Republic, Victoria’s Secret, Saks Fifth Avenue, Walt Disney Attractions, Inc. and Federated Department Stores, Inc. Ms. Jackson brings knowledge and experience of over thirty years as a senior executive and director in an array of large, public companies.

Steven G. Pizula—Director of the Company, member of the Audit Committee since June 2019 (Chairman since January 2021) and member of the Nominating and Corporate Governance Committee since June 2022. Partner at Deloitte & Touche LLP from September 1977 to June 2018. Since joining Deloitte & Touche LLP (then Haskins & Sells) in 1977, Mr. Pizula served as the supervising audit partner on a number of large, multinational public companies in a wide range of industries, including consumer products. Mr. Pizula held various leadership positions at Deloitte & Touche LLP, most recently as Practice Growth Leader for the Pacific Southwest Region and as a Member of the National Committee for Audit Quality and National Partner Admissions Committee. Mr. Pizula is currently a board member of The Whittier Trust Company, Hoag Hospital and the Arnold and Mabel Beckman Foundation. Mr. Pizula is a Certified Public Accountant and member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. Mr. Pizula brings extensive experience in accounting and audit matters.

Mark S. Vidergauz—Director of the Company, member of the Compensation Committee since June 1998 (Chairman since June 2019), member of the Audit Committee since April 2021 and from April 2000 through May 2004, member of the Nominating and Corporate Governance Committee since June 2019 (Chairman since June 2022) and Lead Independent Director since March 2014. Chief Executive Officer of The Sage Group LLC, an investment banking firm, from April 2000 to the present. The Sage Group, LLC provides merger, acquisition and capital formation advisory services to a wide range of companies in the consumer sector. Managing Director at the Los Angeles office of ING Barings LLC, a diversified financial service institution headquartered in the Netherlands, from April 1995 to April 2000. Mr. Vidergauz brings strong merger and acquisition, corporate finance, corporate governance and leadership experience to the Board.

THE BOARD OF DIRECTORS RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” THE
ELECTION OF EACH OF THE NOMINEES FOR DIRECTOR SET FORTH ABOVE.

MANAGEMENT

Board Meetings and Committees; Annual Meeting Attendance

The Board is currently comprised of Rodney C. Sacks, Hilton H. Schlosberg, Mark J. Hall, Ana Demel, James L. Dinkins, William W. Douglas III, Gary P. Fayard, Tiffany M. Hall, Jeanne P. Jackson, Steven G. Pizula and Mark S. Vidergauz, with Mr. Douglas joining the Board effective as of January 1, 2025. The Board held six meetings during the fiscal year ended December 31, 2024. During the 2024 period in which he or she was a director, each of the ten then-acting directors, except Mr. Hall, attended at least 75% of the aggregate total number of meetings of the Board of Directors and Board committees in which he or she was a member. Although the Board does have a policy requiring attendance by directors at the annual meeting of stockholders, all of the ten then-acting directors, except Mr. Hall,

attended the annual meeting held on June 13, 2024. Mr. Hall was unable to attend such meetings due to illness.

The Board has determined that Messrs. Dinkins, Douglas, Fayard, Pizula and Vidergauz and Mses. Demel, Hall and Jackson are independent, as that term is defined in the Nasdaq Stock Market Rules and SEC regulations. Our independent directors met in executive session nine times during the fiscal year ended December 31, 2024. The executive sessions include reviewing and assessing succession plans for the Co-Chief Executive Officers and other key members of executive management.

During the fiscal year ended December 31, 2024, the Audit Committee was comprised of Gary P. Fayard, Steven G. Pizula and Mark S. Vidergauz. Mr. Pizula served as Chairman. The Board of Directors amended and restated the written charter for the Audit Committee in November 2021, which is available on our website at http://investors.monsterbevcorp.com/governance.cfm. The Audit Committee held five meetings during the fiscal year ended December 31, 2024. The Audit Committee last met in February 2025 in connection with the review of the Company’s financial statements for the fiscal year ended December 31, 2024. See “Audit Committee” below for more information.

During the fiscal year ended December 31, 2024, the Compensation Committee was comprised of Gary P. Fayard, Jeanne P. Jackson and Mark S. Vidergauz. Mr. Vidergauz served as Chairman. The Board of Directors amended and restated the written charter for the Compensation Committee in February 2023, which is available on our website at http://investors.monsterbevcorp.com/governance.cfm. All members of the Board who serve on the Compensation Committee meet the independence requirements of the Nasdaq Stock Market Rules. The Compensation Committee held seven meetings during the fiscal year ended December 31, 2024.  Under the Monster Beverage Corporation 2020 Omnibus Incentive Plan (the “2020 Omnibus Incentive Plan”), (which replaced the Monster Beverage Corporation 2011 Omnibus Incentive Plan (the “2011 Omnibus Incentive Plan”) effective June 3, 2020), and the grant procedures adopted by the Board for grants of equity awards, the Compensation Committee has sole and exclusive authority to grant equity awards to all employees and consultants who are not new hires and to all new hires and promotions who are subject to Section 16 of the Exchange Act. The Compensation Committee and the Executive Committee each independently has the authority to grant awards for new hires and promotions for employees who are not Section 16 employees.

During the fiscal year ended December 31, 2024, the Nominating and Corporate Governance Committee was comprised of Gary P. Fayard, Steven G. Pizula and Mark S. Vidergauz. Mr. Vidergauz served as Chairman. The Board adopted a written charter for the Nominating and Corporate Governance Committee, which is available on our website at http://investors.monsterbevcorp.com/governance.cfm. The Nominating and Corporate Governance Committee held one meeting during the fiscal year ended December 31, 2024 (see “Nominating and Corporate Governance Committee” below for more information).

The Executive Committee, comprised of Rodney C. Sacks and Hilton H. Schlosberg, held eight meetings during the fiscal year ended December 31, 2024. The Executive Committee manages and directs the business of the Company between meetings of the Board. Under the 2020 Omnibus Incentive Plan equity grant procedures, each of the Compensation Committee and the Executive Committee independently has the authority to grant equity awards for new hires and promotions for employees who are not Section 16 employees. Equity awards granted by the Executive Committee are not subject to approval or ratification by the Board or the Compensation Committee, as set forth in the written Equity Grant Procedures adopted by the Board (see “Compensation Discussion and Analysis – Equity Grant Procedures” below for more information).

Non-Employee Director Stock Ownership Policy

The Board has adopted stock ownership requirements for non-employee directors.  In February 2022, the Board of Directors amended and restated the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors (the “2017 Directors Plan”) to require each non-employee director to satisfy the share ownership guidelines set forth below, as may be modified by the Board of Directors from time to time. The current share ownership guidelines provide that non-employee directors of the Company must:

During 2024, all non-employee directors complied with the non-employee director stock ownership policy.

Insider Trading Policy and Procedures

The Company’s Insider Trading Policy, effective June 22, 2023 (the “Insider Trading Policy”) governs the purchase, sale, and other disposition of Company securities by our directors, officers, all other employees of the Company and its subsidiaries, and other covered persons. The Company also follows procedures for the repurchase of its securities. The Company believes that the Insider Trading Policy and repurchase procedures are reasonably designed to promote compliance with insider trading laws, rules, and regulations, and the Nasdaq listing standards. A copy of the Insider Trading Policy is included as Exhibit 19.1 to the Company’s Form 10-K filed on February 28, 2025.

