SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Securities Exchange Act of 1934 (Amendment No. )
![[MISSING IMAGE: cv_valmont-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/cv_valmont-pn.jpg)
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Place:
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Date:
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Time:
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Valmont Industries, Inc. Headquarters
15000 Valmont Plaza Omaha, Nebraska 68154-5215 |
| | | April 28, 2025 | | | |
10:00 a.m.
Central Daylight Time |
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1
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Electing three directors of the Company to three-year terms;
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2
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Advisory approval of the Company’s executive compensation;
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3
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Ratifying the appointment of Deloitte & Touche LLP as independent auditors for fiscal 2025; and
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4
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Consider and act upon such other business that may properly come before the meeting.
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![[MISSING IMAGE: sg_andrewmassey-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/sg_andrewmassey-bw.jpg)
Corporate Secretary
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Where
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When
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Time
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Valmont Headquarters,
Omaha, Nebraska |
| | | Monday, April 28, 2025 | | | |
at 10:00 a.m.
Central Daylight Time |
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Voting Matters
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Board Recommendation
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Page
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Election of Three Director Nominees
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FOR
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4
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Advisory Vote on Executive Compensation
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FOR
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42
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Ratification of Appointment of Independent Auditors
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FOR
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45
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Name and Address of Beneficial Owner
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Amount and Nature of
Beneficial Ownership(1) |
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Percent of
Class(2) |
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BlackRock, Inc.(3)
55 East 52nd Street New York, NY 10055 |
| | | | 1,951,749 | | | | | | 9.4% | | |
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The Vanguard Group(4)
100 Vanguard Boulevard Malvern, PA 19355 |
| | | | 1,990,749 | | | | | | 9.9% | | |
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Neuberger Berman Group LLC(5)
1290 Avenue of the Americas New York, NY 10104 |
| | | | 1,040,061 | | | | | | 5.0% | | |
| Mogens C. Bay(6) | | | | | 131,145 | | | | | | | | |
| Kaj den Daas | | | | | 8,059 | | | | | | | | |
| Daniel P. Neary | | | | | 23,332 | | | | | | | | |
| James B. Milliken | | | | | 7,397 | | | | | | | | |
| Catherine James Paglia | | | | | 9,331 | | | | | | | | |
| Theo W. Freye | | | | | 2,100 | | | | | | | | |
| Richard A. Lanoha | | | | | 2,171 | | | | | | | | |
| Ritu Favre | | | | | 1,504 | | | | | | | | |
| Joan Robinson-Berry | | | | | 1,564 | | | | | | | | |
| Deborah Caplan | | | | | 0 | | | | | | | | |
| Avner M. Applbaum | | | | | 33,689 | | | | | | | | |
| Thomas Liguori | | | | | 0 | | | | | | | | |
| Timothy P. Francis | | | | | 14,158 | | | | | | | | |
| J. Timothy Donahue | | | | | 20,010 | | | | | | | | |
| Diane M. Larkin | | | | | 8,228 | | | | | | | | |
| R. Andrew Massey | | | | | 15,230 | | | | | | | | |
| Aaron M. Schapper | | | | | 2,148 | | | | | | | | |
| T. Mitchell Parnell | | | | | 4,997 | | | | | | | | |
| All Executive Officers and Directors as Group (20 persons) | | | | | 297,143 | | | | | | 1.5% | | |
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Shares
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| Mr. Applbaum | | | | | 19,051 | | |
| Mr. Francis | | | | | 4,672 | | |
| Mr. Donahue | | | | | 6,534 | | |
| Mr. Massey | | | | | 5,818 | | |
| All Executive Officers as a group (10 persons) | | | | | 41,961 | | |
![[MISSING IMAGE: ph_jamesbmilliken-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_jamesbmilliken-4c.jpg)
| DIRECTOR SINCE: December 2011 | |
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BOARD COMMITTEES:
Governance and Nominating
Committee (Chair) Audit Committee |
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![[MISSING IMAGE: ph_catherinejamespaglia-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_catherinejamespaglia-4c.jpg)
| DIRECTOR SINCE: February 2012 | |
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LEAD DIRECTOR
BOARD COMMITTEES:
Human Resources Committee
Audit Committee |
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![[MISSING IMAGE: ph_deborahhcaplan-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_deborahhcaplan-4c.jpg)
| DIRECTOR SINCE: October 2024 | |
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BOARD COMMITTEES:
Human Resources Committee
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![[MISSING IMAGE: ph_avnermapplbaum-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_avnermapplbaum-4c.jpg)
| DIRECTOR SINCE: July 2023 | |
![[MISSING IMAGE: ph_danielpneary-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_danielpneary-4c.jpg)
| DIRECTOR SINCE: December 2005 | |
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BOARD COMMITTEES:
