EX-10.24 6 awi-ex10_24.htm EX-10.24

Exhibit No. 10.24

November 13, 2021

Personal & Confidential

Dear Mark,
Congratulations. I am pleased to confirm the compensation details of your assignment to Senior Vice President Americas of Armstrong World Industries (AWI) effective January 1, 2022.

Compensation Terms:

Effective January 1, 2022, you will earn a semi-monthly gross base salary of $20,416, or $490,000 annualized (increased from current base salary of $468,110), subject to withholding of all applicable taxes. Future salary adjustments will be based on your performance and subject to our salary policy.

You will continue to participate in the company’s Annual Incentive Plan. Your incentive target will be 70% of your actual annual base salary earnings (increased from current level of 60%). You must be an active employee on the payment date to receive payment, typically the beginning of March following the plan year. The Annual Incentive Plan, including plan targets, achievement and payout factors and plan terms and conditions, is reviewed annually and subject to the approval of the Compensation Committee of our Board of Directors. Future metrics, targets and program specifics may change based on this review.

You will continue to participate in the long-term incentive plan (LTIP). Your target award is 140% of your annualized base salary (no change). The 2022 program includes Performance-Vested Restricted Stock Units (PSU), which cliff vest after three years and are tied to performance metrics for the performance period. More information on the 2022 program and specifically your award will be provided at the time of the grant. All awards made under the LTIP are subject to the terms and conditions of the plan under which grants are made, as well as your award letter. The long-term incentive program, including plan targets, achievement and payout factors and award terms and conditions, is reviewed annually and subject to the approval of the Compensation Committee of our Board of Directors. Future metrics, targets and program specifics may change based on this review.

The above offer equates to $1,519,000 per year of target total direct compensation an increase of total direct compensation of 8%.

As one of the company’s senior executives in 2022, you are eligible for expense reimbursement up to $4,500 per year for personal financial planning and income tax preparation services. Reimbursement for these services would be taxable income to you.

Also, as a senior executive in 2022, you are eligible for a company-paid annual physical and will be able to select the medical institution or facility for the physical.

In addition, you are eligible to participate in the standard Armstrong health and welfare benefit plans as may be offered and maintained by the company from time to time, and subject to company policies, procedures and applicable laws. Our health and welfare benefits programs and accompanying terms and conditions are reviewed regularly and subject to change based on those reviews.

Congratulations and my best wishes for success in your new position.

Sincerely,

1

/s/ Victor D. Grizzle

Vic Grizzle

Chief Executive Officer and President

Armstrong World Industries, Inc.

2

Armstrong World Industries, Inc.
2500 Columbia Ave.
Lancaster, PA 17604
January 13, 2026

Personal & Confidential
Mark Hershey

Dear Mark,
Congratulations. On behalf of Armstrong World Industries, Inc. (“AWI”), I am pleased to confirm the compensation details of your assignment to President and Chief Executive Officer effective April 1, 2026.
Compensation Terms
You will earn a semi-monthly gross base salary of $35,416.67 which, if annualized, would be $850,000, paid on the fifteenth and the last day of each month.
You are eligible to participate in our Annual Incentive Plan with a target incentive of 105% of your actual annual base salary earnings. Your incentive payment will be based on performance measures approved by the Management Development and Compensation Committee and may be subject to adjustments based on your individual performance.

You will be eligible for long-term incentive (LTI) plan participation which is typically made in the form of stock-based grants, targeted to have a value of $3,300,000. You will receive an annual grant in February 2026 at this stated value. Your award will be comprised of 60% three-year performance share units (PSUs) and 40% three-year cliff restricted stock units (RSUs). The details of the grant will be in the 2026 LTI terms and conditions.

The above offer equates to $5,043,000 per year of target total direct compensation.

You are subject to stock ownership guidelines and expected to own shares of the Company’s common stock equal in value to six times your annual base salary.

3

In addition, you are eligible to participate in the standard Armstrong health and welfare benefit plans as may be offered and maintained by the company from time to time, and subject to company policies, procedures and applicable laws. Our health and welfare benefit programs and accompanying terms and conditions are reviewed regularly and subject to change based on those reviews.

You are eligible for expense reimbursement up to $4,500 per year for personal financial planning and income tax preparation services. Reimbursement for these services would be taxable income to you.

Also, you are eligible for a company-paid annual physical and will be able to select the medical institution for facility for the physical.

Congratulations and my best wishes for success in your new position.

Sincerely,

/s/ Victor D. Grizzle

Victor D. Grizzle

Chief Executive Officer and President

Armstrong World Industries, Inc.

4