Anti-Hedging Policy

The Insider Trading Policy prohibits the Company’s directors, officers and employees from engaging in transactions that use any financial instrument that is designed to hedge or offset any decrease in the market value of Company securities, including prepaid variable forward contracts, collars and exchange funds.

Anti-Pledging Policy

The Insider Trading Policy prohibits employees and directors from purchasing Company securities on margin, holding Company securities in a margin account or pledging Company securities. However, in certain limited circumstances the Company’s compliance officer may allow an employee or

director to pledge certain Company securities. As of April 11, 2025, only two employees, Mr. Sacks and Mr. Schlosberg, pledged approximately 0.3% of the shares of Common Stock they beneficially own.

Board Leadership Structure

The Board of Directors does not have a policy on whether or not the roles of Co-Chief Executive Officer and Chairman of the Board should be separate and, if they are to be separate, whether the Chairman of the Board should be selected from the non-employee directors or be an employee. The Corporate Governance Guidelines state the Board’s belief that whether to have the same person occupy the offices of chairperson of the Board and Chief Executive Officer should be decided by the Board, from time to time, in accordance with the By-laws and its business judgment after considering relevant factors, including the specific needs of the business and what is in the best interest of the Company’s stockholders. The Board believes that the Company’s current Co-Chief Executive Officer is best situated to serve as Chairman of the Board. Rodney C. Sacks has led the Company for over 35 years and therefore is highly knowledgeable with respect to the Company’s business, operations and industry. Mr. Sacks is well positioned to identify strategic priorities and lead the Board’s consideration and analysis of such priorities. On March 10, 2025, Mr. Sacks informed the Board that he will resign as Co-Chief Executive Officer at 11:59 p.m. on June 12, 2025. Effective June 13, 2025, Mr. Schlosberg will serve as the Company’s sole Chief Executive Officer. The Board has determined that the offices of chairperson of the Board and Chief Executive Officer (“CEO”) shall be occupied by separate individuals, as the Board believes that the separation of the roles of Chairman and CEO is in the best interest of the Company. In his role serving exclusively as Chairman, Mr. Sacks will preside at all meetings of the Board and the stockholders and shall perform such other duties, and exercise such powers, as prescribed in the Company’s By-laws or by the Board from time to time. A copy of the Corporate Governance Guidelines is available on our website at http://investors.monsterbevcorp.com/governance.cfm.

Lead Independent Director

In March 2014, the independent directors of the Board approved a Lead Independent Director Charter and subsequently approved an amendment and restatement of the charter in April 2025. Under the Amended & Restated Lead Independent Director Charter, if the offices of Chairman of the Board and Chief Executive Officer are held by the same person or if the Chairman of the Board is determined by the Board not to be independent, the independent members of the Board of Directors will annually elect, with a majority vote, an independent director to serve in a lead capacity. Although elected annually, the Lead Independent Director is generally expected to serve for more than one year. The Lead Independent Director may be removed or replaced at any time with or without cause by a majority vote of the independent members of the Board.

Mr. Vidergauz is currently the Lead Independent Director. In this capacity, Mr. Vidergauz is, among other things, responsible for leading executive sessions of the independent directors and serving as the principal liaison between the Chairman, Vice Chairman and the independent directors. A copy of the Lead Independent Director Charter is available on our website at http://investors.monsterbevcorp.com/ governance.cfm.

The Board’s Role in Risk Oversight

The Board of Directors plays an active role in overseeing and managing the Company’s risks. The full Board and its Executive Committee regularly review the Company’s results, performance, operations, competitive position, business strategy, liquidity, capital resources, product distribution and

development, material contingencies and senior personnel, as well as the risks associated with each of these matters. The Board implements its risk oversight function both as a whole and through its standing committees. Certain of the work is delegated to committees, which meet regularly and report back to the full Board.

The Compensation Committee reviews the Company’s compensation practices and discerns the relationship among risk, risk management and compensation in light of the Company’s objectives. The Compensation Committee will also review the Company’s human capital management objectives, philosophies, policies and practices.

The Audit Committee reviews and discusses with management the risks faced by the Company and the policies, guidelines and process by which management assesses and manages the Company’s risks, including the Company’s major financial risk exposures and risks related to financial statements, the financial reporting process and accounting and legal matters, as well as the steps management has taken to monitor and control such exposures. The Audit Committee also reviews key aspects of the Company’s sustainability strategies. In addition, while the Chief Information Officer and his information security leadership team are responsible for leading our cybersecurity policy, standards, and processes, the Chief Information Officer reports any potentially material cybersecurity incidents, including with respect to our third-party service providers, to the Audit Committee who, in turn and if necessary, briefs the full Board on, among other matters, our cyber risks and threats, the status of projects to strengthen our information security systems (such as employee cybersecurity training), an assessment of the information security program, and the emerging threat landscape.

The Nominating and Corporate Governance Committee oversees the Company’s corporate governance framework and the Company’s policies related to human rights.

The full Board also discusses risk throughout the year during meetings in relation to specific proposed actions including risks related to reputation. These processes are designed to ensure that risks are taken knowingly and purposefully. The Board believes that its role in oversight of risk management (as well as the role of the Compensation Committee and the Audit Committee) has not adversely affected its leadership structure or results of operations.

Information about Our Executive Officers

The names and ages of our executive officers, and certain biographical information about them, are set forth on page 11 and below.

Thomas J. Kelly—Chief Financial Officer of the Company since January 2021. Executive Vice President, Finance, and/or Controller and Secretary of MEC from 1992 to January 2021. In his position as Chief Financial Officer, Mr. Kelly reports directly to the Executive Committee and our Board of Directors. Prior to joining MEC, Mr. Kelly served as controller for California Copackers Corporation. Mr. Kelly is a Certified Public Accountant (inactive) and has worked in the beverage business for over 39 years.

Emelie C. Tirre—Chief Commercial Officer since June 2024. In her position as Chief Commercial Officer, Ms. Tirre provides commercial oversight of the Company’s business activities and operations in certain specified countries and territories. She frequently reports directly to the Executive Committee and our Board of Directors.  Ms. Tirre joined MEC in July 2010, and previously served as President of the Americas, Chief Commercial Officer for North America and Senior Vice President of Sales for North America.  Ms. Tirre has worked in the beverage business for over 33 years.

Guy P. Carling—President of EMEA & OSP since November 2024. In his position as President of EMEA & OSP, Mr. Carling oversees the Company’s sales, development and expansion in markets in Europe, the Middle East and Africa as well as Oceania and the South Pacific. Mr. Carling frequently reports directly to the Executive Committee and our Board of Directors. Mr. Carling joined MEC in December 2007 and previously served as Chief Commercial Officer & Managing Director of EMEA before becoming President, EMEA in July 2018. Mr. Carling has worked in the beverage business for over 27 years.

COMPENSATION DISCUSSION AND ANALYSIS

This compensation discussion and analysis provides information about the material elements of compensation that are paid, awarded to, or earned by our named executive officers (“NEOs”). During the fiscal year ended December 31, 2024, our NEOs were Rodney C. Sacks, Hilton H. Schlosberg, Thomas J. Kelly, Emelie C. Tirre and Guy P. Carling.

Executive Summary

The global, evolving food and beverage industry witnessed shifts in fiscal year 2024, resulting in the Company facing changes in consumer product and shopping preferences and increased competition in the beverage industry. Despite such challenges, the Company’s net sales increased to a record $7.49 billion, up 4.9% from fiscal year 2023. In addition, gross profit as a percentage of net sales for fiscal year 2024 was 54%, up 0.9% from fiscal year 2023. The Company’s five-year total shareholder return (“TSR”) performance from 2020 through 2024 was 65.4%.