Human Resource Committee (Chair)
Audit Committee |
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![[MISSING IMAGE: ph_theofreye-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_theofreye-4c.jpg)
| DIRECTOR SINCE: June 2015 | |
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BOARD COMMITTEES:
Governance and Nominating Committee
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![[MISSING IMAGE: ph_joanrobinsonberry-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_joanrobinsonberry-4c.jpg)
| DIRECTOR SINCE: September 2020 | |
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BOARD COMMITTEES:
Human Resources Committee
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![[MISSING IMAGE: ph_mogenscbay-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_mogenscbay-4c.jpg)
| DIRECTOR SINCE: October 1993 | |
| CHAIRMAN OF THE BOARD | |
![[MISSING IMAGE: ph_ritufavre-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_ritufavre-4c.jpg)
| DIRECTOR SINCE: September 2020 | |
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BOARD COMMITTEES:
Audit Committee
Governance and Nominating Committee |
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![[MISSING IMAGE: ph_richardalanoha-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ph_richardalanoha-4c.jpg)
| DIRECTOR SINCE: October 2019 | |
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BOARD COMMITTEES:
Human Resources Committee
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Male
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Female
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| Gender | | | |
■ ■ ■ ■ ■ ■
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■ ■ ■ ■
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| African American Directors | | | | | | | |
■
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| Asian Directors | | | | | | | |
■
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Directors with Non-U.S. or Dual Citizenship
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■ ■
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| Independent Directors | | | |
■ ■ ■ ■ ■ ■
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■ ■ ■
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Directors joining Board since October 2019
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■ ■
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■ ■ ■
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| Board leadership experience | | | |
■ ■ ■ ■ ■ ■ ■ ■ ■ ■
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| Industrial / manufacturing experience | | | |
■ ■ ■ ■ ■ ■ ■ ■
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| Financial Background | | | |
■ ■ ■
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| International experience | | | |
■ ■ ■ ■ ■ ■ ■
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Corporate governance and oversight background
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■ ■ ■ ■ ■ ■ ■ ■ ■ ■
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| Engineering experience | | | |
■ ■ ■ ■
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| Operations experience | | | |
■ ■ ■ ■ ■ ■ ■ ■ ■ ■
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| Information technology experience | | | |
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Technology / R&D experience
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■ ■ ■ ■ ■ ■ ■
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Provide target total compensation levels at competitive market rates to attract, retain, motivate and reward the performance of executive officers and other key employees;
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Direct management focus to (1) the long-term growth of the Company, (2) enhance shareholder value, and (3) ensure that executive officers have significant equity ownership without increasing dilution over acceptable levels; and
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Pay for performance by providing performance-based incentive plans measured against pre-established targets, with no guaranteed minimum payment provisions, and with actual payments above median market levels for exceeding performance targets and below median market levels if performance targets are not achieved.
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![[MISSING IMAGE: ic_downarrow-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ic_downarrow-pn.jpg)
![[MISSING IMAGE: ic_downarrow-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ic_downarrow-pn.jpg)
![[MISSING IMAGE: ic_downarrow-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ic_downarrow-pn.jpg)
![[MISSING IMAGE: ic_downarrow-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/ic_downarrow-pn.jpg)
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Target total compensation evaluated by position, on an annual basis, against like positions in companies of similar sales volume, according to data provided by the Committee’s independent compensation consultant; and
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Base pay, annual incentives and long-term incentives targeted at market median levels, such that actual compensation will be above median if performance exceeds targets and below median when performance is below targets.
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Acuity Brands
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Crane Co.
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Regal Rexnord
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Arcosa
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First Solar
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Snap-on
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Barnes Group
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FlowServe Corporation
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Toro Company
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Belden
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Hubbell
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Watts Water Technologies
