Derek P. Schmidt [Oct 25

Chief Executive Officer at FLEXSTEEL INDUSTRIES

Board

Since July 1, 2024

Age

51 years

Education

Holds a Bachelor of Business Administration degree in Accounting and Finance from the University of Wisconsin and a Master of Business Administration with an emphasis in finance and strategic management from the University of Minnesota Carlson School of Management.

Tenure

Joined FLXS in April 2020 as Chief Financial Officer and Chief Operating Officer, later serving as Secretary and Treasurer in May 2020, expanding his role in June 2022, and being promoted to President in January 2024 before assuming the Chief Executive Officer role on July 1, 2024.

Also at FLEXSTEEL INDUSTRIES

DEC[2

David E. Crimmins [Oct 25

Vice President, Sales and Product Management

MJM[2

Michael J. McClaflin [Oct 25

Chief Information and Technology Officer

MJR[2

Michael J. Ressler [Oct 25

Chief Financial Officer, Treasurer, and Secretary

About

Derek P. Schmidt, who is 51 years old as of October 25, 2024 , has built a diverse and progressive career at FLXS. He began his tenure in April 2020 as Chief Financial Officer and Chief Operating Officer and later expanded his responsibilities by serving as Secretary and Treasurer, with his operational role growing further in June 2022. His leadership trajectory continued with his promotion to President in January 2024, culminating in his appointment as Chief Executive Officer on July 1, 2024.

His educational background is strong, holding a Bachelor of Business Administration from the University of Wisconsin and an MBA with an emphasis in finance and strategic management from the University of Minnesota Carlson School of Management.

Prior to FLXS, he held significant financial leadership roles at Crescent Electric Supply Co. and HNI Corporation, among others, which have contributed to his robust expertise in financial and operational management.

With a career marked by systematic advancements and strategic contributions, his role at FLXS underscores a commitment to driving transformation and sustainable growth while leveraging extensive industry experience.

$FLXS Performance Under Derek P. Schmidt [Oct 25

Past Roles

Organization	Role	Date Range	Details
Flexsteel Industries, Inc.	President	January 10, 2024 – July 1, 2024	Appointed as a Board member and promoted to reflect responsibility for operations and growth strategy
Flexsteel Industries, Inc.	Interim Chief Financial Officer	May 2023 – January 2024	Held interim CFO responsibilities alongside the COO role
Flexsteel Industries, Inc.	Chief Operating Officer (Expanded Role)	June 2022 – January 2024 (approx.)	Assumed strategic ownership of manufacturing, sourcing, procurement, logistics, product management, and engineering
Flexsteel Industries, Inc.	Chief Financial Officer and Chief Operating Officer	April 2020 – (Role transitioned)	Joined as CFO and COO; later responsibilities expanded
Flexsteel Industries, Inc.	Secretary and Treasurer	May 2020 – (Role transitioned)	Held concurrently with initial executive roles
HNI Corporation	Vice President & General Manager, Transactional - The HON Company	2016 – 2018	Oversaw business development, product management, marketing, and sales turnaround
HNI Corporation	Vice President, Finance for The HON Company	2014 – 2016	Responsible for strategic and financial planning, M&A, and corporate functions
HNI Corporation	Vice President, Finance – HNI Leveraged Furniture Operations	2013 – 2014	Oversaw financial performance for manufacturing, distribution, and sourcing operations
HNI Corporation	Treasurer and Vice President, Corporate Finance	2011 – 2013	Led mergers and acquisitions, treasury, investor relations, and corporate planning
Crescent Electric Supply Co.	Chief Financial Officer	Not Provided	One of the nation’s largest electrical distributors
Silgan Plastics Corporation	Financial Leadership Role	Not Provided	No additional details provided
MasterBrand Cabinets, Inc.	Financial Leadership Role	Not Provided	No additional details provided
General Mills Inc.	Financial Leadership Role	Not Provided	No additional details provided

Fixed Compensation

Data from FY 2024

Component Name	Amount	Payment Schedule	Additional Details
Salary	$470,000	Annual	Annual Base Salary
Supplemental Medical	$16,633	As Paid	Part of All Other Compensation
Furniture Program	$17,172	As Paid	Part of All Other Compensation
401K Match	$16,875	As Paid	Part of All Other Compensation

Performance Compensation

Data from FY 2024

Stock Awards

Metric	Value	Details
Grant Date Fair Value	$446,465	Includes three-year performance share awards at target and RSUs
Performance Period	July 1, 2023 – June 30, 2026	Performance period for stock awards
Restricted Stock Units Grant Date Fair Value	$178,586	Specific to RSUs component
Maximum Share Award Value	$535,758	Maximum potential share value
Vesting Schedule	N/A	Details not provided

Non-Equity Incentive Plan Compensation

Metric	Value	Details
Performance Metrics	50% adjusted EBIT, 50% net sales	Metrics evenly weighted
Performance Period	One-year	Award based on one-year performance cycle
Threshold Performance Level	40%	Below this level, no award is made
Maximum Performance Payout	200%	Cap on potential payout
Incentive Award Range	35% to 120% of base salary	Payout percentage based on individual responsibility
Vesting Schedule	N/A	Not provided in documents
Actual Results	N/A	No results details provided