Each of our NEOs once again had a pre-established target bonus opportunity as part of our annual incentive award (“AIA”) program for short-term annual incentive compensation. Our NEOs’ target AIAs were earned based on pre-established financial criteria and individual performance criteria, weighted 75% and 25%, respectively. In addition to the AIAs, the Compensation Committee approved grants of performance share units (“PSUs”), together with time-vested stock options and time-vested restricted stock units (“RSUs”), to all of our NEOs. The PSUs granted in 2024 (“2024 PSUs”) represented generally 50% of the NEO annual long-term incentive (“LTI”) grant value in 2024 and will be eligible to be earned based on the Company’s three-year cumulative adjusted diluted earnings per share (“EPS”) from 2024 through 2026 (i.e., one single, three-year performance period).

The financial performance component of the AIAs for the 2024 fiscal year was earned at 80.4% of target based on the Company’s adjusted operating income falling between the pre-established threshold and target performance goal. The individual performance component of the AIAs was certified by the

Compensation Committee at 100% of target for each of our NEOs, for overall payouts of approximately 85% of each NEO’s applicable target AIA opportunity. Additionally, the 2022 PSU grants with a three-year measurement period beginning on January 1, 2022 and ending on December 31, 2024 were earned at 90% of target in connection with three-year cumulative adjusted diluted EPS during such measurement period falling between the pre-established threshold and target performance goal.

2024 “Say-on-Pay” Vote Results

At our 2024 annual meeting of stockholders, 93.9% of the votes cast (excluding abstentions and broker non-votes) were in favor of our advisory resolution regarding the compensation of our NEOs. Consistent with prior years, the Compensation Committee believes the Company’s pay-for-performance philosophy, incentive program design, target pay levels and other policies and practices resonates with our stockholders. No specific changes were made to the compensation program for NEOs as a direct response to the result of the vote conducted in 2024. The Compensation Committee will continue to consider the results of future advisory votes on executive compensation and the input received from our large institutional stockholders regarding our compensation programs in periodic discussions held with the Company’s executive leadership team.

Rodney Sacks Transition Letter

In anticipation of the Annual Meeting, Mr. Sacks and the Company entered into the Sacks Transition Letter on March 10, 2025 to confirm the terms of the ongoing service of Mr. Sacks to the Company after Mr. Sacks resigns as Co-Chief Executive Officer of the Company, effective as of 11:59 p.m. on June 12, 2025, and to amend the Sacks Employment Agreement. Mr. Sacks will remain as Chairman from June 13, 2025 through December 31, 2026, subject to his re-election at each of the Annual Meeting and our annual meeting to be held in 2026. During this transition period, Mr. Sacks will be responsible, in an employee capacity and in conformity with the sentiment of the Board, as represented by its Lead Independent Director, and the CEO, for strategic direction over the Company’s marketing, innovation and litigation efforts until the Sacks Retirement Date. The Company’s CEO will have full management authority with respect to all operations of the Company. For a summary description of the compensatory terms of this agreement, see “Narrative to 2024 Summary Compensation Table and 2024 Grants of Plan-Based Awards Table – Employment Agreements and Arrangements” below.

2024 Compensation Program

Compensation Philosophy

Our executive compensation program is designed to reinforce ownership and overall entrepreneurialism and to link rewards to measurable corporate and qualitative individual performance. The program’s primary objectives are to motivate and retain executive talent, to reward executives fairly for performance relative to business plan goals, and to create sustainable stockholder value through continued profitable growth.

In executing on these objectives, the Compensation Committee has integrated cash and equity incentive compensation programs with our short- and long-term strategic plans in order to align the interests of our NEOs with the long-term interests of our stockholders. With respect to specific elements of compensation, base salary is a fixed amount to secure executive service, the AIA is designed to incentivize and reward achievement of short-term financial and operating performance, and equity grants that vest over multiyear periods are designed to reward long-term financial and stock price performance as well as serve as a key retention vehicle for our executive talent. While the Compensation Committee

intends for compensation levels to be competitive relative to similarly situated executives at companies of comparable size and scope of operations, we do not set specific market positioning or percentiles but consider market data, Company performance and individual performance in determining compensation levels.

The Compensation Committee annually evaluates risks and rewards associated with the Company’s overall compensation philosophy and structure. Frederic W. Cook & Co., Inc. (“F.W. Cook”) performed an annual risk assessment in November 2024 to demonstrate whether the Company’s pay practices and policies pose significant financial, operational or other risks that are reasonably likely to have a material adverse effect on the Company. F.W. Cook’s report summarizing the results of this assessment was reviewed and discussed with the Compensation Committee. Based upon F.W. Cook’s review, as with fiscal year 2023, the Compensation Committee concluded that the risks arising from the Company’s overall compensation programs are not reasonably likely to have a material adverse effect on the Company.

Setting Executive Compensation for 2024

The compensation programs for our NEOs are generally administered by or under the direction of the Compensation Committee, with determinations concerning NEOs other than the Co-CEOs based on the recommendation of the Executive Committee. The compensation program for all NEOs is benchmarked annually by the Compensation Committee’s independent consultant to help inform the Compensation Committee in determining that compensation levels are competitive and reasonable. In reviewing the compensation for Mr. Sacks and Mr. Schlosberg, the Compensation Committee recognizes that they serve as our co-leaders. Given the long-term complementary nature of their leadership and their contributions to our success, the Compensation Committee has historically determined, and continues to determine, that it is appropriate to compensate them equally.

For 2024 compensation decisions, the Compensation Committee again retained F.W. Cook to provide competitive market data and make recommendations to the Compensation Committee with respect to compensation for Mr. Sacks and Mr. Schlosberg and to both the Compensation Committee and Executive Committee with respect to compensation for our other NEOs and senior management. F.W. Cook reports directly to the Compensation Committee and did not perform any other services for the Company in 2024. Following an independence assessment of F.W. Cook during 2024, the Compensation Committee determined that the services provided by F.W. Cook did not raise any conflicts of interest.

The Compensation Committee does not set compensation at a targeted percentile level relative to the market, but we do seek to provide salary, incentive compensation opportunities and employee benefits that are largely competitive within the consumer products industry, the food and beverage industry and within the labor markets in which we participate. Within this framework, we generally seek to keep target cash compensation levels below median for Mr. Sacks and Mr. Schlosberg, with equity awards providing enhanced compensation opportunities. We gather market compensation data to provide context, but we also consider Company and individual performance, as well as our recruiting and internal retention experience when making executive compensation decisions.

The Compensation Committee consulted with F.W. Cook in early 2024 to conduct a competitive market analysis for the year (the “Early 2024 Market Analysis”) using a comparison group of similarly sized, high-performing U.S. food and beverage and consumer products companies (the “2024 Peers”). As market compensation levels are correlated to revenues for cash compensation and market capitalization for equity compensation, the Compensation Committee selects its peer companies using objective size criteria for each metric. Relative to the 2024 Peers, in early 2024, revenue was below the median,

operating income was between the median and 75^th percentile, and market capitalization was above the 75^th percentile. The 2024 Peers were the same as the peers referenced for 2023 compensation, other than the removal of Peloton Interactive, Inc., PVH Corp. and Under Armour, Inc. and the addition of Mondelez International, Inc. The resulting 2024 Peers composed of 16 companies are shown below:

The Early 2024 Market Analysis was considered in determining the NEOs’ 2024 base salaries, target AIA opportunities and equity award grant values.