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Carlisle Companies
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Pentair
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Xylem
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Comfort Systems
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■
Qorvo
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Mr. Applbaum
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110%
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Mr. Liguori
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80%*
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Mr. Donahue
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70%
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Ms. Larkin
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60%
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Mr. Massey
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40%
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Mr. Francis
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50%
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Mr. Schapper
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80%
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Mr. Parnell
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60%
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Threshold
(0.5x target) |
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Target
(1x target) |
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Stretch
(1.5x target) |
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Maximum
(2x target) |
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2024
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$284 million
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$316 million
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$335 million
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$355 million
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Threshold
(0.5x target) |
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Target
(1x target) |
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Stretch
(1.5x target) |
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Maximum
(2x target) |
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2024
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$3,800 million
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$4,181 million
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$4,331 million
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$4,550 million
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Threshold
(0.5x target) |
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Target
(1x target) |
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Stretch
(1.5x target) |
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Maximum
(2x target) |
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2024
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$401 million
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$445 million
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$467 million
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$490 million
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Threshold
(0.5x target) |
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Target
(1x target) |
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Stretch
(1.5x target) |
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Maximum
(2x target) |
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2024
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$122 million
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$143 million
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$153 million
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$179 million
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Mr. Applbaum
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| | | | 1,776,984 | | |
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Mr. Liguori
|
| | | | 260,760 | | |
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Mr. Donahue
|
| | | | 851,143 | | |
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Ms. Larkin
|
| | | | 431,292 | | |
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Mr. Massey
|
| | | | 264,769 | | |
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Mr. Francis
|
| | | | 324,881 | | |
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Mr. Schapper
|
| | | | 666,465 | | |
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Mr. Parnell
|
| | | | 484,632 | | |
| 2023 | | | | | 121.3% | | |
| 2022 | | | | | 197.6% | | |
| 2021 | | | | | 200.0% | | |
| 2020 | | | | | 159.4% | | |
| 2019 | | | | | 57.7% | | |
| 2018 | | | | | 49.8% | | |
| 2017 | | | | | 89.8% | | |
| 2016 | | | | | 67.0% | | |
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OIG
(30% Weight) |
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ROIC
(70% Weight) |
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Cumulative Payout
as % of Target |
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Maximum
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15%
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13.95%
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200%
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Stretch
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10%
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12.5%
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150%
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Target
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5%
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11.5%
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100%
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Threshold
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0%
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9.8%
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50%
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Below Threshold
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Below 0%
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Below 9.8%
