through August 31, 2020) and (3) applying his merit increase of 2.5% effective as of January 1, 2021 to Mr. Krejcis target base salary level after the reinstatement of
the foregoing deferral. Accordingly, Mr. Krejcis base salary equaled $547,365 as of January 1, 2021. All of these actions impacted the base salary data for each of the named executive officers in the above summary compensation table
for fiscal 2021.
For fiscal 2022, each of Mr. Krejci, Mr. Hansen and Mr. Guillot were paid base salaries of $583,811,
$355,566 and $324,000, respectively, which base salaries were effective as of September 1, 2021. As described above, our Compensation Committee set these base salary targets for our executive officers for fiscal 2022 based upon a 3%
inflationary adjustment factor from their levels during fiscal 2021.
2. These amounts represent awards of discretionary bonus payments
made by our Compensation Committee. For fiscal year 2022 and 2021, no discretionary bonus payments were made to the named executive officers, other than a miscellaneous discretionary holiday bonus of $250 was paid to each of the named executive
officers with respect to fiscal 2021, which identical holiday bonus amounts were paid to all of our hourly salaried U.S. employees.
3. We
believe that equity compensation is an effective means of aligning the long-term interests of our employees, including our executive officers, with our shareholders. Our Amended and Restated Stock Incentive Plan authorizes the Compensation Committee
to issue both stock options and shares of restricted stock, as well as other forms of equity incentive compensation. In recent fiscal years, awards to our executive officers under the Amended and Restated Stock Incentive Plan have consisted solely
of shares of restricted stock subject to time-based vesting criteria. In determining the type and total size of equity awards, the Compensation Committee considers various factors such as the outstanding number of options and shares of restricted
stock, the amount of additional shares available for issuance under our Amended and Restated Stock Incentive Plan, the financial statement impact of awards, the level of responsibility of the proposed recipient and his or her performance and the
percent of the outstanding shares of our Common Stock represented by outstanding options and shares of unvested restricted stock.
The
amounts in this column for each fiscal year reflect the dollar value of long-term equity based compensation awards granted in the form of shares of restricted stock pursuant to the terms of our Amended and Restated Stock Incentive Plan during the
fiscal years indicated in the table. These amounts equal the grant date fair value of shares of restricted stock, computed in accordance with FASB Accounting Standards Codification Topic 718, granted during such fiscal year. Assumptions used in the
calculation of the grant date fair value are included under the caption Accounting for Stock-Based Compensation in the Notes to our Consolidated Financial Statements in the fiscal year 2022 Annual Report on Form 10-K filed with the Commission on September 8, 2022 and such information is incorporated herein by reference.
For fiscal 2022, on August 17, 2021, Mr. Krejci was awarded 5,100 shares of restricted stock, Mr. Hansen was awarded 3,300
shares of restricted stock and Mr. Guillot was awarded 3,300 shares of restricted stock. These shares of restricted stock will vest one-third each year over a three year period on the anniversary of the
grant date and have all the rights of our shares of Common Stock (including voting rights), other than the right to receive cash dividends while such shares are not vested. These shares of restricted stock had a grant date fair value per share of
$42.15 as determined pursuant to FASB Accounting Standards Codification Topic 718.
For fiscal 2021, on August 18, 2020,
Mr. Krejci was awarded 5,100 shares of restricted stock, Mr. Hansen was awarded 3,300 shares of restricted stock and Mr. Guillot was awarded 3,300 shares of restricted stock. These shares of restricted stock will vest one-third each year over a three year period on the anniversary of the grant date and have all the rights of our shares of Common Stock (including voting rights), other than the right to receive cash dividends while
such shares are not vested. These shares of restricted stock had a grant date fair value per share of $21.20 as determined pursuant to FASB Accounting Standards Codification Topic 718.
4. This column discloses the dollar value of all amounts earned by the named executive officers under our Team Incentive
Plan for STRATTEC SECURITY CORPORATION for participation by our Executive Officers and Senior Managers (the TIPS Bonus Plan) for performance related to the applicable fiscal year in the table, which in each case
payout was tied to achievement of annual incentive performance targets. Participants in the
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