In November 2024, subsequent to F.W. Cook’s review of the 2024 Peers, F.W. Cook determined that the companies consisting of the 2024 Peers continued to be reasonable on the basis of size, with the Company continuing to be in the lower-quartile for revenue and in the upper quartile for market capitalization. At. F.W. Cook’s recommendation, the Compensation Committee agreed to remove V.F. Corporation as a member of our peer group as its market capitalization and operating income fell below our primary size range.

Taking into consideration the Early 2024 Market Analysis, the Compensation Committee set the Co-CEOs’ 2024 target cash compensation below the median of the 2024 Peers and granted them above-median equity compensation in order to align their interests over the long-term with those of our stockholders. The Early 2024 Market Analysis noted that the performance of the Company was above the peer 75^th percentile in revenue growth (75^th percentile), EPS growth (78^th percentile) and near the 75^th percentile for return on invested capital (73^rd percentile). This level of operating performance was considered significant by the Compensation Committee and informed its determination of the target total compensation of Mr. Sacks and Mr. Schlosberg above the 2024 Peers’ 75^th percentile. The peer group data serves as only one reference point used by us when making compensation decisions. However, we generally believe that reviewing and analyzing such pay and performance information is an important component of our executive compensation decision-making process.

The 2024 awards of stock options, RSUs and PSUs granted to Mr. Sacks and Mr. Schlosberg are consistent with our annual grant philosophy and serve to reward them for the Company’s continued growth in key performance criteria in 2024 as well as further align their interests with our stockholders. Recent equity awards granted to Mr. Sacks and Mr. Schlosberg vest over a three-year period, in each case, per the terms of their respective stock option, RSU and PSU award agreements.

For 2024, the decisions to increase base salaries for each of Mr. Kelly, Ms. Tirre and Mr. Carling were informed by F.W. Cook’s senior executive benchmarking analysis and individual performance. Specifically, F.W. Cook’s senior executive benchmarking analysis was used for guidance in determining the total compensation for Mr. Kelly, Ms. Tirre and Mr. Carling, which included specified performance targets for their respective AIAs. The compensation levels for Mr. Kelly, Ms. Tirre and Mr. Carling were generally set relative to the market data in F.W. Cook’s senior executive benchmarking analysis with near-median long-term equity compensation value provided in aggregate through stock options, RSUs and

PSUs, in order to emphasize the Company’s commitment to continued stockholder growth and to recognize that long-term equity compensation has been an effective incentive for motivating performance. The compensation levels also reflect annual cash compensation that is comparable to the compensation received by similarly-situated individuals employed by the 2024 Peers. Recent equity awards granted to Mr. Kelly vest over a three-year period, and recent stock option, PSU awards and RSU awards granted to Ms. Tirre and Mr. Carling generally vest over a three- or five-year period per the terms of their respective stock option, RSU and PSU award agreements.

We view all components of compensation as related but distinct. We determine the appropriate level for each compensation component, based in part, but not exclusively, on competitive benchmarks gathered through our recruitment and retention experience, market data such as the Early 2024 Market Analysis discussed above, and our review of internal comparatives as well as other considerations we deem relevant, such as individual and corporate performance. We believe that equity awards effectively reward for long-term performance and are an important compensation-related motivator to attract and retain executives through the various vesting periods and through the achievement of applicable performance thresholds. In addition, we believe equity awards allow executives to share in the value that they help create. Except as described in this proxy statement, neither our Compensation Committee nor our Executive Committee has adopted any formal or informal policies or guidelines for allocating compensation between short-term and long-term and current compensation between cash and non-cash compensation. However, our Compensation Committee and Executive Committee’s respective philosophy is that a greater percentage of our NEOs’ compensation should be rewarded in long-term equity rather than short-term cash, and we believe that this philosophy has benefited our long-term performance by attracting, retaining and motivating a long-tenured NEO group that has built significant long-term value for our stockholders. Compensation packages for each of our NEOs are tailored to each individual NEO’s circumstances by the Compensation Committee and/or the Executive Committee, as appropriate. Those decisions are largely based on subjective evaluations of Company and individual performance, with consideration given to compensation of comparable officers at companies who are in our peer group. Each element of compensation is determined differently for each individual NEO, based on a variety of facts and circumstances applicable at the time and specific to that NEO.

Our Compensation Committee and Executive Committee perform an annual strategic review of LTI compensation paid to our NEOs to determine whether the Company has provided effective incentives and motivation to such NEOs and whether the Company adequately compensates our NEOs relative to comparable officers in other companies with which we compete for executives. For decisions regarding the grant of equity compensation relating to NEOs, other than our Chairman and Co-Chief Executive Officer and our Vice Chairman and Co-Chief Executive Officer, the Compensation Committee specifically considers recommendations from the Executive Committee.

2024 Compensation Program Components

Our NEO compensation program for 2024 had three primary components: base salary, annual bonus and equity awards granted pursuant to the Monster Beverage Corporation 2020 Omnibus Incentive Plan (the “2020 Omnibus Incentive Plan”).

Each of the primary components of NEO compensation for 2024 is discussed below.

2024 Base Salary

Base salaries for our NEOs are established based on the scope of their individual responsibilities, taking into account competitive market remuneration paid by other companies for individuals in similar

positions. We set NEO base salaries at levels which we believe enable us to retain individuals in a competitive environment (but without any fixed formula) and reward performance based upon contributions to our overall business goals. We may also utilize input on compensation from compensation consultants, executive search firms and market data when making crucial hiring decisions.

For 2024, the Compensation Committee determined the base salaries for Mr. Sacks, Mr. Schlosberg and the other NEOs (the latter of which were based on the recommendation of the Executive Committee).

Following the Compensation Committee’s discussions with F.W. Cook, base salaries for 2024 for all NEOs were increased in connection with market adjustments based on the Early 2024 Market Analysis. The annual base salary for each of Mr. Sacks and Mr. Schlosberg was increased from $1,100,000 to $1,200,000 to maintain their market positioning for this compensation element between the 25^th percentile and median of our Early 2024 Peers. For 2024, Mr. Kelly’s annual base salary was increased from $610,000 to $650,000, Ms. Tirre’s annual base salary was increased from $820,000 to $870,000, and Mr. Carling’s annual base salary was increased from £565,000 to £600,000 (paid in Pound Sterling (“GBP”) and converted to United States Dollars (“USD”) using the average exchange rate of GBP to USD on a monthly basis for the year ended December 31, 2024).

2024 AIAs

For 2024, our NEOs were granted AIAs based on a formulaic approach, whereby each NEO had a target AIA opportunity (expressed as a percentage of base salary), set by the Compensation Committee, that is earned based on pre-established financial and individual performance criteria, weighted 75% and 25%, respectively. The Compensation Committee determines the AIAs for Mr. Sacks, Mr. Schlosberg and the other NEOs (with the determination regarding the other NEOs based on the recommendation of the Executive Committee).

NEOs’ target AIA opportunities ranged from 75% to 150% of 2024 base salary, as shown in the table below. No changes were made to the target AIA opportunities for our NEOs.