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0%
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Percentage
of Salary |
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Mr. Applbaum
|
| | | | 90% | | |
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Mr. Donahue
|
| | | | 70% | | |
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Ms. Larkin
|
| | | | 70% | | |
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Mr. Massey
|
| | | | 40% | | |
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Mr. Francis
|
| | | | 50% | | |
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Mr. Schapper
|
| | | | 90% | | |
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Mr. Parnell
|
| | | | 60% | | |
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Mr. Applbaum
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4,652 shares
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Mr. Donahue
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2,798 shares
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Ms. Larkin
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2,362 shares
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Mr. Massey
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1,230 shares
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Mr. Francis
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1,526 shares
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Mr. Schapper
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5,036 shares
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Mr. Parnell
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1,982 shares
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| 2023 | | | | | 200% | | |
| 2022 | | | | | 190.0% | | |
| 2021 | | | | | 88.6% | | |
| 2020 | | | | | 0% | | |
| 2019 | | | | | 65.8% | | |
| 2018 | | | | | 114.3% | | |
| 2017 | | | | | 0% | | |
| 2016 | | | | | 0% | | |
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Percentage of
Base Salary |
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Mr. Applbaum
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| | | | 237.5% | | |
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Mr. Liguori
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| | | | 90% | | |
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Mr. Donahue
|
| | | | 80% | | |
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Ms. Larkin
|
| | | | 60% | | |
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Mr. Massey
|
| | | | 60% | | |
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Mr. Francis
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| | | | 50% | | |
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Stock Options
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RSUs
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Mr. Applbaum
|
| | | | 11,964 | | | | | | 3,768 | | |
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Mr. Liguori
|
| | | | 2,899 | | | | | | 913 | | |
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Mr. Donahue
|
| | | | 2,462 | | | | | | 775 | | |
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Ms. Larkin
|
| | | | 1,344 | | | | | | 423 | | |
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Mr. Massey
|
| | | | 1,238 | | | | | | 389 | | |
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Mr. Francis
|
| | | | 1,012 | | | | | | 319 | | |
Catherine James Paglia
Richard Lanoha
Joan Robinson-Berry
Deborah H. Caplan
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Year
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Salary
($) |
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Bonus
($) |
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Stock
awards ($)(1) |
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Option
awards ($)(2) |
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Non-equity incentive
plan compensation ($)(3) |
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All other
compensation ($)(4) |
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Total
(4) |
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Avner M. Applbaum
President and Chief Executive Officer |
| | | | 2024 | | | | | | 1,016,000 | | | | | | 0 | | | | | | 3,357,179 | | | | | | 1,283,259 | | | | | | 1,776,984 | | | | | | 206,288 | | | | | | 7,639,710 | | |
| | | 2023 | | | | | | 776,905 | | | | | | 0 | | | | | | 2,555,897 | | | | | | 1,599,138 | | | | | | 937,977 | | | | | | 86,483 | | | | | | 5,956,400 | | | |||
| | | 2022 | | | | | | 643,000 | | | | | | 0 | | | | | | 879,398 | | | | | | 344,689 | | | | | | 1,000,572 | | | | | | 74,188 | | | | | | 2,941,847 | | | |||
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Thomas Liguori
Executive Vice-President And Chief Financial Officer(5)(6) |
| | | | 2024 | | | | | | 205,000 | | | | | | 0 | | | | | | 1,098,072 | | | | | | 310,947 | | | | | | 260,760 | | | | | | 41,174 | | | | | | 1,915,953 | | |
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J. Timothy Donahue
Group President Infrastructure |
| | | | 2024 | | | | | | 621,000 | | | | | | 0 | | | | | | 1,353,650 | | | | | | 264,074 | | | | | | 851,143 | | | | | | 22,875 | | | | | | 3,112,742 | | |
| | | 2023 | | | | | | 564,030 | | | | | | 0 | | | | | | 684,244 | | | | | | 305,386 | | | | | | 478,918 | | | | | | 22,500 | | | | | | 2,055,078 | | | |||
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Diane M. Larkin
Executive Vice President Global Operations |
| | | | 2024 | | | | | | 452,088 | | | | | | 0 | | | | | | 456,674 | | | | | | 144,157 | | | | | | 431,292 | | | | | | 54,450 | | | | | | 1,538,661 | | |
| | | 2023 | | | | | | 436,800 | | | | | | 0 | | | | | | 441,368 | | | | | | 166,755 | | | | | | 317,903 | | | | | | 20,022 | | | | | | 1,382,848 | | | |||
| | | 2022 | | | | | | 420,000 | | | | | | 0 | | | | | | 424,724 | | | | | | 150,086 | | | | | | 552,850 | | | | | | 64,355 | | | | | | 1,612,015 | | | |||
|
R. Andrew Massey
Chief Legal Officer(6) |
| | | | 2024 | | | | | | 416,303 | | | | | | 0 | | | | | | 378,724 | | | | | | 132,788 | | | | | | 264,769 | | | | | | 39,671 | | | | | | 1,232,255 | | |
