Miller Industries revamps executive comp: new bonus program, salary hikes, severance plan

MILLER INDUSTRIES INC /TN/

Annual bonus pool formula: 5% of Adjusted Pretax Income if >$10M and ≤$25M, 8% if >$25M and ≤$50M, 11.25% if >$50M; part payable in RSUs at higher tiers.
Executive Chairman William G. Miller gets bonus of $225k/$675k/$1.013M at $25M/$50M/$75M Adjusted Pretax Income, all cash.
Base salary increases effective Jan 1, 2023: CEO from $700k to $765k; CFO from $390k to $450k; others from $330k to $350k.
New Change in Control Severance Plan: double-trigger, severance = 2x (CEO) or 1.5x (other officers) of base + target bonus; plus pro-rated bonus and COBRA.

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