Payouts were eligible to range from 0% to 200% of the applicable target performance criteria, with no payout earned for performance below a threshold level. In developing the performance goals for the AIAs granted in 2024, the Compensation Committee worked with F.W. Cook to develop a target goal that represented a meaningful level of growth relative to prior year performance with sufficient rigor to be challenging, but possible, to achieve. Adjusted operating income was maintained as the primary performance criteria in fiscal year 2024 because we believe it is an appropriate measurement for management’s contributions to operating performance and profitability of the Company. The adjustments to operating income allow evaluation of performance but exclude certain gains and charges which can distort operating income. For further information on the adjusted operating income compensation performance measure, which is a non-GAAP financial measure, see Appendix A. Achievement under either the adjusted operating income or the individual performance component of AIAs are independent of each other (i.e., a payout can be made under one component even if no payout is made under the other).

Consistent with past practice, payout of AIAs can be made in the form of cash, shares of our Common Stock or a combination of cash and shares of our Common Stock at the Compensation Committee’s discretion, and equal to the weighted sum of the achievement for each applicable performance metric. Linear interpolation is applied to calculate the actual percentage payout for achievement of the adjusted operating income component between threshold, target, and maximum performance levels.

The actual achievement of the adjusted operating income and the individual performance components under the AIAs were certified and approved by the Compensation Committee and paid in the first quarter of 2025 following a review of financial results prepared by the Company’s management and evaluation of each NEO’s individual performance based on a variety of factors. With respect to the individual performance component, the Co-Chief Executive Officers informed the Compensation Committee of their assessment of each other NEO’s contribution to the Company’s fiscal 2024 performance. The Compensation Committee determined that the adjusted operating income component was 80.4% achievement for all NEOs and the individual performance component was 100% for all NEOs for the following reasons: with respect to Mr. Sacks and Mr. Schlosberg, due to the Company’s continued market strength and adaptability in an increasingly competitive environment; with respect to Mr. Kelly, due to his navigation of the financial implications caused by the prevailing macroeconomic conditions (in particular, foreign currency exchange rate impacts); and with respect to Ms. Tirre and Mr. Carling, due to record sales domestically and abroad. For a reconciliation of adjusted operating income to operating income, which is the most directly corresponding GAAP financial measure, see Appendix A. The total 2024 AIAs for each NEO is set forth in the table below.

The full portion of the 2024 AIAs for all NEOs were paid in cash.

The 2024 AIAs were granted by the Compensation Committee in early 2024 and the Compensation Committee confirmed achievement in early 2025.

2024 LTI Program

We believe that long-term performance is achieved through an ownership culture that encourages superior performance by our NEOs through the use of equity awards and, as a result, the compensation

program emphasizes equity awards over cash compensation. The Compensation Committee reviews and approves equity awards to our NEOs based upon compensation data principally gathered through a market analysis conducted by our independent compensation consultants, our recruiting and retention experience and our qualitative assessment of individual performance, as well as a review of each NEO’s current LTI award opportunities and retention considerations.

With respect to 2024, the Compensation Committee determined that the March 2024 LTI grants to Mr. Sacks and Mr. Schlosberg would be split among time-vested stock options (25% weighting), time-vested RSUs (25% weighting), PSUs (50% weighting) and that the March 2024 LTI grants to Mr. Kelly, Ms. Tirre and Mr. Carling would be split among time-vested stock options (approximately 28% weighting), time-vested RSUs (approximately 24% weighting) and PSUs (approximately 48% weighting).

PSUs

Following the Compensation Committee’s introduction of PSUs as part of the overall award mix in 2020, 2024 continued the practice from fiscal years 2021, 2022 and 2023 of granting PSUs that cliff vest over a single three-year performance period, subject to pre-established performance goals and continued service during the period. The Compensation Committee believes that a three-year performance period for grants of PSUs continues to align the NEOs’ compensation with long-term growth and objectives. Specifically, the 2024 grants of PSUs are eligible to be earned based on three-year cumulative adjusted diluted EPS from fiscal year 2024 through fiscal year 2026. The number of PSUs that may be earned range from 0% to 200% of target versus the pre-established performance goals, with threshold, target and maximum performance levels earning 50%, 100% and 200% of target PSUs, respectively, as set forth in the table below (linear interpolation applies between performance levels with no payout for performance below the threshold level).

For the 2022 PSU grants, relating to the performance period beginning on January 1, 2022 and ending on December 31, 2024, the pre-established threshold, target and maximum performance levels are set forth in the table below (linear interpolation applies between threshold/target and target/maximum performance goals with no payout for performance below threshold).

With the completion of the vesting period for the 2022 PSU grants, the Compensation Committee considered the three-year cumulative adjusted diluted EPS from 2022 through 2024 of $4.510 and awarded the NEOs the following number of shares of Common Stock based on 90% achievement, as set

forth in the table below. For a reconciliation of adjusted diluted EPS to diluted EPS, the most directly comparable GAAP financial measure, see Appendix A.

Stock Options and RSUs

In addition to the PSUs, each of Mr. Sacks and Mr. Schlosberg were granted 153,500 stock options under the 2020 Omnibus Incentive Plan that vest in three annual installments as follows: 51,167 shares on March 14, 2025, 51,167 shares on March 14, 2026 and 51,166 shares on March 14, 2027, in each case, subject to their continued employment through each vesting date. Additionally, each of Mr. Sacks and Mr. Schlosberg were granted 58,000 RSUs under the 2020 Omnibus Incentive Plan that vest in three annual installments as follows: 19,333 units on March 14, 2025, 19,333 units on March 14, 2026 and 19,334 units on March 14, 2027, in each case, subject to their continued employment through each vesting date. These grants, taken together with PSU grants, represented an aggregate annual grant value of approximately $14.1 million, an increase of $0.3 million from fiscal year 2023. Mr. Kelly was granted 9,000 stock options under the 2020 Omnibus Incentive Plan that vest in three equal annual installments on March 14, 2025, March 14, 2026 and March 14, 2027, subject to his continued employment through each vesting date. Ms. Tirre and Mr. Carling were each granted 18,000 stock options under the 2020 Omnibus Incentive Plan that vest in five annual installments as follows: the option to purchase 1,800 shares on March 14, 2025, the option to purchase 2,700 shares on March 14, 2026, the option to purchase 3,600 shares on March 14, 2027, the option to purchase 4,500 shares on March 14, 2028, and the option to purchase 5,400 shares on March 14, 2029, in each case, subject to their continued employment through each vesting date. Additionally, Mr. Kelly was granted 3,000 RSUs that vest in three equal annual installments on March 14, 2025, March 14, 2026, and March 14, 2027, subject to his continued employment through each vesting date. Ms. Tirre and Mr. Carling were each granted 6,000 RSUs that vest in five annual installments as follows: 600 units on March 14, 2025, 900 units on March 14, 2026, 1,200 units on March 14, 2027, 1,500 units on March 14, 2028, and 1,800 units on March 14, 2029, in each case, subject to their continued employment through each vesting date.

Deferred Compensation

The Monster Beverage Corporation Deferred Compensation Plan (the “Deferred Compensation Plan”) (amended effective January 1, 2017) was adopted to permit eligible employees to elect to defer cash and/or equity compensation and to receive the deferred amounts, together with an investment return (positive or negative), either at a pre-determined time in the future or upon termination of their employment with the Company or its subsidiaries or affiliates that are participating employers under the Deferred Compensation Plan.  We believe that maintaining the Deferred Compensation Plan provides value to our NEOs who may otherwise not be able to fully participate in our qualified retirement plans due to certain limitations under the Internal Revenue Code of 1986, as amended (the “Code”). Deferrals

under the Deferred Compensation Plan are unfunded and unsecured.  Mr. Schlosberg is the only NEO who currently participates in the Deferred Compensation Plan. See “2024 Non-Qualified Deferred Compensation Table” for further information.