|
Timothy P. Francis
Chief Accounting Officer and former Interim Chief Financial Officer(6) |
| | | | 2024 | | | | | | 408,655 | | | | | | 0 | | | | | | 310,066 | | | | | | 108,547 | | | | | | 474,881 | | | | | | 39,681 | | | | | | 1,341,830 | | |
| | | 2023 | | | | | | 394,836 | | | | | | 0 | | | | | | 299,570 | | | | | | 125,563 | | | | | | 339,468 | | | | | | 51,140 | | | | | | 1,210,577 | | | |||
|
Aaron M. Schapper
Former Group President Agriculture(5) |
| | | | 2024 | | | | | | 749,174 | | | | | | 0 | | | | | | 674,257 | | | | | | 0 | | | | | | 666,465 | | | | | | 507,751 | | | | | | 2,597,647 | | |
| | | 2023 | | | | | | 723,840 | | | | | | 0 | | | | | | 3,488,239 | | | | | | 414,473 | | | | | | 934,043 | | | | | | 79,788 | | | | | | 5,640,383 | | | |||
| | | 2022 | | | | | | 696,000 | | | | | | 0 | | | | | | 952,045 | | | | | | 373,083 | | | | | | 943,024 | | | | | | 56,819 | | | | | | 3,020,972 | | | |||
|
T. Mitchell Parnell
Former Executive Vice President Human Resources(5) |
| | | | 2024 | | | | | | 508,000 | | | | | | 0 | | | | | | 304,800 | | | | | | 0 | | | | | | 984,632 | | | | | | 300,759 | | | | | | 2,098,191 | | |
| | | 2023 | | | | | | 431,436 | | | | | | 0 | | | | | | 410,694 | | | | | | 187,351 | | | | | | 313,999 | | | | | | 42,433 | | | | | | 1,385,913 | | | |||
| | | 2022 | | | | | | 410,891 | | | | | | 0 | | | | | | 375,928 | | | | | | 148,214 | | | | | | 511,510 | | | | | | 41,815 | | | | | | 1,488,358 | | |
| | | |
Grant
Date |
| |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards ($)(1) |
| |
Estimated Future Payouts
Under Equity Incentive Plan Awards (# of shares)(2) |
| |
All other
Stock Awards: Number of Shares of Stock or Units (#)(1) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#) |
| |
Exercise or
Base Price of Option Awards ($/share) |
| |
Grant Date
Fair Value of Stock and Option Award ($)(2) |
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Name
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Threshold
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Target
|
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Maximum
|
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Threshold
|
| |
Target
|
| |
Maximum
|
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Avner M. Applbaum
|
| | | | 02/26/2024 | | | | | | 558,000 | | | | | | 1,117,600 | | | | | | 2,235,200 | | | | | | 4,764 | | | | | | 9,529 | | | | | | 19,058 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 12/16/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,768 | | | | | | 11,964 | | | | | | 331.47 | | | | | | 2,532,238 | | | |||
|
Thomas Liguori
|
| | | | 08/22/2024 | | | | | | 82,000 | | | | | | 164,000 | | | | | | 328,000 | | | | | | 914 | | | | | | 1,828 | | | | | | 3,656 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 08/22/2024 | | | | | | | | | | | | | | | | | | | | | | | | 347 | | | | | | 694 | | | | | | 1,388 | | | | | | 564 | | | | | | | | | | | | | | | | | | 160,000 | | | |||
| | | 12/16/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 913 | | | | | | 2,899 | | | | | | 331.47 | | | | | | 302,632 | | | |||
|
J. Timothy Donahue
|
| | | | 02/26/2024 | | | | | | 217,350 | | | | | | 434,700 | | | | | | 869,400 | | | | | | 1,122 | | | | | | 2,245 | | | | | | 4,490 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 12/16/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,585 | | | | | | 2,462 | | | | | | 331.47 | | | | | | 1,120,924 | | | |||
|
Diane M. Larkin
|
| | | | 02/26/2024 | | | | | | 135,626 | | | | | | 271,253 | | | | | | 542,506 | | | | | | 715 | | | | | | 1,430 | | | | | | 2,860 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 12/16/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 423 | | | | | | 1,344 | | | | | | 331.47 | | | | | | 284,369 | | | |||
|
R. Andrew Massey
|
| | | | 02/26/2024 | | | | | | 83,260 | | | | | | 166,521 | | | | | | 333,042 | | | | | | 564 | | | | | | 1,129 | | | | | | 2,258 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 12/16/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 389 | | | | | | 1,238 | | | | | | 331.47 | | | | | | 214,286 | | | |||
|
Timothy P. Francis
|
| | | | 02/26/2024 | | | | | | 102,164 | | | | | | 204,328 | | | | | | 408,656 | | | | | | 461 | | | | | | 923 | | | | | | 1,846 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 12/16/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 319 | | | | | | 1,012 | | | | | | 331.47 | | | | | | 261,730 | | | |||
|
Aaron M. Schapper
|
| | | | 02/26/2024 | | | | | | 299,669 | | | | | | 599,339 | | | | | | 1,198,678 | | | | | | 1,523 | | | | | | 3,047 | | | | | | 6,094 | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
T. Mitchell Parnell
|
| | | | 02/26/2024 | | | | | | 152,400 | | | | | | 304,800 | | | | | | 609,600 | | | | | | 688 | | | | | | 1,377 | | | | | | 2,754 | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable(1) |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable(1) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(2) |
| |
Market
Value of Shares or Units of Stock That Have Not Vested ($)(3) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(4) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (#)(5) |
| |||||||||||||||||||||||||||
|
Avner M. Applbaum
|
| | | | 5,295 | | | | | | 0 | | | | | | 0 | | | | | | 168.80 | | | | | | 12/14/2030 | | | | | | 7,975 | | | | | | 2,444,656 | | | | | | 2,326 | | | | | | 713,012 | | |
| | | 4,242 | | | | | | 0 | | | | | | 0 | | | | | | 252.89 | | | | | | 12/13/2031 | | | | | | | | | | | | | | | | | | 3,613 | | | | | | 1,107,529 | | | |||
| | | 2,210 | | | | | | 1,104 | | | | | | 0 | | | | | | 332.63 | | | | | | 12/12/2032 | | | | | | | | | | | | | | | | | | 9,529 | | | | | | 2,921,019 | | | |||
| | | 1,221 | | | | | | 2,440 | | | | | | 0 | | | | | | 264.75 | | | | | | 07/31/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 6,083 | | | | | | 12,166 | | | | | | 0 | | | | | | 223.02 | | | | | | 12/11/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 0 | | | | | | 11,964 | | | | | | 0 | | | | | | 331.47 | | | | | | 12/16/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
|
Thomas Liguori
