Raymond Pittard - Executive Vice President, Chief Integrated Supply Chain Officer | Trane Technologies (TT) Executive Profile & Compensation

About Raymond Pittard

Raymond D. Pittard, age 59, served as Executive Vice President and Chief Integrated Supply Chain Officer (Jan 2024–Jul 2025), previously EVP Supply Chain, Engineering and IT (Jul 2021–Jan 2024); he retired effective July 1, 2025 . His core credentials span global supply chain, engineering, and IT leadership; prior roles include SBU President for Transport Solutions across North America and EMEA and leadership of the corporate Transformation Office . Company performance during the 2022–2024 PSU cycle achieved top‑quartile results: 3‑yr CROIC 32.3% (78th percentile) and 3‑yr TSR 101.96% (84th percentile), yielding a 200% PSU payout, with 2024 enterprise results of $19.8B revenue (+12% YoY), $3.8B adjusted EBITDA (+21% YoY), and $2.8B free cash flow (+29.7% YoY) .

Past Roles

Organization	Role	Years	Strategic Impact
Trane Technologies	EVP, Chief Integrated Supply Chain Officer	Jan 2024–Jul 2025	Led integrated global supply chain; retirement eligible and retired Jul 1, 2025 .
Trane Technologies	EVP, Supply Chain, Engineering & IT	Jul 2021–Jan 2024	Enterprise leadership across operations, engineering, and digital; executive officer since 7/1/2021 .
Trane Technologies	Transformation Office Leader	Dec 2019–Jun 2021	Drove execution excellence and enterprise transformation priorities .
Trane Technologies	VP, SBU President Transport Solutions NA & EMEA	Dec 2013–Dec 2019	P&L leader across regions for transport refrigeration (Thermo King) .

External Roles

No public company directorships or external board roles disclosed in company filings reviewed for Pittard .

Fixed Compensation

Multi‑year compensation (SEC Summary Compensation Table):

Metric ($)	2022	2023
Salary	581,875	609,625
Stock Awards (RSUs/PSUs grant‑date fair value)	579,764	701,452
Option Awards (grant‑date fair value)	196,893	212,532
Non‑Equity Incentive (AIM)	711,903	733,739
Change in Pension Value & NQDC Earnings	—	474,065
All Other Compensation	104,907	130,889
Total Compensation	2,175,342	2,862,302

Performance Compensation

Annual Incentive Matrix (AIM) — structure and outcomes

Design: Equal weighting on Revenue, Adjusted EBITDA, and Cash Flow; sustainability modifier up to ±20% (±15% beginning 2025); capped at 200%; individual performance multiplier applied .
2022 ESG modifier applied at +7%; 2023 modifier was 0% (no adjustment) .

Item	2022	2023
AIM Target ($)	440,625	462,750
Achievement (%)	161.57% (incl. +7% ESG)	158.56%
Payout ($)	711,903	733,739

Long‑Term Incentive (LTI) mix and grants

Mix for NEOs: 50% PSUs, 25% RSUs, 25% Stock Options; RSUs/options vest ratably 1/3 per year over 3 years; PSUs earned over 3 years based on relative CROIC and TSR vs S&P 500 Industrials (0–200% payout curve) .

2023 equity granted to Pittard:

Grant Type	Grant Date	Quantity/Target	Strike	Grant‑Date FV ($)
PSUs (2023–2025)	2/7/2023	Target 2,356 (589 thr/4,712 max)	—	488,882
RSUs	2/7/2023	1,178	—	212,570
Options	2/7/2023	4,437	180.45	212,532

PSU payout results achieved for 2022–2024 cycle (enterprise):

Metric	Weight	Target (Percentile)	Actual	Payout
Relative CROIC	50%	50th	32.3% (78th percentile)	200%
Relative TSR	50%	50th	101.96% (84th percentile)	200%
Total	100%	—	—	200%

Equity Ownership & Alignment

Outstanding equity awards (as of Dec 31, 2023)

Grant Date	Options Exercisable (#)	Options Unexercisable (#)	Exercise Price ($)	Expiration	Unvested RSUs (#)	RSUs MV ($)	Unearned PSUs (#)	PSUs Payout Value ($)
2/8/2021	4,454	2,227	148.98	2/7/2031	444	108,292	1,611	785,846
2/1/2022	1,828	3,658	167.18	1/31/2032	786	191,705	2,244	1,094,623
2/7/2023	—	4,437	180.45	2/6/2033	1,178	287,314	2,356	861,943

Notes: RSU/option vesting ratable over 3 years; options expire at 10 years less one day; market value computed at $243.90 (12/29/2023 close) .