Employment Agreements

Certain NEOs who are parties to employment agreements will continue to be subject to such agreements in their current form based on the terms of such agreements (and in the case of Mr. Sacks, as modified by the Sacks Transition Letter (as defined and described in further detail below)), or upon renewal should the Compensation Committee determine in its discretion that revisions to such employment agreements are recommended. On June 13, 2024, MEC entered into an employment agreement with Ms. Tirre. On March 10, 2025, we entered into a transition letter agreement with Mr. Sacks pursuant to which he will be eligible to receive certain payments and other benefits (the “Sacks Transition Letter”). We believe that having employment agreements with Mr. Sacks, Mr. Schlosberg and Ms. Tirre is beneficial to us because it provides retentive value and subjects each of them to restrictive covenants. For a summary description of the terms of these agreements, see “Narrative to 2024 Summary Compensation Table and 2024 Grants of Plan-Based Awards Table – Employment Agreements and Arrangements” below.

Perquisites

Consistent with prior years, we continued to maintain our current perquisites for our NEOs, which we believe are in line with those provided by comparable companies within the consumer products industry, the food and beverage industry and within the labor markets in which we participate, for similarly situated executives, based principally on information gathered through our recruiting and retention experience. The perquisites include payment of the cost and expense for personal use of a Company automobile or an automobile allowance and the Company’s payment of benefit premiums under certain employee benefit plans. For Mr. Sacks and Mr. Schlosberg, the perquisites include the use of an office desk for a personal accountant on an occasional basis, at no cost to the Company, and starting January 1, 2024, personal security services as approved by the Compensation Committee. In addition, pursuant to their employment agreements, Mr. Sacks, Mr. Schlosberg and Ms. Tirre are entitled to receive initial and annual fees and all other reasonable expenses relating to membership in up to two business or social clubs, in the case of Mr. Sacks and Mr. Schlosberg, and in the case of Ms. Tirre, one business or social club, in each case as selected by the executive. However, the Compensation Committee in its discretion may revise, amend or add to the employee benefits and perquisites of a NEO if it deems it advisable. We view the employee benefits and perquisites provided to our NEOs as appropriate business expenses, and executives bear all taxes associated with these employee benefits and perquisites. These arrangements do not provide for tax gross ups. See the “All Other Compensation” column of the Summary Compensation Table for the aggregate incremental costs of these perquisites.

Stock Ownership Guidelines

In 2024, the Board maintained stock ownership guidelines, which were amended in February 2024 (the “Amended and Restated Stock Ownership Guidelines”), to further align the interests of the Company’s Co-Chief Executive Officers, Chief Financial Officer (“CFO”) and other employees who are determined by the Company to be executive officers within the meaning of Rule 16a-1(f) under the Securities Exchange Act of 1934 (“Section 16 Officers”), which currently includes both Ms. Tirre and Mr. Carling, with the interests of stockholders and to further promote the Company’s commitment to sound corporate governance.

The Amended and Restated Stock Ownership Guidelines require, in the case of the Company’s Co-Chief Executive Officers and CFO, as applicable, to hold an amount of stock at least equal to six times annual base salary (consistent with the originally adopted Stock Ownership Guidelines), and in the case of the Company’s other Section 16 Officers, as applicable, to hold an amount at least equal to three times annual base salary.

Shares that satisfy the Amended and Restated Stock Ownership Guidelines include: Company stock owned directly or indirectly with, or separately by, the covered executive officer’s immediate family members residing in the same household; shares held in trust for the benefit of the covered executive officer or his or her immediate family members; all unvested restricted stock or RSUs with time-based vesting; and shares held in the Deferred Compensation Plan. Unexercised stock options, or the unearned portion of any restricted stock or RSUs with performance-based vesting, do not count towards satisfying the guidelines.

Prior to its amendment and restatement, the Stock Ownership Guidelines provided that any newly appointed CEO and CFO would have five years from the date of his or her appointment to comply with the guidelines. The Amended and Restated Stock Ownership Guidelines remove this five-year stipulation and provide that once an executive officer becomes covered, if such covered executive officer is not yet in compliance on the date he or she becomes subject to the guidelines, then such covered executive officer is not permitted to sell any shares and must retain at least 50% of any shares received after settlement (i.e., on an after-tax basis) of vested equity awards. The Company believes this new retention element introduced with the Amended and Restated Stock Ownership Guidelines reinforces the significance of aligning the Company’s executive leadership team with our shareholder base.

The Compensation Committee will monitor compliance with the Amended and Restated Stock Ownership Guidelines and has the authority to establish, review and approve the guidelines as it deems appropriate.

During 2024, each of our NEOs were in compliance with the Amended and Restated Stock Ownership Guidelines.

Clawback Provisions

Pursuant to the 2011 Omnibus Incentive Plan and the 2020 Omnibus Incentive Plan, the Compensation Committee may specify in an award agreement that a participant’s rights, payments, and benefits with respect to an award granted under either plan, as applicable, will be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events in order to discourage participants (including our NEOs) from acting in a manner that could result in a risk of litigation or otherwise while conducting business. If the Company is required to file an accounting restatement due to the material noncompliance of the Company as a result of misconduct with any financial reporting requirement under the securities laws, if a participant knowingly or recklessly engaged in the misconduct, or knowingly or recklessly failed to prevent or report the misconduct, or if a participant is subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, such participant will reimburse the Company the amount of any payment in settlement of an award earned or accrued under the 2011 Omnibus Incentive Plan or earned or accrued under the 2020 Omnibus Incentive Plan, as applicable, for such period as determined by the Compensation Committee following the first public issuance or filing with the SEC (whichever occurred most recently) of the financial document reflecting such material noncompliance.

On December 1, 2023, in response to the SEC’s adoption of Rule 10D-1 of the Securities Exchange Act of 1934, which implemented the incentive-based compensation recovery provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Nasdaq Listing Rule 5608, the Board adopted the Monster Beverage Corporation Clawback Policy (the “Clawback Policy”) to enable the Company to recover erroneously awarded compensation from all current or former Section 16 Officers if the Company is required to prepare an accounting restatement of the Company’s financial statements due to the Company’s material noncompliance with any financial reporting requirement under the securities laws. The Clawback Policy supplements the provisions of the 2011 Omnibus Incentive Plan and the 2020 Omnibus Incentive Plan.

Equity Grant Procedures

Employee Benefit Plans

Our full-time employees, including our NEOs who generally participate on the same basis as our broader employee population, are entitled to various employee benefits, which generally include health care plans, flexible spending accounts, life and disability insurance and paid time off.

401(k) Plan

Our employees, including our NEOs, may participate in our 401(k) plan, a defined contribution plan that qualifies under Section 401(k) of the Code. Participating employees may contribute up to statutory limits. We make discretionary matching contributions and currently match 50% of our employee contributions, up to 8% of each employee’s earnings on a per pay period basis, which vest at a rate of 50% upon completion of two years of service, 75% upon completion of three years of service and 100% upon completion of four years of service.

Change in Control and Separation Arrangements

Certain of our NEOs, per the terms of their respective employment agreements and/or equity award agreements, are eligible for certain benefits and/or payments if there is a change in control and/or a termination of their employment, as described under “Potential Payments Upon Termination or Change in Control” beginning on page 39.