|
| | | | 0 | | | | | | 2,899 | | | | | | 0 | | | | | | 331.47 | | | | | | 12/16/2034 | | | | | | 1,477 | | | | | | 452,759 | | | | | | 694 | | | | | | 212,738 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,828 | | | | | | 560,355 | | | |||
|
J. Timothy Donahue
|
| | | | 1,218 | | | | | | 0 | | | | | | 0 | | | | | | 168.80 | | | | | | 12/14/2030 | | | | | | 3,722 | | | | | | 1,140,941 | | | | | | 1,399 | | | | | | 428,843 | | |
| | | 2,553 | | | | | | 0 | | | | | | 0 | | | | | | 252.89 | | | | | | 12/13/2031 | | | | | | | | | | | | | | | | | | 1,310 | | | | | | 401-567 | | | |||
| | | 1,330 | | | | | | 664 | | | | | | 0 | | | | | | 332.63 | | | | | | 12/12/2032 | | | | | | | | | | | | | | | | | | 2,245 | | | | | | 688,182 | | | |||
| | | 1,433 | | | | | | 2,867 | | | | | | 0 | | | | | | 223.02 | | | | | | 12/11/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 0 | | | | | | 2,462 | | | | | | 0 | | | | | | 331.47 | | | | | | 12/16/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
|
Diane M. Larkin
|
| | | | 2,676 | | | | | | 0 | | | | | | 0 | | | | | | 168.80 | | | | | | 12/14/2030 | | | | | | 960 | | | | | | 294,278 | | | | | | 1,181 | | | | | | 362,023 | | |
| | | 1,847 | | | | | | 0 | | | | | | 0 | | | | | | 252.89 | | | | | | 12/13/2031 | | | | | | | | | | | | | | | | | | 919 | | | | | | 281,710 | | | |||
| | | 962 | | | | | | 481 | | | | | | 0 | | | | | | 332.63 | | | | | | 12/12/2032 | | | | | | | | | | | | | | | | | | 1,430 | | | | | | 438,352 | | | |||
| | | 782 | | | | | | 1,566 | | | | | | 0 | | | | | | 223.02 | | | | | | 12/11/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 0 | | | | | | 1,344 | | | | | | 0 | | | | | | 331.47 | | | | | | 12/16/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
|
R. Andrew Massey
|
| | | | 1,550 | | | | | | 0 | | | | | | 0 | | | | | | 147.31 | | | | | | 12/16/2026 | | | | | | 882 | | | | | | 270,368 | | | | | | 615 | | | | | | 188,522 | | |
| | | 1,123 | | | | | | 0 | | | | | | 0 | | | | | | 253.89 | | | | | | 12/13/2031 | | | | | | | | | | | | | | | | | | 725 | | | | | | 222,241 | | | |||
| | | 1,539 | | | | | | 0 | | | | | | 0 | | | | | | 168.80 | | | | | | 12/14/2030 | | | | | | | | | | | | | | | | | | 1,129 | | | | | | 346,083 | | | |||
| | | 886 | | | | | | 442 | | | | | | 0 | | | | | | 332.63 | | | | | | 12/12/2032 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 720 | | | | | | 1,442 | | | | | | 0 | | | | | | 223.02 | | | | | | 12/11/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 0 | | | | | | 1,238 | | | | | | 0 | | | | | | 331.47 | | | | | | 12/16/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
|
Timothy P. Francis
|
| | | | 1,967 | | | | | | 0 | | | | | | 0 | | | | | | 168.80 | | | | | | 12/14/2030 | | | | | | 1,703 | | | | | | 522,037 | | | | | | 763 | | | | | | 233,890 | | |
| | | 1,391 | | | | | | 0 | | | | | | 0 | | | | | | 252.89 | | | | | | 12/13/2031 | | | | | | | | | | | | | | | | | | 593 | | | | | | 181,778 | | | |||
| | | 725 | | | | | | 362 | | | | | | 0 | | | | | | 332.63 | | | | | | 12/12/2032 | | | | | | | | | | | | | | | | | | 923 | | | | | | 282,936 | | | |||
| | | 589 | | | | | | 1,179 | | | | | | 0 | | | | | | 223.02 | | | | | | 12/11/2033 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 0 | | | | | | 1,012 | | | | | | 0 | | | | | | 331.47 | | | | | | 12/16/2034 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
|
Aaron M. Schapper(6)
|
| | | | 1,531 | | | | | | 0 | | | | | | 0 | | | | | | 252.89 | | | | | | 03/27/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1,196 | | | | | | 0 | | | | | | 0 | | | | | | 332.63 | | | | | | 03/27/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 1,945 | | | | | | 0 | | | | | | 0 | | | | | | 223.02 | | | | | | 03/27/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
|
T. Mitchell Parnell(6)
|
| | | | 950 | | | | | | 0 | | | | | | 0 | | | | | | 332.63 | | | | | | 03/27/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
|
Name
|
| |
Numbers of Shares
Acquired on Exercise (#) |
| |
Value Realized
on Exercise ($)(1) |
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(2) |
| ||||||||||||
| Avner M. Applbaum | | | | | — | | | | | | — | | | | | | 2,635 | | | | | | 857,561 | | |
| J. Timothy Donahue | | | | | 3,252 | | | | | | 429,458 | | | | | | 782 | | | | | | 257,653 | | |
| Diane M. Larkin | | | | | — | | | | | | — | | | | | | 499 | | | | | | 164,334 | | |
| R. Andrew Massey | | | | | 5,281 | | | | | | 924,437 | | | | | | 408 | | | | | | 131,468 | | |
| Timothy P. Francis | | | | | 4,945 | | | | | | 948,178 | | | | | | 376 | | | | | | 123,826 | | |
| Aaron M. Schapper | | | | | 6,952 | | | | | | 872,734 | | | | | | 5,019 | | | | | | 1,535,930 | | |
| T. Mitchell Parnell | | | | | — | | | | | | — | | | | | | 519 | | | | | | 170,950 | | |
| | | |
Executive
Contributions in Last Fiscal Year ($)(1) |
| |
Registrant
Contributions in Last Fiscal Year ($)(2) |
| |
Aggregate
Earnings in Last Fiscal Year ($) |
| |
Aggregate
Withdrawals/ Distributions ($) |
| |
Aggregate
Balance at Last Fiscal Year End ($)(3)(4) |
| ||||||||||||
| Avner M. Applbaum | | | | | 166,356 | | | | | | 109,242 | | | | | | 133,738 | | | | | | | | | 908,700 | | |
| J. Timothy Donahue | | | | | — | | | | | | 7,350 | | | | | | 8,473 | | | | | | | | | 85,237 | | |
| Diane M. Larkin | | | | | 118,936 | | | | | | 38,530 | | | | | | 51,923 | | | | | | | | | 509,694 | | |
| R. Andrew Massey | | | | | 189,366 | | | | | | 23,905 | | | | | | 149,307 | | | | | | | | | 1,046,518 | | |
| Timothy P. Francis | | | | | 90,918 | | | | | | 23,860 | | | | | | 77,215 | | | | | | | | | 774,849 | | |
| Aaron M. Schapper | | | | | 43,085 | | | | | | 16,789 | | | | | | 31,569 | | | | | | | | | 329,321 | | |
| T. Mitchell Parnell | | | | | 97,899 | | | | | | 21,464 | | | | | | 103,630 | | | | | | | | | 558,038 | | |
|
Name
|
| |
Fees Earned
or paid in Cash ($)(1)(2) |
| |
Stock
Awards ($)(1) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||
| Mogens Bay | | | | | 220,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 365,000 | | |
| Kaj den Daas | | | | | 115,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 260,000 | | |