2023 realizations (vesting/exercise)

Item	Quantity	Value Realized ($)
Options Exercised	26,598	2,068,507
Shares Acquired on Vesting (RSUs/PSUs)	3,359	1,103,862

Rule 10b5‑1 trading plans (insider selling pressure)

Action Date	Scheduled Expiration	Aggregate Shares to Sell	Note
8/3/2023	2/3/2024	up to 13,144	Includes anticipated PSU vesting during plan
5/8/2024	2/7/2025	1,805	Small plan aligned to vesting/calendar
5/14/2025	11/14/2025	up to 19,361	Plan adopted shortly before retirement (effective Jul 1, 2025)

Alignment policies

Executive share ownership guidelines: EVPs/SVPs required to hold 3× base salary; accumulation over 5 years; unvested RSUs count, stock options and unvested PSUs do not; all NEOs met requirements as of the record date in 2024/2025 .
Clawback/recoupment: SEC/NYSE‑aligned policy to recover excess incentive‑based compensation upon accounting restatements; HRCC oversight; broader discretion to recover from other employees in 2025 update .
Anti‑hedging/pledging: Prohibits hedging, short‑term speculation, holding in margin accounts, or pledging by directors and executive officers .

Employment Terms

Post‑Employment Benefits (as of Dec 31, 2023)

Scenario	Severance ($)	Earned but Unpaid AIM ($)	PSP Payout ($)	Unvested Equity Value ($)	Enhanced Retirement ($)	Health ($)	Outplacement ($)	Total ($)
Voluntary Resignation/Retirement	—	733,739	949,015	1,360,867	—	—	—	3,043,621
Involuntary without Cause	617,000	733,739	949,015	1,360,867	—	—	11,400	3,672,021
Change in Control (termination)	3,334,453	711,903	949,503	1,360,867	2,596,467	99,258	100,000	9,152,451
Death/Disability	—	733,739	949,015	1,360,867	—	—	—	3,043,621

Key provisions and eligibility:

Major Restructuring Severance Plan: 2× base salary + 2× target AIM for NEOs; prorated AIM based on actual results; immediate vesting of options/RSUs and prorated PSUs based on actual performance within 1 year of qualifying restructuring; as of 12/31/2023, Pittard’s cash severance value $2,159,500; unvested equity value $2,309,882 . Prior year cash severance $2,173,750; unvested equity value $1,448,332 .
Retirement eligibility confirmed for Pittard (impacts prorated award treatment and vesting) .
No tax gross‑ups for change‑in‑control severance; no single‑trigger vesting for cash/equity upon change‑in‑control .

Pension and Deferred Compensation

Plan	Years Credited Service	Present Value of Accumulated Benefit ($)
Pension Plan	32.67	378,912
Supplemental Pension Plan II	32.67	939,631
Key Management Supplemental Program (KMP)	30	4,057,502

Notes: KMP closed to new entrants in 2022; accruals in Pension/Supplemental pension plans ceased effective Dec 31, 2022 (companywide) . EDCP plans allow deferral of salary/AIM/PSP into shares or investment options per plan terms (enterprise disclosure) .

Investment Implications

Alignment and pay‑for‑performance: Pittard’s incentives were tightly linked to enterprise value drivers (Revenue, EBITDA, Cash Flow, CROIC, TSR). AIM outcomes were elevated (≈159–162% in 2022–2023) and PSUs paid at 200% for 2022–2024, consistent with TT’s top‑quartile results, supporting strong alignment while elevating realized pay .
Vesting and selling pressure: Material option exercises and recurring 10b5‑1 plans indicate managed liquidity around vesting dates; the May 2025 plan (up to 19,361 shares) alongside retirement suggests near‑term supply, though structured via pre‑arranged trading plans under Rule 10b5‑1 .
Retention/transition risk: Retirement eligibility, substantial KMP value, and defined severance/change‑in‑control economics reduced retention risk pre‑retirement; post‑retirement transition appears orderly with clear policy frameworks (no single‑trigger CIC, robust clawback, ownership rules) .
Governance quality: Strong HRCC oversight, no hedging/pledging, and high say‑on‑pay support the compensation program’s durability; enterprise performance metrics embedded in LTI have historically driven superior outcomes and investor alignment .