INSTEEL INDUSTRIES INC, DEF 14A filed on 1/2/2025
Proxy Statement (definitive)
v3.24.4
Cover
12 Months Ended
Sep. 28, 2024
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name Insteel Industries Inc.
Entity Central Index Key 0000764401
Amendment Flag false
v3.24.4
Pay vs Performance Disclosure
12 Months Ended 24 Months Ended 36 Months Ended 48 Months Ended
Sep. 28, 2024
USD ($)
Sep. 30, 2023
USD ($)
Oct. 01, 2022
USD ($)
Oct. 02, 2021
USD ($)
Oct. 01, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 28, 2024
USD ($)
Pay vs Performance Disclosure [Table]              
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

Pursuant to Item 402(v) of SEC Regulation S-K, we are providing the following disclosure regarding executive compensation for our principal executive officer (“PEO”), Mr. Woltz, and our other NEOs (“Non-PEO NEOs”) and Company performance for the fiscal years listed below.

 

                                   
Year   Summary
Compensation
Table Total for
H.O. Woltz III
($)
  Compensation
Actually Paid to
H.O. Woltz III(1)(2)
($)
  Average
Summary
Compensation
Table Total
for Non-PEO
NEOs(3)
($)
  Average
Compensation
Actually Paid
to Non-PEO
NEOs(1)(2)(3)
($)
 
Value of Initial Fixed $100
Investment Based on:
         
          Total
Shareholder
Return
($)
  Peer Group Total
Shareholder
Return(4)
($)
  Net income
($ Thousands)
  Return on
Invested
Capital(5)
(%)
 
2024   2,104,016   1,717,527   697,553   587,848   212.31   231.87   19,305   6.3  
2023   2,146,512   2,297,925   594,499   553,469   207.28   146.15   32,415   9.1  
2022   2,503,834   1,508,180   924,155   672,291   157.60   109.34   125,011   47.6  
2021   2,475,749   4,043,446   972,237   1,368,777   219.98   144.86   66,610   36.9  
           
Company Selected Measure Name return on invested capital            
Named Executive Officers, Footnote
(1) The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K, and therefore use hypothetical values and points in time when pay may not actually have been earned or delivered to the NEOs. These amounts reflect total compensation as reported in the Summary Compensation Table with certain adjustments as described in footnote 2 below.
           
PEO Total Compensation Amount $ 2,104,016 $ 2,146,512 $ 2,503,834 $ 2,475,749      
PEO Actually Paid Compensation Amount $ 1,717,527 2,297,925 1,508,180 4,043,446      
Adjustment To PEO Compensation, Footnote

H.O. Woltz III

 

          Year   Summary
Compensation
Table Total
($)
  Exclusion of
Change in
Pension Value
($)
  Exclusion of
Stock Awards and
Option Awards
($)
  Inclusion of
Pension
Service Cost
($)
  Inclusion of
Equity Values
($)
  Compensation
Actually Paid
($)
  2024   2,104,016   177,548   912,516     703,575   1,717,527
  2023   2,146,512     700,001     851,414   2,297,925
  2022   2,503,834     650,001     (345,653 ) 1,508,180
  2021   2,475,749   195,092   600,027   46,686   2,316,130   4,043,446

H.O. Woltz III

 

         Year   Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
($)
  Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards
($)
  Vesting Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year
($)
  Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards that
Vested During Year
($)
  Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited During
Year
($)
  Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included
($)
  Total - Inclusion
of Equity Values
($)
  2024   796,871   (81,398 )   (11,898 )     703,575 
  2023   671,800   109,575     70,039       851,414 
  2022   436,799   (561,775 )   (220,677 )     (345,653)
  2021   683,259   1,129,842     503,029       2,316,130 
           
Non-PEO NEO Average Total Compensation Amount $ 697,553 594,499 924,155 972,237      
Non-PEO NEO Average Compensation Actually Paid Amount $ 587,848 553,469 672,291 1,368,777      
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

Non-PEO NEOs (Average)

 

          Year   Summary
Compensation
Table Total
($)
  Exclusion of
Change in
Pension Value
($)
  Exclusion of
Stock Awards and
Option Awards
($)
  Inclusion of
Pension
Service Cost
($)
   
Inclusion of
Equity Values
($)
   
Compensation
Actually Paid
($)
  2024   697,553   96,938   206,247   41,515   151,965   587,848
  2023   594,499   19,971   150,000   30,438   98,503   553,469
  2022   924,155   8,192   206,242   48,049   (85,479 ) 672,291
  2021   972,237   80,988   196,254   47,191   626,592   1,368,777

Non-PEO NEOs (Average)

 

         Year   Year-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
($)
  Change in Fair
Value from Last
Day of Prior Year
to Last Day of
Year of Unvested
Equity Awards
($)
  Vesting Date
Fair Value of
Equity Awards
Granted During
Year that Vested
During Year
($)
  Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards that
Vested During Year
($)
  Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited During
Year
($)
  Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included
($)
  Total - Inclusion
of Equity Values
($)
  2024   177,685   (21,465 )   (4,255 )     151,965 
  2023   143,885   23,577     15,115   (84,074 )   98,503 
  2022   137,475   (166,711 )   (56,242 )     (85,479)
  2021   223,475   284,514     118,603       626,592 
           
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

DESCRIPTION OF RELATIONSHIP BETWEEN PEO AND OTHER NEO COMPENSATION ACTUALLY PAID AND INSTEEL TOTAL SHAREHOLDER RETURN (“TSR”)

 

The following chart sets forth the relationship between Compensation Actually Paid to Mr. Woltz, the average of Compensation Actually Paid to our other NEOs, and our cumulative TSR over the three most recently completed fiscal years.