| Daniel P. Neary | | | | | 120,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 265,000 | | |
| James B. Milliken | | | | | 120,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 265,000 | | |
| Catherine J. Paglia | | | | | 135,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 280,000 | | |
| Theo W. Freye | | | | | 95,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 240,000 | | |
| Richard A. Lanoha | | | | | 95,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 240,000 | | |
| Ritu Favre | | | | | 106,250 | | | | | | 145,000 | | | | | | 0 | | | | | | 251,250 | | |
| Joan Robinson-Berry | | | | | 95,000 | | | | | | 145,000 | | | | | | 0 | | | | | | 240,000 | | |
| Deborah H. Caplan | | | | | 15,833 | | | | | | 0 | | | | | | 0 | | | | | | 15,833 | | |
|
Name
|
| |
Restricted
Stock Units |
| |||
| Mogens Bay | | | | | 585 | | |
| Kaj den Daas | | | | | 585 | | |
| Daniel P. Neary | | | | | 585 | | |
| James B. Milliken | | | | | 585 | | |
| Catherine J. Paglia | | | | | 585 | | |
| Theo W. Freye | | | | | 585 | | |
| Richard A. Lanoha | | | | | 585 | | |
| Ritu Favre | | | | | 585 | | |
| Joan Robinson-Berry | | | | | 585 | | |
| | | |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights (a)(1) |
| |
Weighted-average
exercise price of outstanding options, warrants and rights (b)(2) |
| |
Number of securities
remaining available for future issuance under equity compensation (including securities plans reflected in column (a)) (c) |
| |||||||||
| Equity compensation plans approved by security holders | | | | | 342,078 | | | | | $ | 253.11 | | | | | | 1,426,995 | | |
| Equity compensation plans not approved by security holders | | | | | 0 | | | | | | | | | | | | 0 | | |
| Total | | | | | 342,078 | | | | | | | | | | | | 1,426,995 | | |
| | | |
Unvested Options
|
| |
Unvested
Restricted Stock |
| ||||||
|
Avner M. Applbaum
|
| | | $ | 1,118,071 | | | | | $ | 2,444,656 | | |
|
Thomas Liguori
|
| | | $ | 0 | | | | | $ | 452,759 | | |
|
J. Timothy Donahue
|
| | | $ | 238,935 | | | | | $ | 1,140,941 | | |
|
Diane M. Larkin
|
| | | $ | 130,792 | | | | | $ | 294,278 | | |
|
R. Andrew Massey
|
| | | $ | 120,435 | | | | | $ | 270,368 | | |
|
Timothy P. Francis
|
| | | $ | 98,470 | | | | | $ | 522,037 | | |
|
Avner M. Applbaum
|
| | | $ | 2,424,731 | | |
|
Thomas Liguori
|
| | | $ | 328,304 | | |
|
J. Timothy Donahue
|
| | | $ | 925,750 | | |
|
Diane M. Larkin
|
| | | $ | 695,471 | | |
|
R. Andrew Massey
|
| | | $ | 451,839 | | |
|
Timothy P. Francis
|
| | | $ | 449,081 | | |
![[MISSING IMAGE: lc_fiveyear-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/lc_fiveyear-pn.jpg)
![[MISSING IMAGE: lc_tenyear-pn.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/lc_tenyear-pn.jpg)
| Year | | | Summary Compensation Table Total for CEO (current) ($)(1) | | | Compensation Actually Paid to CEO (current) ($)(1)(2) | | | Summary Compensation Table Total for CEO (former) ($)(1) | | | Compensation Actually Paid to CEO (former) ($)(1)(2) | | | Average Summary Compensation Table Total for Non-CEO NEOs ($)(1) | | | Average Compensation Actually Paid to Non-CEO NEOs ($)(3) | | | Value of Initial Fixed $100 Investment Based On: | | | Net Income (GAAP) (in millions) ($) | | | (%)(5) | | |||||||||||||||||||||||||||||||||
| Company TSR ($) | | | Peer Group Index TSR ($)(4) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| 2023 | | | | | | | | | | | | | | | | | | | | (- | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||
| 2022 | | | | | n/a | | | | | | n/a | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2021 | | | | | n/a | | | | | | n/a | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
| 2020 | | | | | n/a | | | | | | n/a | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Deduction of the Amounts of Equity Awards Reported in SCT for Fiscal Year | | | Addition of Fair Value of Outstanding and Unvested Equity Awards Granted During the Fiscal Year as of the End of the Fiscal Year ($) | | | Change in Fair Value From Prior Fiscal Year of Outstanding and Unvested Equity Awards Granted in Any Prior Fiscal Year as of the End of the Fiscal Year ($) | | | Change in Fair Value as of the Vesting Date from the Prior Fiscal Year of Equity Awards Vesting in the Fiscal Year ($) | | | Fair Value of Equity Awards as of the Prior Fiscal Year of Awards that Failed Vesting Conditions in Fiscal Year ($) | | |||||||||||||||||||||
| Fiscal Year | | | Stock Awards ($) | | | Options ($) | | ||||||||||||||||||||||||||||||
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Deduction of the Amounts of Equity Awards Reported in SCT for Fiscal Year | | | Addition of Fair Value of Outstanding and Unvested Equity Awards Granted During the Fiscal Year as of the End of the Fiscal Year ($) | | | Change in Fair Value From Prior Fiscal Year of Outstanding and Unvested Equity Awards Granted in Any Prior Fiscal Year as of the End of the Fiscal Year ($) | | | Change in Fair Value as of the Vesting Date from the Prior Fiscal Year of Equity Awards Vesting in the Fiscal Year ($) | | | Fair Value of Equity Awards as of the Prior Fiscal Year of Awards that Failed Vesting Conditions in Fiscal Year ($) | | |||||||||||||||||||||
| Fiscal Year | | | Stock Awards ($) | | | Options ($) | | ||||||||||||||||||||||||||||||
| 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dollars in Thousands | | | 2024 | | | 2023 | | | 2022 | | | 2021 | | | 2020 | | |||||||||||||||
| Operating Income | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| Adjusted effective tax rate | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Tax effect on operating income | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| After-tax operating income | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average invested capital | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Return on invested capital | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Operating income | | | | $ | | | | | $ | | | | | | | | | | | | | | | | — | | | ||||
