Bel Fuse board awards $882K in FY2024 bonuses to NEOs despite missing matrix targets; modifies 2025 incentive plan

BEL FUSE INC /NJ

Bonus payouts: Farouq Tuweiq $328,125, Steve Dawson $131,250, Peter Bittner III $328,125, Kenneth Lai $94,500; paid partly in cash, partly in restricted stock.
Steve Dawson base salary raised to $315,000 from $250,000, effective retroactively to Jan 1, 2025.
FY2024 matrix targets (revenue and EBITDA growth) were not met; Committee used discretion to award 70% of target plus individual factor.
For 2025, incentive measures switch to target net revenue (dollars) and non-GAAP Adjusted EBITDA Margin (%); PSUs with 3-year TSR vesting to be added.
CEO Daniel Bernstein's FY2024 bonus was set by prior agreement (Feb 8-K).

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