Beginning with the Company’s 2021 LTI grants and continuing through the 2024 LTI grants, the award agreements for each of the PSUs, time-vested RSUs and stock options provide for “double-trigger” vesting provisions for all NEOs, which accelerates vesting upon a qualifying termination of employment following the occurrence of a change in control where such awards are assumed, replaced or continued. Upon a change in control where such awards are assumed, replaced or continued, the PSUs will automatically convert into time-vested RSUs, with vesting occurring on the original vesting date

applicable to such PSUs; provided that such converted time-vested RSUs will automatically accelerate upon a subsequent qualifying termination of employment. The number of time-vested RSUs that a portion of the PSUs could convert to depends on the timing of a change in control. If a change in control had occurred during the first year of the three-year performance period, the number of shares of Common Stock underlying the RSUs to be delivered would have been based on the number of shares of Common Stock deliverable at target performance (as outlined in the applicable award agreement). If a change in control occurs during the second or third year of the three-year performance period, the number of shares of Common Stock underlying the RSUs to be delivered will be based on the number of shares of Common Stock deliverable at actual performance for the portion of the performance period that ended before the change in control (as outlined in the applicable award agreement). Upon a change in control where time-vested RSU and stock option awards are assumed, replaced or continued, each of the time-vested RSU and stock option awards will automatically accelerate upon a subsequent qualifying termination of employment.

We believe these arrangements are an important part of overall compensation and will help to secure the continued employment and dedication of our NEOs prior to or following a change in control, notwithstanding any concern that they may have at such time regarding their own future and continued employment. In addition, we believe that these arrangements are an important recruitment and retention incentive. These arrangements do not provide for tax gross ups.

Tax and Accounting Implications

We considered the taxation and accounting consequences of our executive officer compensation programs as part of our internal evaluation of such programs and awards made under them. However, consistent with prior years, those consequences were not a deciding factor in our decisions in establishing or administering our executive officer compensation programs for fiscal year 2024.  We retain the discretion to structure compensation in ways that may result in less than full deductibility, that may not maximize tax savings and that may not minimize the accounting cost to the Company.

Compensation Committee Report

The Compensation Committee has reviewed and discussed with management the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K. Based on such review and discussions, the Compensation Committee recommended to the Board that the Compensation Discussion and Analysis referred to above be included in this proxy statement.

2024 Summary Compensation Table

The following table summarizes the total compensation of our NEOs during the fiscal years ended December 31, 2024, 2023 and 2022.

2024 Grants of Plan-Based Awards

The following table summarizes grants of plan-based awards granted to our NEOs during the fiscal year ended December 31, 2024.

Narrative to 2024 Summary Compensation Table and 2024 Grants of Plan-Based Awards Table

Employment Agreements and Arrangements. The principal terms of the employment agreements and arrangements with our NEOs are set forth below.

Rodney C. Sacks – On March 18, 2014, we entered into an employment agreement with Mr. Sacks (the “Sacks Employment Agreement”), pursuant to which Mr. Sacks renders services as our Chairman and Co-Chief Executive Officer. Under the Sacks Employment Agreement, Mr. Sacks’ annual base salary will be reviewed annually and increased at the discretion of our Board. Mr. Sacks is eligible to receive an AIA as described under “Compensation Discussion and Analysis – 2024 AIAs” as well as certain fringe benefits. The initial employment period of this agreement commenced on January 1, 2014 and continued through December 31, 2018. Beginning December 31, 2018, the agreement automatically renews for successive one-year renewal periods, unless notice of intent to not renew is given by either us or Mr. Sacks by June 30 of any renewal year. Under the Sacks Employment Agreement, Mr. Sacks is subject to a confidentiality covenant and a six-month post-termination non-competition covenant. The Sacks Employment Agreement is subject to termination (i) upon the death or disability of Mr. Sacks, (ii) voluntarily by Mr. Sacks on 90 days’ written notice, (iii) for Cause (as defined in the Sacks Employment Agreement) by us, or (iv) upon Constructive Termination (as defined in the Sacks Employment Agreement) by Mr. Sacks. The severance provisions in the Sacks Employment Agreement are discussed in the “Potential Payments Upon Termination or Change in Control” section below. During 2024, we entered into certain equity compensation agreements with Mr. Sacks as disclosed in the “2024 Grants of Plan-Based Awards” table above.

Mr. Sacks and the Company entered into the Sacks Transition Letter on March 10, 2025 to confirm the terms of the ongoing service of Mr. Sacks to the Company after Mr. Sacks resigns as Co-Chief Executive Officer of the Company, effective as of 11:59 p.m. on June 12, 2025 (the “Sacks Transition Effective Time”), and to amend the Sacks Employment Agreement. Pursuant to the Sacks Transition Letter, Mr. Sacks will resign as Co-Chief Executive Officer as of the Sacks Transition Effective Time and will continue to serve as our Chairman through December 31, 2026 (the “Sacks Retirement Date”), subject to his re-election at each of the Annual Meeting and our annual meeting to be held in 2026. During this transition period, Mr. Sacks will be responsible, in an employee capacity and in conformity with the sentiment of the Board, as represented by its Lead Independent Director, and the CEO, for strategic direction over the Company’s marketing, innovation and litigation efforts until the Sacks Retirement Date. The Company’s CEO will have full management authority with respect to all operations of the Company. Mr. Sacks will receive a base salary at an annual rate of $900,000, effective July 1, 2025, as well as 2025 and 2026 target annual incentive award opportunities, long-term incentive award grants and certain

additional benefits described in the Sacks Transition Letter during the transition period. Mr. Sacks will also continue to be eligible to vest in, and exercise, any outstanding long-term incentive awards previously granted to him under the Company’s incentive plans as outlined in the Sacks Transition Letter and will continue to be subject to his current share ownership guideline. Following the Sacks Retirement Date, Mr. Sacks will serve as a non-employee director on the Board through and including (i) the date of the 2027 annual meeting of stockholders of the Company or (ii) such later date as may be mutually agreed by Mr. Sacks and the Company (and approved by the Company’s shareholders).

Hilton H. Schlosberg – On March 18, 2014, we entered into an employment agreement with Mr. Schlosberg (the “Schlosberg Employment Agreement”), pursuant to which Mr. Schlosberg renders services as our Vice Chairman and Co-Chief Executive Officer. Under the Schlosberg Employment Agreement, Mr. Schlosberg’s annual base salary will be reviewed annually and increased at the discretion of our Board. Mr. Schlosberg is eligible to receive an AIA as described under “Compensation Discussion and Analysis – 2024 AIAs” as well as certain fringe benefits. The initial employment period of this agreement commenced on January 1, 2014 and continued through December 31, 2018. Beginning December 31, 2018, the agreement automatically renews for successive one-year renewal periods, unless notice of intent to not renew is given by either us or Mr. Schlosberg by June 30 of any renewal year. Under the Schlosberg Employment Agreement, Mr. Schlosberg is subject to a confidentiality covenant and a six-month post-termination non-competition covenant. The Schlosberg Employment Agreement is subject to termination (i) upon the death or disability of Mr. Schlosberg, (ii) voluntarily by Mr. Schlosberg on 90 days’ written notice, (iii) for Cause (as defined in the Schlosberg Employment Agreement) by us, or (iv) upon Constructive Termination (as defined in the Schlosberg Employment Agreement) by Mr. Schlosberg. The severance provisions in the Schlosberg Employment Agreement are discussed in the “Potential Payments Upon Termination or Change in Control” section below. During 2024, we entered into certain equity compensation agreements with Mr. Schlosberg as disclosed in the “2024 Grants of Plan-Based Awards” table above.