| Impairment of long-lived assets | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Realignment charges | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Other non-recurring charges | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Prospera intangible asset amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Prospera stock-based compensation | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Write-off of a receivable | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Acquisition diligence | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted operating income | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| Adjusted effective tax rate | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Tax effect on adjusted operating income | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| After-tax adjusted operating income | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average invested capital | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Adjusted return on invested capital | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Total Assets | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| Less: Defined benefit pension asset | | | | | ( | | | | | | ( | | | | | | ( | | | | | | | | | | | | | ||
| Less: Accounts payable | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Less: Accrued expenses | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Less: Contract liabilities | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Less: Income Tax payable | | | | | ( | | | | | | | | | | | ( | | | | | | | | | | | | | |||
| Less: Dividends payable | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Less: Deferred income taxes | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less: Operating lease liabilities | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Less: Deferred compensation | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| Less: Defined benefit pension liability | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | |||
| Less: Other non-current liabilities | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | | | | | ( | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total invested capital | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning invested capital | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
| Average invested capital | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | |||||
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![[MISSING IMAGE: bc_tsr-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/bc_tsr-4c.jpg)
![[MISSING IMAGE: bc_netearnings-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/bc_netearnings-4c.jpg)
![[MISSING IMAGE: bc_roic-4c.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/bc_roic-4c.jpg)
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Base pay, target annual incentives and long-term incentives are generally targeted at median market levels with data provided by FW Cook, the independent executive compensation consultant to the Human Resources Committee, based on peer group and general industry survey data. FW Cook reports directly to the Human Resources Committee and provides no other services to the Company.
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Annual incentives and long-term performance incentives are performance based. Executive officers do not receive incentive payments unless pre-established targets are met.
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Valmont has an executive compensation recoupment policy that covers cash and equity incentive compensation.
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Valmont has stock ownership guidelines for directors and executive officers.
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Valmont has a stock retention policy for executive officers which requires retention of 50% of the net shares acquired upon the exercise of stock options and the vesting of restricted stock until the stock ownership guidelines are met.
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Valmont’s executive officers do not have employment agreements.
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Valmont’s executive officers do not have agreements providing for special payments in the event of a termination of employment or change-of-control.
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Valmont’s stock plan prohibits option repricing.
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Valmont does not maintain a perquisite program for executive officers.
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Valmont has policies prohibiting hedging and pledging of Valmont stock applicable to directors and officers.
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| 2023 | | | | | 121.3% | | |
| 2022 | | | | | 197.6% | | |
| 2021 | | | | | 200.0% | | |
| 2020 | | | | | 159.4% | | |
| 2019 | | | | | 57.7% | | |
| 2018 | | | | | 49.8% | | |
| 2017 | | | | | 89.8% | | |
| 2016 | | | | | 67.0% | | |
| 2023 | | | | | 200% | | |
| 2022 | | | | | 190.0% | | |
| 2021 | | | | | 88.6% | | |
| 2020 | | | | | 0% | | |
| 2019 | | | | | 65.8% | | |
| 2018 | | | | | 114.3% | | |
| 2017 | | | | | 0% | | |
| 2016 | | | | | 0% | | |
Kaj den Daas, Chairman
Daniel P. Neary
Catherine James Paglia
James B. Milliken
Ritu Favre
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2024
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2023
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| Audit Fees | | | | $ | 3,113,873 | | | | | $ | 2,877,956 | | |
| Audit-Related Fees | | | | $ | 178,500 | | | | | $ | 288,500 | | |
| Tax Fees | | | | $ | 130,448 | | | | | $ | 225,689 | | |
| Other Fees | | | | $ | 1,895 | | | | | $ | 1,895 | | |
| Total Fees | | | | $ | 3,424,716 | | | | | $ | 3,394,040 | | |
![[MISSING IMAGE: sg_andrewmassey-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/sg_andrewmassey-bw.jpg)
Vice President, Chief Legal Officer and
Corporate Secretary
Valmont Industries, Inc.
![[MISSING IMAGE: px_24valmontproxy1pg01-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/px_24valmontproxy1pg01-bw.jpg)
![[MISSING IMAGE: px_24valmontproxy1pg02-bw.jpg]](https://www.sec.gov/Archives/edgar/data/0000102729/000110465925022798/px_24valmontproxy1pg02-bw.jpg)