 

           
Compensation Actually Paid vs. Net Income [Text Block]

DESCRIPTION OF RELATIONSHIP BETWEEN PEO AND OTHER NEO COMPENSATION ACTUALLY PAID AND NET INCOME

 

The following chart sets forth the relationship between Compensation Actually Paid to Mr. Woltz, the average of Compensation Actually Paid to our other NEOs, and our net income over the three most recently completed fiscal years.

 

           
Compensation Actually Paid vs. Company Selected Measure [Text Block]

DESCRIPTION OF RELATIONSHIP BETWEEN PEO AND OTHER NEO COMPENSATION ACTUALLY PAID AND RETURN ON INVESTED CAPITAL

 

The following chart sets forth the relationship between Compensation Actually Paid to Mr. Woltz, the average of Compensation Actually Paid to our other NEOs, and our return on invested capital over the three most recently completed fiscal years.

 

           
Total Shareholder Return Vs Peer Group [Text Block]

DESCRIPTION OF RELATIONSHIP BETWEEN INSTEEL TSR AND PEER GROUP TSR

 

The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the S&P 500 Building Products Index over the same period.

 

           
Tabular List [Table Text Block]

MOST IMPORTANT FINANCIAL MEASURE

 

The Committee believes that return on invested capital was, for the most recently completed fiscal year, the most appropriate metric for linking pay and performance in that it is driven off both the generation of earnings and responsible management of our balance sheet and is closely correlated with the creation of shareholder value. Return on invested capital was the only financial measure used by Insteel to link the Compensation Actually Paid to Mr. Woltz and our other NEOs for fiscal 2024 to company performance. The Committee does not utilize nonfinancial performance metrics to determine the compensation of Mr. Woltz or our other NEOs.

           
Total Shareholder Return Amount       219.98 $ 157.60 $ 207.28 $ 212.31
Peer Group Total Shareholder Return Amount       144.86 $ 109.34 $ 146.15 $ 231.87
Net Income (Loss) Attributable to Parent $ 19,305,000 $ 32,415,000 $ 125,011,000 $ 66,610,000      
Company Selected Measure Amount 6.3 9.1 47.6 36.9      
PEO Name H.O. Woltz III H.O. Woltz III H.O. Woltz III H.O. Woltz III      
Measure [Axis]: 1              
Pay vs Performance Disclosure [Table]              
Name return on invested capital            
PEO [Member] | Exclusion Of Change In Pension Value [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount $ 177,548 $ 0 $ 0 $ 195,092      
PEO [Member] | Exclusion Of Stock Awards And Option Awards [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 912,516 700,001 650,001 600,027      
PEO [Member] | Inclusion Of Pension Service Cost [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 0 0 0 46,686      
PEO [Member] | Inclusion Of Equity Values [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 703,575 851,414 (345,653) 2,316,130      
PEO [Member] | Year End Fair Value Of Equity Awards Granted During Year That Remained Unvested As Of Last Day Of Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 796,871 671,800 436,799 683,259      
PEO [Member] | Change In Fair Value From Last Day Of Prior Year To Last Day Of Year Of Unvested Equity Awards [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount (81,398) 109,575 (561,775) 1,129,842      
PEO [Member] | Vesting Date Fair Value Of Equity Awards Granted During Year That Vested During Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 0 0 0 0      
PEO [Member] | Change In Fair Value From Last Day Of Prior Year To Vesting Date Of Unvested Equity Awards That Vested During Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount (11,898) 70,039 (220,677) 503,029      
PEO [Member] | Fair Value At Last Day Of Prior Year Of Equity Awards Forfeited During Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 0 0 0 0      
PEO [Member] | Value Of Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Included [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 0 0 0 0      
PEO [Member] | Total Inclusion Of Equity Values [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 703,575 851,414 (345,653) 2,316,130      
Non-PEO NEO [Member] | Exclusion Of Change In Pension Value [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 96,938 19,971 8,192 80,988      
Non-PEO NEO [Member] | Exclusion Of Stock Awards And Option Awards [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 206,247 150,000 206,242 196,254      
Non-PEO NEO [Member] | Inclusion Of Pension Service Cost [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 41,515 30,438 48,049 47,191      
Non-PEO NEO [Member] | Inclusion Of Equity Values [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 151,965 98,503 (85,479) 626,592      
Non-PEO NEO [Member] | Year End Fair Value Of Equity Awards Granted During Year That Remained Unvested As Of Last Day Of Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 177,685 143,885 137,475 223,475      
Non-PEO NEO [Member] | Change In Fair Value From Last Day Of Prior Year To Last Day Of Year Of Unvested Equity Awards [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount (21,465) 23,577 (166,711) 284,514      
Non-PEO NEO [Member] | Vesting Date Fair Value Of Equity Awards Granted During Year That Vested During Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 0 0 0 0      
Non-PEO NEO [Member] | Change In Fair Value From Last Day Of Prior Year To Vesting Date Of Unvested Equity Awards That Vested During Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount (4,255) 15,115 (56,242) 118,603      
Non-PEO NEO [Member] | Fair Value At Last Day Of Prior Year Of Equity Awards Forfeited During Year [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 0 (84,074) 0 0      
Non-PEO NEO [Member] | Value Of Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Included [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount 0 0 0 0      
Non-PEO NEO [Member] | Total Inclusion Of Equity Values [Member]              
Pay vs Performance Disclosure [Table]              
Adjustment to Compensation Amount $ 151,965 $ 98,503 $ (85,479) $ 626,592