Emelie C. Tirre – On June 13, 2024, MEC entered into an employment agreement with Ms. Tirre (the “Tirre Employment Agreement”), pursuant to which Ms. Tirre renders services as the Chief Commercial Officer of MEC. Under the Tirre Employment Agreement, Ms. Tirre’s annual base salary is initially $870,000 and will be reviewed annually and increased at the discretion of our Compensation Committee. Ms. Tirre is eligible to receive an AIA as described under “Compensation Discussion and Analysis – 2024 AIAs” as well as certain fringe benefits. The initial employment period of this agreement commenced on June 13, 2024 and will continue through June 13, 2026. Beginning June 13, 2026, the agreement automatically renews for successive one-year renewal periods, unless notice of intent to not renew is given by either MEC or Ms. Tirre by April 13 of any renewal year. Under the Tirre Employment Agreement, Ms. Tirre is subject to a twelve-month post-termination employee non-solicitation covenant. The Tirre Employment Agreement is subject to termination (i) upon the death or disability of Ms. Tirre, (ii) voluntarily by Ms. Tirre on 60 days’ written notice, (iii) for Cause (as defined in the Tirre Employment Agreement) by MEC, or (iv) for Good Reason (as defined in the Tirre Employment Agreement) by Ms. Tirre. The severance provisions in the Tirre Employment Agreement are discussed in the “Potential Payments Upon Termination or Change in Control” section below. During 2024, we entered into certain equity compensation agreements with Ms. Tirre as disclosed in the “2024 Grants of Plan-Based Awards” table above.

Thomas J. Kelly and Guy P. Carling – Mr. Kelly’s and Mr. Carling’s employment, respectively, is “at will” and thus may be terminated at any time for any or no reason. Mr. Kelly and Mr. Carling are each eligible to receive an AIA as described under “Compensation Discussion and Analysis – 2024 AIAs” as well as certain fringe benefits.

2020 Omnibus Incentive Plan. The principal terms of the awards granted to our NEOs in 2024 under the 2020 Omnibus Incentive Plan are set forth in the “2024 Outstanding Equity Awards at Fiscal Year-End Table” below.

2024 Outstanding Equity Awards at Fiscal Year-End Table

The following table summarizes the outstanding equity awards held by our NEOs at December 31, 2024.

2024 Option Exercises and Stock Vested Table

The following table summarizes exercise of stock options and stock vested by our NEOs during the Company’s fiscal year ended December 31, 2024.

Pension Benefits

We do not maintain or make contributions to a defined benefit plan for any of our NEOs.

2024 Non-Qualified Deferred Compensation Table

The following table summarizes the contributions, earnings and withdrawals by our NEOs during the Company’s fiscal year ended December 31, 2024. For additional details regarding the Deferred Compensation Plan, see “Compensation Discussion and Analysis - Deferred Compensation Plan.”

Potential Payments upon Termination or Change in Control

We have entered into certain agreements and maintain certain plans that may require us to make certain payments and/or provide certain benefits to our NEOs in the event of a termination of their employment or a change of control. The following tables and narrative disclosure summarize the payments to each of our NEOs assuming that one of the events listed in the tables below occurs. The tables assume that the event occurred on December 31, 2024, the last day of our most recently completed fiscal year.

Key Employment Agreement and Equity Award Agreement Definitions

For purposes of the Sacks Employment Agreement, the Schlosberg Employment Agreement and the Tirre Employment Agreement described in this section, “cause” (under which we, in the case of Mr. Sacks and Mr. Schlosberg, and MEC, in the case of Ms. Tirre, may terminate their employment) is defined as: (i) an act or acts of dishonesty or gross misconduct on the executive’s part which results or is intended to result in material damage to our business or reputation; or (ii) repeated material violations by the executive of his or her obligations relating to his or her position and duties, which violations are demonstrably willful and deliberate on the executive’s part and which result in material damage to our business or reputation and as to which material violations our Board has notified the executive in writing.

For purposes of the Sacks Employment Agreement, the Schlosberg Employment Agreement and the Tirre Employment Agreement described in this section, “constructive termination” (under which Mr. Sacks and Mr. Schlosberg may terminate their employment) and “good reason” (under which Ms. Tirre may terminate her employment) are defined as: (i) without the written consent of the executive, (A) the assignment to the executive of any duties inconsistent in any substantial respect with the executive’s position, authority or responsibilities as contemplated by the position and duties described in his or her employment agreement, or (B) any other substantial adverse change in such position, including titles, authority or responsibilities; (ii) any failure by us or MEC, as applicable, to comply with any of the provisions of his or her employment agreement, other than an insubstantial or inadvertent failure, remedied by us promptly or MEC, as applicable, after receipt of notice thereof given by the executive; (iii) our requiring the executive without his or her consent to be based at any office location outside of Riverside County, California or Orange County, California, except for travel reasonably required in the performance of the executive’s responsibilities; or (iv) any failure by the Company or MEC, as applicable, to obtain the assumption and agreement by a successor entity to perform his or her employment agreement, provided that the successor entity has had actual written notice of the existence of his or her employment agreement and its terms and an opportunity to assume the Company’s or MEC’s, as applicable, responsibilities under his or her employment agreement during a period of 10 business days after receipt of such notice.

For purposes of the Sacks Employment Agreement, the Schlosberg Employment Agreement and the Tirre Employment Agreement described in this section, “disability” is defined as any disability which would entitle the executive to receive full long-term disability benefits under our or MEC’s long-term disability plan, as applicable, or if no such plan will then be in effect, any physical or mental disability or incapacity which renders the executive incapable of performing the services and obligations required of him or her relating to the executive’s position and duties for a period of more than 120 days in the aggregate during any 12-month period during the employment period.

For purposes of all the PSU agreements associated with PSUs granted under the 2020 Omnibus Incentive Plan, “cause” is as defined in any employment or consulting agreement or similar services agreement between the executive and the Company or one of its affiliates, or, in the absence of any such employment, consulting or similar services agreement, the executive’s (i) act(s) of fraud or dishonesty, (ii) knowing and material failure to comply with applicable laws or regulations or satisfactorily perform

the executive’s services with the Company or its affiliates, (iii) insubordination, or (iv) drug or alcohol abuse.

For purposes of all the stock option agreements associated with stock options under the 2011 Omnibus Incentive Plan, “change in control” is defined as: (i) the acquisition of “Beneficial Ownership” by any person (as defined in Rule 13(d)-3 and 13(d)-5 under the Exchange Act), corporation or other entity other than us or a wholly-owned subsidiary of ours of 50% or more of our outstanding stock; (ii) the sale or disposition of substantially all of our assets; or (iii) our merger with another corporation in which our Common Stock is no longer outstanding after such merger.

For purposes of all the stock option agreements associated with stock options granted under the 2011 Omnibus Incentive Plan, “cause” (under which we may terminate their employment) is defined as the individual’s act of fraud or dishonesty, knowing and material failure to comply with applicable laws or regulations or drug or alcohol abuse; and “total disability” is defined as the complete and permanent inability of the executive to perform all his duties of employment with us.

DIRECTOR COMPENSATION

The following table sets forth a summary of the compensation paid to our non-employee directors and Mr. Hall (an employee director) during the fiscal year ended December 31, 2024. William W. Douglas III was appointed a director effective January 1, 2025 and became eligible for the standard director compensation arrangements upon his appointment.